General Metals Corporation Announces the Initiation of Work on the Preliminary Economic Analysis on Its Independence Gold and Silver Project
RENO, Nev., Feb. 22, 2012 /PRNewswire/ -- General Metals (OTC.Q: GNMT) announced today that it has begun work on the Preliminary Economic Assessment (PEA) of its Independence Project in Battle Mountain, Nevada. The PEA is an integral part of the overall Feasibility Study for the Project. As such, it is another critical step in bringing the Wilson-Independence gold and silver project into production.
The PEA, which should be completed within the next quarter and will define the broad economic parameters of the gold and silver mining operation. It will enable the Company to establish a preliminary pit design it will layout the ore process flow including heap leaching operations. Concurrent with the development of the PEA, the Company will be advancing permitting work at the property.
General Metals CEO, Daniel J. Forbush stated: "We have assembled a first class geotechnical, mining, processing and permitting team to assist us in the preparation of the PEA. They include:
- Jeffrey Rassuchine, Geologist – Consulting Geologist
- Dr. Thom Seal P.E. Q.P. – Barrick Gold Professor Mining and Metallurgy, University Nevada, Reno, Consulting Metallurgist
- James W. Ashton P.E. Q.P. – Consulting Mining Engineer
- Thomas L. Dyer P.E. – Mine Development Associates Consulting Engineer – Mining and Planning
- Shane K. Dyer P.E. – CEO Dyer Engineering Consultants, Consulting Engineer Environmental and Permitting
We are confident that as the PEA is completed the inherent value of the Independence mine will become evident to the broader mining community and mining investment firms. We anticipate our overall valuation will improve, perhaps substantially, benefitting our shareholder base."
Further details and additional information regarding the Independence mineralization, drilling efforts, both historical and current together with current permitting activity are posted on the Company's website www.generalmetalscorporation.com.
About General Metals Corporation: General Metals Corporation is an aggressive junior minerals exploration and development company, based in Reno, Nevada. The Company is actively exploring and developing its 100% controlled Independence property strategically located in the prolific and highly prospective Battle Mountain Mining District of Nevada.
Cautionary Note to U.S. Investors - The U.S. Securities and Exchange Commission permits U. S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this presentation, such as "measured", "indicated", and "inferred" "resources", which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our form 10-K which may be secured from us or the SEC website at: http://www.sec.gov/edgar.html
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that the proceeds from the recent private placement will allow the Company to proceed with permitting at its Independence Mine in Nevada or any shallow mining production at any time, that any estimated ounces of gold or silver are contained in the mineralized material in the "Shallow Target," and is proposed to be mined and loaded onto a cyanide heap leach pad, or any future financings that the Company may enter into.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
General Metals Corporation
1155 West Fourth Street, Suite 210
Reno, NV 89503
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