2014

General Metals Corporation Receives Go Ahead to Commence Drilling on Independence Mine Tailings

    JERSEY CITY, N.J., Feb. 13 /PRNewswire-FirstCall/ -- General Metals
 Corporation ("GNLM" or the "Company") (OTC Bulletin Board:   GNLM) announced
 that it has received authorization by the Bureau of Land Management, Battle
 Mountain Field Office in Nevada to immediately commence drilling of 24 holes
 on the existing tailings pond at the Company's Independence Mine.  According
 to historic independent engineering reports, the tailings pond contains about
 70,000 tons of previously crushed and leached ore that still contain, on the
 average, 0.04 ounces of gold per ton and 4 ounces of silver per ton. The
 drilling program is designed to totally sample the tailings and to test the
 samples for both gold and silver values as well as best available methods of
 mineral recovery. Historic panning sampling resulted in concentrates
 containing 1.9 ounces of gold per ton and 22 ounces of silver per ton, which
 demonstrates that conventional gravity recovery methods appear to be
 effective.
     A drilling contract has been awarded today and mobilization will occur at
 the mine site on Friday, February 17, 2006. Drilling should take about a week
 to 10 days with testing taking another 3 weeks or so. Should test results be
 favorable, using the above un- concentrated metals values as baseline grades
 and assuming an 80% recovery at today's prices would net the Company in excess
 of $2,000,000.00. The proposed operation would process 500 tons per day and
 should conclude in around 4 months once operating permits and reclamation
 requirements are obtained. The equipment required is readily available.
     "The tailings project is the fastest economic operation to produce cash
 flow", says Director, Dave Salari." We also plan to drill the surface target
 next with the deep target to follow", he continues. "With over 1.5 million
 ounces of gold already identified by previous drilling efforts as referenced
 in the Carrington report on our website,
 http://www.generalmetalscorporation.com, we are confident that additional
 drilling will lead to a mineable reserve in a mine plan that will satisfy SEC
 Industry Guide 7 criteria."
     Further information the Independence Mine progress and other Company
 developments will be made available in the near future.
 
     Safe Harbor Disclosure -- This Press Release contains or incorporates by
 reference "forward-looking statements," including certain information with
 respect to plans and strategies of and General Metals Corporation. For this
 purpose, any statements contained herein or incorporated herein by reference
 that are not statements of historical fact may be deemed to be forward-looking
 statements. Without limiting the forgoing, the words "anticipate(s),"
 "believe(s)," "expect(s)," "intend(s)," "plan(s)", "potential(ly)" and similar
 expressions are intended to identify forward- looking statements. There are a
 number of important factors that could cause actual events or actual results
 of GNLM to differ materially from those indicated by such forward-looking
 statements.
 
 

SOURCE General Metals Corporation

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.