Progress is Being Made on General Metals Corporation's Independence Project
RENO, Nev., July 11, 2012 /PRNewswire/ -- General Metals Corporation (OTCQB: GNMT) announced today that it has completed another critical step in the Preliminary Economic Assessment (PEA) of the Company's Wilson-Independence gold and silver Project in Battle Mountain, Nevada. Dr. Thom Seal, Barrick Gold Professor of Mining and Metallurgy at the Mackay School of Mines and an independent consultant to the Company, reported that he has completed the costing and process flow analysis for gold and silver recovery at the Project. Dr. Seal modeled the ore sampling and metallurgical test results previously completed at the project (see "General Metals Corporation March 9, 2010 press release) to determine the optimum method for processing both run-of-mine and crushed ore from the project's near surface resource. Dr. Seal's work showed that the oxidized near surface gold and silver ore can be economically processed using an optimized cyanide heap leach Carbon-In-Column system. Dr. Seal's independent analysis forms a very critical part of the entire economic feasibility of the project and his validation embellishes the Company's position in raising its next round of funding and in moving the Wilson-Independence to production.
Citing the importance of Dr. Seal's conclusions, General Metals Corporation's CEO and President, Daniel J. Forbush stated, "Thom Seal's work, has been done to the highest professional standards, which really goes without saying, and it underlines for the broader gold mining investment community the fact that General Metals truly has an economically exploitable resource. His work makes clear that we can recover, within a reasonable cost framework, precious metals from the surface zones. The market and our shareholder base need to take note of this important development at GNMT."
Management is currently reviewing the first pass at the Preliminary Economic Assessment (PEA) of its Independence Project in Battle Mountain, Nevada.
"A few items remain requiring additional analysis before the PEA can be finalized", Mr. Forbush went on to state, and added, "This review should be completed before the end of summer."
The project's PEA will define the broad economic parameters of the gold and silver mining operation. Concurrent with the development of the PEA, the Company will be advancing environmental and baseline permitting work at the property.
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.
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, the timing and completion of the Preliminary Economic Assessment, that gold and silver ore can be economically processed using an optimized cyanide heap leach Carbon-In-Column system, and the timing and receipt of environmental and base line permitting.
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
SOURCE General Metals Corporation