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This drilling is specifically planned to establish sufficient drill hole and sample density to improve the variography of the higher grade gold zones, identify and quantify zones of higher grade gold-silver mineralization, increase gold resource ounces in the +0.03 opt Au shell, increase overall deposit grade to 0.02 opt gold and to provide detail for mine plan and pit design. This will advance Inferred class resources within the Hill Zone into Measured and Indicated resource categories under CIM guidelines. This additional drilling will also target the expansion of mineralization in and near the Hill Zone to further increase the Independence Surface resource. As the Company moves forward into Feasibility and Production, these Measured and Indicated resource categories normally become reclassified into Proven and Probable Reserves under CIM and US-IG7 guidelines.
The Company has been informed by our consulting engineers that this fill-in drilling and increased definition of mineralization is essential for advanced pit design and mine planning. Excellent metallurgy (84.5% in 96 hours), as reported in the Company's press release dated October 5, 2009, low apparent strip ratio and higher than average grade all make the Hill Zone a likely location for our "starter pit." Early potential mining dictates that resources in the Hill Zone therefore have sufficient definition to permit detailed pit design and mine planning early in the planned mining operations at Independence.
The Company has received final approval and has satisfied the required bonding of the drilling permits with the Bureau of Land Management (BLM). The Company's consultants have advised management they have mobilized our drilling contractor and commenced drilling in the Hill Zone yesterday. Drift Exploration has agreed to provide drilling services and the Company expects that it will use American Assay of Reno, Nevada for analytical services.
In keeping with the Company's practice of following industry accepted "best practices," drilling will be sampled in five (5) foot intervals, Each drill interval will be sampled in duplicate with one sample being delivered to the laboratory for analysis and the duplicate samples being warehoused at Battle Mountain. The Company will insert a series of Standards, blanks and Certified Reference materials at a rate of approximately 1 in 30, as it has in the past for Quality Assurance - Quality Control.
Further details regarding the Independence mineralization, drilling efforts, both historical and recent together with current permitting activity are available on the Company's website www.gnmtlive.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 where the Company recently announced Independently determined resources containing in excess of 1.07 million ounces of gold and 3.8 million ounces of silver. The Company is also evaluating potential acquisitions in Nevada that may be developed from future cash flow from our planned Independence operation. Permitting and Engineering for our planned heap leach production is underway at our Independence Mine.
The above resource estimate adheres to the Canadian Institute of Mining and Metallurgy (CIM) guidelines, however the reader is strongly cautioned that under CIM guidelines Inferred resources are not additive to Measured and Indicated resources and that the confidence level inherent in Inferred resources are insufficient to permit meaningful application of technical or economic modeling and must be excluded from estimates forming the basis of feasibility or other economic models. The reader is also cautioned that this resource estimate is not compliant with SEC Industry Guide 7 guidelines which recognize only Proven and Probable reserves and do not recognize any resource category. Management has published this information for the benefit of our Canadian and European investors, who readily understand CNI 43-101 compliant information and regularly use it for comparison of similar development stage mining companies.(See Resource Table in the Company's Press Release dated October 19, 2009)
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 later this year, 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-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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Contact: Wayne Meyerson Investor Relations General Metals Corporation 615 Sierra Rose Dr. Suite 1 Reno, NV 89511 wayne@gnmtlive.com 775.583.4636 office 775.830.6429 cell
SOURCE: General Metals Corporation
mailto:wayne@gnmtlive.com
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