most recent news (9/26/11):
General Metals Corporation President Issues Letter to Shareholders and Investment Community
marketwire.com
RENO, NV--(Marketwire - Sep 27, 2011) - General Metals (OTCBB: GNMT) provided the following letter to the stakeholders from its President, CEO and CFO, Daniel J. Forbush.
September 26, 2011
Dear Shareholders and Friends;
With the Annual General Meeting of the Shareholders just concluded on Friday, September 16, 2011, it's time for an update.
Since my appointment as President in December 2010, we have been focused on building the foundation necessary to achieve significant, sustainable shareholder value. The Board of Directors is unified in purpose and intent while each of us on the team believes strongly in the great financial potential of the Independence Project that all of us in the Company own.
I believe that the foundation is now in place. We have completed a business plan which we expect to be sharing with you in the near future. We have identified a number of funding sources so that we may complete the work of pouring gold from the Independence mineralization. You will be hearing more about this as we develop the final program.
I believe that the foundation is now in place. We have completed a business plan which we expect to be sharing with you in the near future. We have identified a number of funding sources so that we may complete the work of pouring gold from the Independence mineralization. You will be hearing more about this as we develop the final program.
We recognize that it takes a significant amount of money to bring this Project to production and are looking into a number of approaches which will result in minimal dilution to our current shareholders. If any of you would like to participate in the current funding package to minimize your personal dilution at this time give me a call.
Our fundamentals are excellent for building a profitable mining company and we intend to do just that. We know that the market will soon recognize the potential of the resource calculation (compliant with Canadian National Instrument 43-101), that was included in the updated independent, technical report we announced in a press release dated September 8, 2011. It is our sole focus to drive the Project to production and return to our shareholders the value that they deserve.
We are excited about constructing a producing gold mine and we will do it right. Our first priority will be gold production. But with the opportunity to expand our resources -- the deposit being open to the east, north and at depth -- the possibility to double the current numbers is good. Once production has commenced, we will proceed to increase the resource through additional drilling.
To that end, we have initiated the work necessary to bring the current resources into proven and probable reserves category as defined in CNI 43-101 and intend to complete a pre-feasibility study within the coming months. We intend to proceed to bringing the reserves to SEC Industry Guide 7 definitions as soon as permitting becomes imminent as required under the SEC rules.
Best regards,
Daniel J. Forbush, CPA
President, CEO, and CFO
Further details regarding the Independence mineralization, drilling efforts, both historical and current together with current permitting activity are available 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: sec.gov
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.
|
