General Metals Corporation Executes Confidentiality Agreement With Newmont Mining Providing Mutual Protection on Data Exchange at Independence Mine
General Metals Corporation confirms that on June 14, 2007, after several discussions and meetings at the Company’s Independence Mining claims with neighbor Newmont Mining www.newmont.com, we entered into a joint confidentiality agreement regarding an exchange of data by both parties. As previously stated, our Independence Mine is an island in Newmont Mining’s claims where their Phoenix Mine is the largest operating gold mine in the US with 8.5 million ounces of gold and 660 million pounds of copper in reserves.
We have requested an opportunity to expand our deep drilling program to Newmont’s claims that lie immediately to the west of our claims, believing that our already identified deep target of around 2 million potential ounces of gold will more than double should we be able to expand the drilling footprint. Newmont and General Metals will exchange confidential data “to determine if they wish to sell or participate in an agreement for the properties within the area of interest.”
Company President and CEO Steve Parent said: “Now that we are ready to share our recently digitized historical information, along with our upcoming drilling on our Phase 1 shallow target, we have the opportunity to work with our neighbor Newmont on future development of our Deep drilling target and on other mining matters of interest. We believe that the timing is right for this important step, since we are commencing drilling operations on our Phase 1 shallow program and are planning our Phase 2 deep drilling program.”
About General Metals Corporation, Inc: General Metals is a gold and silver mining Company that operates the Independence Mine in Battle Mountain, NV and has recently acquired 150 sq. km. with a full prospecting license for gold, diamonds and base metals in Ghana, West Africa. The Independence mine is predominately a silver mine that produced from 1938 through 1987. Historic production by the various operators totaled 750,200 ounces silver and 11,029 ounces gold. The average recovered grade of all recorded production was 0.17 oz. gold and 11.53 ounces of silver per ton. Historical and recent geologist and engineering reports discuss an estimated 235,000 ounces of gold and 2.5 million ounces of silver in the Independence shallow target (Phase 1) and from 818,000 -2 million ounces of gold in the Independence deep target.(Phase 2). A comprehensive discussion is available at www.generalmetalscorporation.com
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, any future price of the Company’s shares, that an estimated 235,000 ounces of gold and 2,500,000 ounces of silver are contained in the mineralized material in the shallow operation, that the deep target in the southern area of the property could contain mineralized material with 1.4 million ounces of gold at an average grade of 0.17 ounces gold per ton, or 818,000 ounces of gold at a grade of 0.27 ounces gold per ton. It is uncertain whether the Company’s Confidentiality efforts with Newmont will be successful. 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 fiscal year 2007, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact:
Contact:
Steve Parent
President & CEO
generalmetals@hotmail.com
775.686.6078 office
775.721.6428 cell
European contact:
Aspen Agency Limited
+011 44 870 479 3351
info@aspenagency.eu
Source: General Metals Corporation
