General Metals Corporate Website:
Open Gold Corporation
With Gold at $1250.00 per oz and Silver at $19.50 per oz:
Total Gold: 1,078,600 oz of Measured, Indicated, and Inferred worth $1,348,250,000
Total Silver: 3,990,500 oz worth $77,814,750
Total Gold and Silver: $1,426,064,750
Total Outstanding Shares: 225,000,000 Fully Diluted
Total Gold and Silver Value per Share: $6.34 per share
Now, consider this: MINING WITHIN 12 MONTHS???
During fiscal year 2011, the Company continues an aggressive program, restricted by available funds, to rapidly move the Independence project toward production. We anticipate being able to secure necessary studies and permits to allow us to proceed to production in the near term.
On May 5, 2010, we announced completion of a current, independent, technical report and resource calculation compliant with Canadian National Instrument 43-101. The report was submitted to Canadian authorities for review and approval preparatory to the Company being able to use the report with Canadian investment firms to assist the Company in acquiring the resources necessary to complete our aggressive program. This report does not meet SEC Industry Guide 7 guidelines but will provide information in a familiar format for our Canadian and European investors.
Dyer Engineering of Reno, Nevada continues the permitting process necessary to place the Independence Mine into commercial production
Additional extractive metallurgical studies will be undertaken. When these studies are completed, a mine plan will be developed which the Company believes will see much of the mineralization identified in its drilling converted into reserve categories.
We anticipate being able to secure necessary permits to allow us to proceed to production. We anticipate initially mining the Hill Zone and are completing all necessary work to be able to finalize permits to allow us to begin there. Additional drilling and assaying planned to further delineate the Hill Zone mineralization will allow us to maximize our cash flows early in the production cycle.
The following budget outline is anticipated to be necessary to move the Independence Project forward to the brink of production in the coming twelve months.
Direct exploration and development costs
Core drilling program $ 500,000
Updated Independent Technical Report 100,000
Metallurgical testing programs 250,000
Additional permitting costs 500,000
Land Payments 20,000
Total direct exploration and development costs 1,430,000
Office rent and other operating expenses 50,000
Wages and salaries and payroll related expenses 200,000
Insurance expenses 140,000
Other general and administrative expenses 150,000
Legal expenses 30,000
Total indirect costs 570,000
Total budget for the next twelve months $ 2,000,000
We are aggressively moving the Independence project toward production. We obtained necessary studies and to allow us to continue with the permitting to allow us to proceed to production as soon as financing and regulatory authorities will allow. We anticipate initially mining the Hill Zone and are completing all necessary work to be able to finalize permits to allow us to begin there. Additional drilling and assaying are required to bring the Hill Zone into production and the permitting required to allow for that program is underway. We believe the Hill Zone is amenable to open pit mining and heap leaching, and rapidly evaluate the potential of these target areas for near term production.