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CIBG registration revoked:
https://www.sec.gov/litigation/admin/2019/34-85421.pdf
CIBG SEC Suspension for delinquent Financials/Filings:
https://www.sec.gov/litigation/suspensions/2017/34-81215.pdf
Order:
https://www.sec.gov/litigation/suspensions/2017/34-81215-o.pdf
Admin Proceeding:
https://www.sec.gov/litigation/admin/2017/34-81216.pdf
IS EVERYBODY HAPPY?
What has happened to Cibolan? Have they lost the lease on the Independence? Anyone out there still paying attention?
The silence is deafening. . .
Since this board has been moribund, thought I'd post some tidbits from the 3/26/15 quarterly report (http://ih.advfn.com/p.php?pid=nmona&article=66077154):
Exploration and Development
With the receipt of the funding discussed in the budget above, the Company anticipates executing an exploration and development program that should be able to complete the following objectives within the next twelve calendar months including:
1.Drill the remaining 50% of the project that remains undrilled to expand the shallow resource.
2.Complete the permitting process and all relevant testing.
3.Infill drilling in the area of the hill zone anticipated to be included in the phase 1 pit with the goal of decreasing stripping and increasing contained ounces within the potential pit area.
4.Complete the water well required for production.
5.Update the Independent Technical Report in the format.
Similarly, from "Cibolan Gold Identifies High Grade Gold Targets" dated 4/2/15 on their website (http://nevada-goldmine.com/archive/cibolan-gold-identifies-high-grade-gold-targets/):
New corporate plans will focus on the continued rapid expansion of the new zones and it integration into the property as a whole. Production is still projected to come through the engineered leach pad already designed and part of the pending plan of operations submission to the Bureau of Land Management. This plan of operations is nearly completed and held in reserve until a new technical report outlining improved grades and economic viability is completed.
“To that end, the Company is approaching a number of interested accredited investors with a funding proposal to obtain up to $1.1 million in three tranches. Each unit sold in these tranches contains one share and three share purchase warrants with one of the warrants expiring on each of the first, second and third anniversaries of buying of the unit,” explained Mr. Forbush.
Too small a float creates artificial share price levels with nasty spread..~
CIBG great news this week...explosive weekly chart forming, breaking the 50 day...19 million float...rock star management....up a 100% this week without a peep!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Total Gold: 1,078,600 oz of Measured, Indicated, and Inferred worth $1,348,250,000
Wow! I've been invested in this company for some time....never quite realized how lucrative it all could be....once the drilling begins...and the inferred and indicated become measured....that is a great enticement to hang on...imho.
It had a RS...folk sell before it goes to the old price..same old story..~
What is this BS!!!!
GNMTD 0.0689 0.0000 0.00% 77
Item 8.01
http://ih.advfn.com/p.php?pid=nmona&article=62389545
Other Items
On May 7, 2014, our board of directors approved a change of name of our company from General Metals Corporation to Cibolan Gold Corporation and a 20 old for one (1) new reverse stock split of our issued and outstanding shares of common stock. The name change and reverse stock split was originally approved at a special meeting of our stockholders on November 22, 2013.
Upon effect of the reverse stock split, our issued and outstanding shares of common stock will be decreased from 375,526,796 to 18,776,340 shares of common stock, with a par value of $0.001.
A Certificate of Amendment of Certificate of Incorporation to effect the change of name and reverse stock split was filed with the Delaware Secretary of State on May 14, 2014, with an effective date of May 27, 2014.
These amendments have been reviewed by the Financial Industry Regulatory Authority and have been approved for filing with an effective date of May 30, 2014.
The reverse split and name change will become effective with the Over-the-Counter Bulletin Board at the opening of trading on May 30, 2014 under the symbol "GNMTD". The "D" will be placed on our ticker symbol for 20 business days at which time our symbol will change to "CIBG". Our new CUSIP number is 17164L 109.
Welcome! Now if the stock would just go up. . .
Thanks for the info,very interesting!
I believe it refers to the "Seven Cities of Gold":
http://en.wikipedia.org/wiki/Seven_Cities_of_Gold_(myth)
I'd be happy with just one city of gold! :)
Additional update:
http://www.marketwatch.com/story/general-metals-announces-approval-of-name-change-and-reverse-stock-split-2014-05-30
General Metals Announces Approval of Name Change and Reverse Stock Split
RENO, NV, May 30, 2014 (Marketwired via COMTEX) -- General Metals Corporation (otcqb:GNMTD) ( www.generalmetalscorporation.com ) (the "Company") announced today that it has received approval today from the Financial Industry Regulatory Authority ("FINRA") for a change in the name of the Company and for a 20:1 reverse stock split of the Company's common stock effective May 30, 2014. On May 7, 2014, the Company's board of directors had approved a change in the name of the Company from General Metals Corporation to Cibolan Gold Corporation and a twenty (20) old for one (1) new reverse stock split of the issued and outstanding shares of common stock. The name change and reverse stock split was originally approved at a special meeting of the stockholders on November 22, 2013. Upon effect of the reverse stock split, the Company's issued and outstanding shares of common stock will be decreased from 375,526,796 to 18,776,340 shares of common stock, with a par value of $0.001.
A Certificate of Amendment of the Certificate of Incorporation to effect the change of name and reverse stock split was filed with the Delaware Secretary of State on May 14, 2014, with an effective date of May 27, 2014. These amendments have been reviewed by the Financial Industry Regulatory Authority and have been approved for filing with an effective date of May 30, 2014. The reverse split and name change will become effective with the Over-the-Counter Bulletin Board at the opening of trading on May 30, 2014 under the symbol "GNMTD". The "D" will be placed on the Company's ticker symbol for 20 business days at which time the symbol will change to "CIBG". Our new CUSIP number is 17164L 109.
President and CEO of General Metals, Dan Forbush, noted: "Recently we have taken some definitive steps to improve shareholder values -- first and most importantly we secured outright ownership of the Wilson Independence gold and silver claim block; second, as a result of the previously announced Binding Letter of Intent with Compass Holdings, we obtained a joint venture partner with a commitment for the funding we will need to complete the next phase of exploration and development work at the project; third, we completed a share roll-back that will give us a stronger base from which to grow the Company and increase shareholder value, and; finally we have moved to complete our 43-101 filing which will be essential for all future capital raises and any new exchange listings we may pursue. Having a new name for the Company seems entirely fitting at this point given all these positive steps and the very evident positive direction in which we are moving."
Mr. Forbush continued, "In my opinion these steps completed in the last 40 days are major milestones in putting the Company on very solid ground. Through purchasing the claims we removed the payment of advanced minimum royalties from the cash flow equation thereby lowering the annual cost of holding the claims by more than $125,000. With the $2.875 million investment in the project we anticipate identifying addition mineralization on the claims that we now own and progressing the permitting for production."
Existing General Metals Corporation common stock certificates currently held by Company shareholders can be surrendered to the Company's stock transfer agent Nevada Agency and Trust Company in exchange for certificates representing common shares of CIBOLAN GOLD CORPORATION, on the basis of ONE (1) new share of CIBOLAN GOLD CORPORATION for TWENTY (20) old shares of GENERAL METALS CORPORATION. The Company shortly will be providing details to each shareholder on the mechanism of this exchange.
About General Metals Corporation. General Metals Corporation (otcqb:GNMT), www.nevada-goldmine.com , is an aggressive junior mining exploration and development company, based in Reno, Nevada. The company is actively pursuing the re-opening of its Wison-Independence gold and silver mining project strategically located in the prolific 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, Section 21E of the Securities Exchange Act of 1934 and in Canadian securities legislation. 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. 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.
Reverse splits are never good. NEVER!
Dan and Brent are making it happen! awsoom!
Does anyone know what Cibolan stands for?
I'm sure Steve had some interest in this transaction !
General Metals Corp. changed to Cibolan Gold Corp. and a one for 20 reverse split:
http://www.otcbb.com/asp/dailylist_detail.asp?d=05/29/2014&mkt_ctg=NON-OTCBB
NEWS: General Metals Announces Independence Claims Acquisition
http://www.otcmarkets.com/news/otc-market-headline?id=16108632
May 08, 2014 (eTeligis.com via COMTEX) -- RENO, NV, United States, via eTeligis Inc., 05/08/2014 - - General Metals Corporation (OTCQB: GNMT) (www.generalmetalscorporation.com) (the "Company") announced today that its subsidiary General Gold Corporation has reached an agreement with Independence Gold-Silver Mines, Inc. ("IGS"), of Seattle, Washington to exercise its claim purchase option granted under the mining lease between the parties. The mining lease called for a $3 million payment to purchase the claims and payment of a royalty of 1.875% on any and all mineral production from the property. The Company and ISG renegotiated the terms of the claim purchase option whereby the Company acquires 100% of the mining claims known as the Wilson-Independence Mine, located near Battle Mountain, Nevada. The Company will pay IGS a total of $625,000 in two payments and will issue Company shares and warrants to IGS and will reduce IGS' mineral royalty, currently at 5%, to 2.125%. The initial payment to IGS of $275,000 along with $150,000 in deferred advanced minimum royalty payments was made on April 25, 2014. The balance, $350,000, is due no later than August 23, 2014. The Company issued 16,379,600 common shares of the Company to IGS to bring their holdings in the Company to a total of 4.995% of the outstanding shares. Additionally, IGS will receive warrants to acquire a further 7.5 million shares of the Company's common stock at a price equivalent to the Volume Weighted Average Price for the 20 trading days beginning May 15, 2014. These warrants expire in two years and cannot be exercised before August 23, 2014 and carry a provision that the exercise thereof will require ISG to file with the Security and Exchange Commission.
"With the initial tranche of investment from the Joint Venture announced last week we were able to complete this very important development in the progress of the Company", noted Company President and CEO Daniel J. Forbush. "By partnering with Independence Gold-Silver Mines Inc. in this way, we were able to ensure that the claims will remain in the control of the Company indefinitely. The annual holding cost to the company for these claims is significantly reduced allowing for more investment directly into the project. Together we were able to ensure that Independence's royalty will be secure a this very favorable rate to Independence and at the same lower the royalty burden on the property to a level more in line with those projects that are currently getting funding in the markets. General Metals is now better positioned to raise any money needed to build the production facility as a result. By establishing ownership of these claims along with the Joint Venture with Compass Holdings, LLC which we announced last week we have greatly reduced the risk the Company faces going forward."
Brian Nordwall, President of Independence Gold-Silver Mines, Inc., stated: "We have now fully aligned our interests with those of General Metals. We have an important stake in General Metals and we have a great deal of confidence that Dan and his team can move effectively to bring the property into production and bring significant royalty payments to our company for the benefit of all stakeholders." Mr. Nordwall continued, "This agreement reflects Independence's judgment that a large mine is in the future, justifying exchanging some short term benefit for a larger share of the mines future."
About General Metals CorporationGeneral Metals Corporation (OTCQB: GNMT); www.nevada-goldmine.com, is an aggressive junior mining exploration and development company, based in Reno, Nevada. The company is actively pursuing the re-opening of its Wison-Independence gold and silver mining project strategically located in the prolific Battle Mountain Mining District of Nevada.
Qualified Person and NI 43-101 Disclosure
Information respecting resource estimates is based on an independent technical report entitled "Technical Report of the Independence Gold and Silver Project, Battle Mountain Mining District, Lander County, Nevada USA" dated June 27, 2011 and prepared for General Metals by James Ashton, P.E. and Sam G. Nunnemaker, R.P.Geo in accordance with the form requirements of National Instrument 43-101. A copy of the report is available on the General Metals website.
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 General Metal's form 10-K, which may be secured from General Metals or the SEC website at: http://www.sec.gov.
Notice Regarding Forward-Looking Statements
My Google Alerts went off this morning.
http://www.eteligis.com/ViewSubmission.aspx?submissionRequest=24361
General Metals Announces Results of Core Assays at the Independence Gold and Silver Project, Announces New Website Address
RENO, NV--via eTeligis - General Metals Corporation (OTCQB: GNMT): (www.nevada-goldmine.com) announced today that the recently completed analytical work on drill core samples from its Independence Gold and Silver Project yielded results that were fully consistent with resource values set forth in the Company's CNI 43-101 report. That report estimated a resource of 16.1 million tons at .014 au and 223,300 au oz, measured and indicated (note this is from v13 and v15 for OPG has 212,500oz). Jeffrey A. Rassuchine, the Company's Senior Consulting Geologist, oversaw the work which involved approximately 80 samples from 300 feet of drill core from three zones -- two located southeast of the old head frame and the third in the Hill Zone. The core cutting, fire assaying and atomic absorption work was conducted under Mr. Rassuchine's supervision at American Assay Laboratories in Sparks, Nevada.
Company CEO Dan Forbush noted "These results are important because they serve to reaffirm the extent and consistency of the resource we have at the Wilson-Independence project. The work by Jeff and AAL is another key step in establishing the feasibility of this project. We are pleased to see the correlation between the core assays and the assays from the reverse circulation drilling done previously."
Mr. Rassuchine indicated: The northern most core hole GM-T54-11 twinned RC drill hole GM-54 in the Hill Zone. The gold intercepts in the core hole closely matched the RC drill hole, each with a 75 and 80 foot gold intercept of .015 opt from 130 feet to 205 feet in the core hole with 80 feet of .028 opt from 130 feet to 210 feet in the RC hole. The difference in the overall gold grades is a well mineralized structure assayed 10 feet at .094 opt in the RC drill hole and the same exact zone assayed .031 opt gold over 10 feet in the core hole. This erratic nature of higher gold grades was accounted for by limiting its influence in the resource calculations.
The second core hole GM-T19-11 twinned RC drill hole GM-19. GM-19 is located several hundred feet southeast of the old Wilson inclined shaft where there is a considerable amount of mining. The top of the gold resource was intercepted at the same depth in both drill holes at 195 feet. The core assayed from 195 feet to 255 feet; 60 feet at .029 opt gold. The RC drill hole assayed 195 feet to 220 feet; 25 feet at .034 opt gold. At 220 feet the RC drill hole encountered old mine workings where a considerable tonnage of gold-silver ore was removed. The core hole did not encounter these mine workings. Thus it is likely the RC drill hole steepens considerably and the core and the RC hole are no longer twinned. The RC drill hole was in and out of mine workings from 220 to 250 feet with a number of zones of no sample recovery.
The third core hole (GM-T31-11) twinned RC drill hole GM-31. GM-31 is located at the very south end of the Independence property; an area with very erratic, spotty gold-silver mineralization. RC drill hole GM-31 stood out as an odd hole with a nice gold intercept of 105 feet grading .042 opt gold. Surrounding drill holes did not support this gold grade and it was interpreted RC drill hole GM-31 caught a narrow mineralized cross fault. The twinned core hole supports this conclusion. The best gold intercept in the core hole was 65 feet of .010 opt gold from 210 to 265 feet. This .010 opt gold grade is very similar to nearby RC drill holes.
On another matter Mr. Forbush announced that the Company had moved its website to www.nevada-goldmine.com a number of months ago. To alleviate disruption to our shareholders and other interested parties, we had the previous website name pointed to this website. The previous website name is no longer usable to the Company. We apologize for any inconvenience this may cause. The Company continues to work towards getting the new website listed in all public domains.
About General Metals Corporation General Metals Corporation (OTCQB: GNMT); www.nevada-goldmine.com, is an aggressive junior mining exploration and development company, based in Reno, Nevada. The company is actively pursuing the re-opening of its Independence gold and silver mining project strategically located in the prolific Battle Mountain Mining District of Nevada.
Qualified Person and NI 43-101 Disclosure
Information respecting resource estimates is based on an independent technical report entitled "Technical Report of the Independence Gold and Silver Project, Battle Mountain Mining District, Lander County, Nevada USA" dated June 27, 2011 and prepared for General Metals by James Ashton, P.E. and Sam G. Nunnemaker, R.P.Geo in accordance with the form requirements of National Instrument 43-101. A copy of the report is available on the General Metals website.
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 General Metal's form 10-K, which may be secured from General Metals or the SEC website at: http://www.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, Section 21E of the Securities Exchange Act of 1934 and in Canadian securities legislation. 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 Open Gold will complete the acquisition of the Independence Project or the financing, a project can be found to put into General Metals, the timing of the Special Meeting that General Metals share price will in any way be affected by the Open Gold share price. 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.
For further information, please contact:
Wayne Meyerson
Investor Relations
General Metals Corporation
1155 West Fourth Street, Suite 210
Reno, NV 89503
wayne@gnmtlive.com
775.583.4636 office
No news on any R/S,,, but no work at the mine to cold now!!! we can only hope they start mining in the spring!!!!
Any news here? Did the meeting ever take place?
Received an answer from both Wayne and Dan. Shareholder's meeting will be held on Nov. 22 and the proxy materials were mailed on Nov. 8.
Good luck with that~
Just Emailed Forbush and Meyerson as to what is going on? We deserve some kind of an explanation.
I'm thinking you probably have made a good guess. Discouraging.
Im guessing shareholder meeting delayed again. Management has some explaining to do.
Jeez, I've got to quit looking at the I hub data. E trade had the bid at .01. We need some positive news.
Bid's been .013 for awhile now and we drop down to .01. I don't get it.
Pathetic. Gold going up and we're going down.
Just received an E mail from Dan saying the same. I guess we remain in the doldrums until then.
They had to file with the SEC again and need approval of the proxy. They hope to hold the meeting in November, but it's subject to approval by the SEC.
Your guess is as good as mine. I haven't received anything either. Might have to do some E mailing or calling next week. Been too busy to pay much attention to this but you're right, the 21st is right around the corner.
You think the meeting is still happening? I didn't receive a notice of meeting/proxy as of yet. The proposed date draws near.
and boring day for us
~GNMT~ buying 130's and lower
Thanks for the heads-up. I just may go to this one. Been in this since 2007 so maybe it's about time I meet some of the people running this company in person. Maybe a little Blackjack as an aside. I don't think I can do too much worse than I've been doing so far in GNMT.
My google alert fired off it looks like meeting is scheduled for
"Monday, October 21, 2013 at 10:00 a.m. (Pacific time) at The Center for Unique Business Enterprises, 300 East 2nd Street., #1405, Reno, NV, 89501."
"The Meeting is being held to: i) elect five directors to the board; ii) to appoint Ingenium Accounting Associates as independent public accountant; and, iii) approve an up to a 20:1 reverse stock split. The Open Gold Transaction is scheduled for a separate vote once funding is finalized."
Quoted from article on marketwatch here
http://www.marketwatch.com/story/general-metals-sets-date-for-special-meeting-of-the-stockholders-2013-08-27?reflink=MW_news_stmp
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General Metals Corporate Website:
http://www.nevada-goldmine.com
LOI:
Open Gold Corporation
http://www.opengoldcorp.com/
With Gold at $1250.00 per oz and Silver at $19.50 per oz:
http://www.kitco.com/market/
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
Contingency 60,000
Total direct exploration and development costs 1,430,000
Indirect costs
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.
10-K
http://www.sec.gov/Archives/edgar/data/1060910/000135448810002532/gnmt_10k.htm
Corporate Presentation:
http://www.youtube.com/watch?feature=player_embedded&v=apLXUfwHlW8
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