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Him and Larry Bigler both. This is beginning to get interesting. I think I'm going to gamble some more on this.
Honestly don't know. I think whatever deal they are working on is shareholder friendly. Only because Mr forbush is a large shareholder of common shares and he purchased many on open market.
Have I been in some kind of time warp or something? How long has that been there?
How do you interpret this news?
You received the news before it is out? Not out at this time~
I received one too. I'm going to say it sounds like a good thing to me. Whatever it takes to get us to production. Especially if gold and silver prices continue to climb.
Dan just messaged me the GNMT NR. It was just released. I can't post it right now
"The closing of the transaction is subject to various conditions including the parties entering into a definitive agreement, completion of technical and legal due diligence, stock exchange approval and GENERAL METALS SHAREHOLDER APPROVAL."
Looks like we're going to get a sales pitch somewhere along the way.
I can't tell either. I would prefer a mid level miner buyout. This another exploration company. Strange
I'm trying to figure out if it's a good thing or not. I must read and ponder this for awhile. Hope I don't get a headache.
Thanks, that was much clearer.
Open Gold OPG Has issued a firm letter of intent to buy the Independence Mine. Don't know why we had to hear it from them but that's what has happened. Just sent an Email to Forbush asking him to explain. Be interesting to see if I get an answer.
What? I don't understand your statements.
well what do we get out of this from - open gold mining didnt see general metals post it at all....cowboy
well what do we get out of this from - open gold mining....cowboy
been watching general metals for the last 4 plus years. two years they been looking for money. was weeks money would be here. now 3 months and one is already gone. like they say this is not my first rodeo and i wont hold my breath on this one.....cowboy
the coming weeks are already here, now what? 4 weeks and counting ......cowboy
From Dan Forbush in response to an Email of mine in regards to their website:
"The website host moved the site to a new server which resulted in this message. However, we are bringing a new website up within the next week at a different host. We will announce that on the date."
I think it's exactly that. Looking forward to the next few months.
Maybe an indication of good things to come. Thanks for the heads-up.
website is under construction.....
http://www.generalmetalscorporation.com/
Website has needed a revamp. Looking forward to it.
Cowboy has a point. I was of the same opinion a few months ago...almost sold out. However, I decided to hold on after reading the encouraging post about the shareholders' meeting. The only reason for this is: I've been in it since 2008, what's three more months.
Now, if there's nothing by April, I'm out.
Believe or don't believe, that's up to you. All I'll say is that we know what's in the ground after all the drilling that they've done and the P.E.A. will confirm the profitability and facilitate a listing on the Toronto exchange. All positives in my opinion. GLTU
The past 5 years have been challenging for all junior miners to obtain financing. Where have you been? GNMT will be successful IMO.
i was told 2 years ago that all they needed was the money, to mine, nothing else needed to get that money, two years ago,give me a break, they wont be mining anytime soon, you can take that to the bank....cowboy
The preliminary economic assessment will bring the funding imo.
3 months good luck with that....cowboy
Another perspective from a shareholder that attended the meeting:
By the way - An LOI is on the way, so financing is coming.
December 15, 2012
Comments having attended the shareholder meeting December 12, 2012
I am assumed all the director nominations and the plan were confirmed although no vote totals were announced.
During the meeting and informally before the meeting Dan Forbush confidently predicted that he was close to obtaining a large round of financing. That timing was calendar Q1 2013. There are apparently two main tasks which must be completed for that to happen.
There must be a Preliminary Economic Assessment (PEA) performed by an “independent expert”. Such a report has been prepared but it was done by a shareholder who is not independent. Another expert must review the report and agree with the conclusions etc. and sign the document professionally. Apparently, such a person has been identified and this step will be finished soon.
Concurrent with this effort, is the Canadian listing which is necessary to get a Canadian investment banking relationship going from which will flow the financing. I am thinking the PEA will be a necessary part of this. The PEA will permit the Company to represent that the project is doable. That is, there is enough gold in such a state that it can be mined and refined at such a cost that will result in a profit. And, that an acknowledged expert has agreed that this is so.
There was some discussion about why this was taking so long. Forbush explained that considerable work was involved with deciding exactly how the lease was to be mined. There are lots of moving parts. For example, should the leach pit be small and on the lease itself, or should it be large and located down on the “parking lot which the Company owns. When talking about millions of tons of rock, it all makes a big difference. The processing of the pregnant solution was another factor. Whether to crush the rock is an issue; and if crushed, how fine. The financing market for juniors has been terrible. That has been another factor.
A couple of time factors are coming into play. The lease from Gold Range runs for twenty years counting from 2005. So, things need to get moving from that standpoint. Also, the Company’s option to buy the lease for $3 million (and extinguish 4% of the royalty) will run out 10 years after 2005 which would be sometime in 2015. That leaves just 3 years on that option. I sense the Board is hearing the ticking clock.
I sense that these hurdles and tasks will be competed in the next 3 months and that some important announcements will be coming in the early part of that period. Forbush seems to be moving methodically but persistently forward, doing much with little. He is trying hard not to over promise. He seems to have a firm grasp on a way forward.
After the meeting I met with Sam Nunnemaker, a geologist/engineer whose knowledge of the project pre-dates General Metals. He is very confident the project will prove more profitable than expected because he believes the grades will be a positive surprise once mining begins.
Sentiment: Strong Buy
i went to the share hold meeting maybe 3 or 4 share holders even bothered to show up.They had no more to say than they said 2 years ago when i was there, no money , now they are still working on getting money. i ask how long is it going to take, its been two years already. They said they didnt know, two funny years and they cant come up with any money, what 5 or 6 guys working on this for 2 years and they are not any futher along than this. One guy ask me are you still in this company, i met him 2 years ago and he is heavily invested in GMC. I am thinking of saleing my 100,000 shares and buy some more silver falcon mining, goldland holdings mining company stock, at lest they do have millions of gold and silver, have a mill and trying to drill the mountain in 2013 and there stock price is about the same, with more chance of making a butt load of money than general metals by a long shot. That is my take on GMC and i was a big booster at one time, till the share holder meeting. There is not to much to say, but two more years wasted...cowboy
Just read it and it sounds very encouraging to me. Been buying shares since 2007 and looks to me that maybe we're about to see a payoff for all the patience that's been required. GLTA
Check out the latest notes from the shareholders meeting on the yahoo message board. I'm moving from a hold to a strong buy due to this.
Similar to what was said in August PR?
Sorry to hear the same directors were elected (not that there were any alternatives on the slate...so no other result was possible). I think Forbush is good, but some of the others don't have substantial shares. Maybe they bring something to the table...
I just received the same E mail and it says "We have been reviewing funding proposals and hope to have a letter of intent to announce in the coming weeks." It's beginning to sound good. Imo
Thanks for the update. I've got a feeling that we're in for some positive developments during this next year.
I received an email from Mr forbush. All proposals passed and all directors still on board. Currently reviewing funding proposals. Update expected in coming weeks.
Wish I could but I did vote for the two proposals and for the five directors. The directors all seem like solid people to me and I see nothing wrong with the two proposals. I hope some good news comes out of this meeting.
I will echo hispeedsoul's question. Please give us a little clarity on your reasoning.
I like forbush. What's wrong with the others?
FYI - I voted:
1. Elect Forbush only. The rest of the director slate can go.
2. Yes on auditors.
3. No on stock option plan.
http://ih.advfn.com/p.php?pid=nmona&article=54983696
Anybody here attending the meeting?
Check out notice of shareholders annual meeting. Insiders are buying and holdings increasing. Looking great here
Things looking good here. Enjoyed the last interview. I have been trying to buy shares lately, and things have been real tight. Have to buy small blocks.
E trade is showing that on 8-29-12 Larry Bigler purchased another 20,000 shares at .02. Looks like when he has some spare cash he just goes ahead and buys some more. That bit of news and a green finish makes this a pretty nice day in my opinion.
Read the three statements of changes in beneficial ownership in the"recent gnmt news section" dated Oct.15.
How many shares were given to them? Was it in lieu of salary?
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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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