Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
A response from Dan Forbush.
Daniel Forbush
2:17 PM
Daniel Forbush <dan@forbushandassociates.biz> wrote:
John
You are correct. The proxy has yet to be sènt therefore meeting is being postponed. We now feel that we will hold it October 9, 2013. OPG is still viable. In our recent 10-K we disclosed that we are negotiating an extension to our agreement. OPG continues towwork on the funding. We will be filing the proxy for SEC approval next week.
Dan
Sent from Samsung tablet
Hello Dan,
I thought there was supposed t be a shareholder's meeting and a proxy vote on the 28th of this month. Since I have
not received any voting material or any update on the where or when, I am getting a little concerned as to whether
this agreement with Open Gold is still viable. Any information you can provide would be much appreciated.
Thanks,
John
Thanks. Forbush seems to have gone on vacation so I Emailed Meyerson to see if he can tell us anything. I usually get an "I don't know" for a response but nothing ventured nothing gained.
There is a past history of announcing an annual meeting that doesn't come off. When I inquired by email of the IR about proxy vote package, I never received a response. Just FYI
Good, I'm afraid my computer literacy leaves a lot to be desired.
I'm thinking this is good news but I still find it odd that we have no news about the shareholder's meeting or the proxy vote.
Sorry, that didn't work out right. I'm not very good at this.
Interesting stuff. There is also a new press release out today but no mention of the shareholder's meeting or the proxy vote. I received it in the form of an Email from Meyerson.
https://blu168.mail.live.com/default.aspx#!/mail/ViewOfficePreview.aspx?messageid=3425060c-0b21-11e3-aaf0-002264c1c75c&folderid=00000000-0000-0000-0000-000000000001&attindex=0&cp=-1&attdepth=0&n=530484059
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9454258
I didn't notice the 10-k release. Go to item 7: management discussion
Just Emailed Forbush. We'll see what happens.
Email IR and ask Wayne. Unfortunately, I find Mr. Forbush way more responsive than Wayne.
I sent him a follow-up email on that exact question, and have yet to receive a response. I have a feeling it's been delayed...I did not get a proxy either.
when you talked to him did he mention anything about the date of the share holder's meeting and the vote? Thought it was supposed to take place on the 28th of this month and as of yet have not received any proxy vote material in the mail.
I spoke with the CEO of general metals, and he said "we did not contract nor pay for this"
GNMT
Yes Stocktamer.com
Yes InsideBulls.com
Yes Investornewssource.com
Yes Tradethesepicks.com
Investornewssource.com GNMT Yes 8/15/2013 $1,500.00
Tradethesepicks.com GNMT Yes 8/15/2013 $1,500.00
InsideBulls.com GNMT Yes 8/15/2013 $5,000.00
Stocktamer.com GNMT Yes 8/15/2013 $5,000.00
If you aren't already, subscribe (free trial) to thepumptracker.com and you can search any ticker you choose. These 4 newsletters put out alearts on GNMT today.
I'm just saying, watch it closely. This is usually the result of insiders wanting to dump shares onto the market. I'm not an expert, but I've learned this much.
I don't see anything for general metals.
P&D Promotion today
Be careful
Could this be in our future?
http://news.yahoo.com/gold-rush-era-discards-could-fuel-cellphones-tvs-133752521.html
Outstanding shares about 345,000,000? It is not bad! When the time comes, we can rock! We break the resistance about $0.028, then $0.05, then $0.08. We go from there.
Agree, buying has picked up here. Something is up.
GNMT is showing a life here. It looks good everyday.
Amen to that. Here's to better days ahead.
Uptick in buying today. Nice to see.
General Metals CEO Provides FAQ on Latest Capital Raise
RENO, NV., June 20, 2013 – General Metals Corporation (OTCQB: GNMT): (www.generalmetalscorporation.com) released today an interview with the President and CEO of the Company, Daniel J. Forbush, in which Mr. Forbush responded to a series of questions about the recently announced transaction with Open Gold Corporation and about the agenda items at the upcoming meeting of shareholders tentatively rescheduled for Wednesday, August 28, 2013 at 10:00 a.m. (PDT) in Reno, Nevada as the Security and Exchange Commission has notified the Company that it intends to review the preliminary prospectus currently filed with and issue a comment letter within 23 days from today.
“As we’ve talked about the objectives of the special shareholders’ meeting, we thought additional information regarding the reverse stock split in particular would be helpful for shareholders,” commented Forbush. “This is rather a unique deal where we’re growing stockholder value with the addition of more capital while restructuring the capital base.”
CEO Forbush FAQs
Q: What is the purpose of the special shareholder’ meeting to be held at the end of July?
A: We have announced the agenda for the meeting previously and it remains unchanged. As stated, we want to do five main things:
• To elect five (5) directors to the board of directors;
• To ratify the appointment of Ingenium Accounting Associates as its independent registered public accountants for the next fiscal year;
• To approve a reverse stock split (consolidation) of the company’s issued and outstanding common shares on an up to 20 to1 basis.
• To approve the sale of the Wilson-Independence Gold – Silver Mine pursuant to an Assignment and Purchase Agreement with Open Gold Corp.; and
• To transact such other business as may properly come before the Meeting or any adjournment or postponement thereof.
Q: Why is GNMT doing a reverse stock split? Isn’t this typically a sign a mining company is going under?
A: First, let me clarify that should a reverse stock split be authorized by the shareholders, it will only be used to create a vehicle for the acquisition of a new project or projects to be put in GNMT so that our shareholders have another potential asset after the OPG transaction closes. Remember, after the GNMT / OPG deal is completed, current GNMT shareholders will still hold all their shares in GNMT plus a proportional amount of shares of OPG—therefore holding stock in both companies. GNMT has plans to continue adding assets and building shareholder value. However, the main focus now is getting the Independence Project ready for the production phase by OPG raising the agreed upon capital.
Second, the total number of outstanding GNMT shares is quite large (approximately 350,000,000) and tends to discourage new investors. Over the years, under different management, the shares grew faster than the actual progress of the Independence mining project. Investor-attractive junior mining companies typically have less than 50,000,000 outstanding shares as they near the production phase—the time when most early shareholders see the most growth in value. Also, a smaller number of shares (we are not dropping shareholders) is ideal for acquisition efforts.
Third, during the period GNMT owns the OPG shares while OPG is receiving the appropriate listing approvals in the US, a prerequisite to our being able to execute the Distribution to our shareholders, the market value of GNMT should mirror 64% of the market value of OPG. This situation is probably unlike any other Reverse Spit you have seen, in that, the perceived market value of GNMT could be raised to a new height (tied to OPG) as a result of its ownership of 64% of OPG.
Fourth, GNMT has $10 million in Net Operation Loss (NOL) carry forwards, an asset which cannot be monetized for our shareholders with the current number of Outstanding Shares. Approval of the Reverse Split allows us to provide greater value than just the Independence project. Upon distribution of the OPG shares to our shareholders, the only assets on the GNMT balance sheet will be the NOL and whatever other projects we can include. Without a Reverse Split of some level, acquiring another asset for the benefit of our shareholders may be an unachievable objective.
Fifth, this Reverse Split has no impact on the amount of OPG shares that you or any other shareholder will receive. You will receive the same percentage of OPG shares as your Ownership in GNMT at the time of the Distribution. The Reverse Split does not change your ownership percentage, but does allow us to continue to finalize the OPG deal, raise new capital from OPG, move the Independence Project nearer to the production phase, identify additional mineralization, and attract new, more traditional investors with listings in the US and Canadian stock markets.
P. S. You should be aware that an investment bank in Canada was requiring a 25 to 1 reverse split as part of a proposed financing and sponsorship to get GNMT listed on a Canadian exchange. The amount of dilution at current prices that would be required to put the Independence into production would far exceed the corporation’s Authorized Share total as it currently stands. Nevertheless this is no longer an issue as a result of the OPG transaction.
Q: When will the GNMT/OPG deal be completed?
A: We are hopeful the transaction with OPG can close the day of the shareholders meeting or the day after which should sometime in mid to late August. With respect to the distribution of OPG shares, we are doing everything we can to insure we are meeting the regulatory requirements in the US and Canada. The expected time frame for the Distribution of shares is anywhere from 3 to 6 months after the transaction itself closes. The timeframe identified in the agreement is a “worst case scenario” required to be included by the Canadian regulators. It is in our best interest to accelerate the Distribution. We will do everything in our power to have the Distribution completed in the first quarter of the 2014. We have no expectation that that the Distribution will happen in any other way than described. However we cannot control the regulators or other people.
Q: Won’t the GNMT stock price gradually drop back down again after the reverse split as usually happens to penny stocks?
A: We don’t believe so. After the deal is completed, the value of GNMT stock is closely tied to the ownership value of OPG’s stock that’s linked to the vibrant Independence project and any other future projects incorporated into the GNMT umbrella.
Q: How do we ensure the money raised is properly used by OPG?
A: GNMT management will be in a position to have significant input to the Board of Directors of OPG and the agreement requires that 85% of the funding is to be spent on the Independence Project and working Capital..
Mr. Forbush concluded by saying,” It is for these reasons that I, along with all members of the board, recommend that shareholders approve these two important actions as well as the normal business items being put forward.”
Daniel J. Forbush
President and CEO
General Metals Corporation [GNMT]
About General Metals Corporation?General Metals Corporation (OTCQB: GNMT.OB); 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.
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
Well, I had a vague idea it was something like that but you certainly made it crystal clear. Thanks a lot. Easy to see why that would be considered an asset. Let's hope Mr. Forbush can work a good deal with somebody. Investopedia,.........I think I need to do some reading.lol
Here is a case in which Investopedia says things better than I can ;) Essentially, it's a large tax write for whatever company acquires our shell.
"
Definition of 'Net Operating Loss - NOL'
A period in which a company's allowable tax deductions are greater than its taxable income, resulting in a negative taxable income. This generally occurs when a company has incurred more expenses than revenues during the period.
The net operating loss for the company can generally be used to recover past tax payments or reduce future tax payments. The reasoning behind this is that because corporations are required to pay taxes when they earn money, they also deserve some form of tax relief when they lose money.
Investopedia Says
Investopedia explains 'Net Operating Loss - NOL'
If a company has a net operating loss, it can apply this tax relief in two ways: it can apply the net operating loss to its past tax payments and receive a tax credit; or it could apply the net operating loss to future income tax payments, reducing the need to make payments in future periods. The terms of the tax relief and how it can be applied varies by jurisdiction but usually the NOL can be applied to the past few years (two to three) and much more to the future (seven to 10) years.
Hello hispeed,
Here is a case in point where you are more knowledgeable than I am.
As a retired shipyard rigger and later a pump mechanic I'm going to put my ignorance about business on display here. How is a net operating loss used as an asset? Having asked that, I would assume that Mr. Forbush would not put that out in a PR unless it were true because of so many who do understand what he is talking about. Thanks
Mr. Forbush informed me of this:
This situation is probably unlike any other R/S that you have seen in that the perceived market value of GNMT will be raised to a new height (tied to OPG) as a result of its ownership of 64% of OPG for a period of time until the Distribution. Under these condition it is very unlikely that any decrease in value would be seen.
GNMT has a $10 million NOL as an asset which cannot be monetized for our shareholder with the current number of O/S. Approval of the R/S allows us to provide you greater value than just the Independence project. Upon distribution of the OPG share to our shareholders, the only assets on the GNMT balance sheet will be the NOL and whatever other project we can put therein. Without a R/S of some level, acquiring another asset for the benefit of our shareholders may be an unachievable objective.
This R/S has no impact on the amount of OPG shares that you or any other shareholder will receive. You will receive the same percentage of the OPG shares as your Ownership in GNMT at the time of the Distribution. The R/S does not change your ownership percentage.
You should be aware that an investment bank in Canada was requiring a 25 to 1 reverse split as part of a proposed financing and sponsorship to get GNMT listed on a Canadian exchange.
The amount of dilution at current prices that would be required to put the Independence into production would far exceed the A/S as it currently stands. Nevertheless this is no longer an issue as a result of the OPG transaction.
It will not effect our shares in the Open Gold transaction. We are going to be shareholders of open gold, and that's more important. GNMT will be a shell, and I believe the R/S is to accommodate a merger of a sort. That's why he mentioned the net loss carry forward. The R/S will have no affect on our open gold holdings.
REVERSE SPLIT 20/1 that's their thank you to their share holders~
News: General Metals Sets Date For Special Meeting Of The Stockholders
Date : 06/13/2013 @ 12:16AM
General Metals Corp. (QB) (USOTC:GNMT)
Intraday Stock Chart
Today : Thursday 13 June 2013
Click Here for more General Metals Corp. (QB) Charts.
RENO, Nev., June 13, 2013 /PRNewswire/ -- General Metals Corporation (OTCQB: GNMT): (www.generalmetalscorporation.com) strategically located in the prolific Battle Mountain Nevada mining district, announced today that it will hold a special meeting of stockholders on Wednesday, July 31, 2013 at 10:00 a.m. (Pacific time) at a Reno Nevada location to be announced shortly. The Meeting is being held to: i) elect five directors to the board; ii) to appoint Ingenium Accounting Associates as independent public accountant; iii) approve an up to a 20:1 reverse stock split; and, iv) approve the transaction with Open Gold Corporation.
The board has fixed the close of business on June 17, 2013 as the record date for determining the stockholders entitled to vote at the Meeting.
Commenting on the upcoming meeting President and CEO Daniel J. Forbush noted, "This meeting is a critical one for our company because it involves two major actions by shareholders – first approval of the General Metals/Open Gold Corporation transaction; and second, authorizing the Board to implement a reverse split of the shares of the Nevada gold mining company if the Board deems it appropriate to increase shareholder value. We strongly recommend that shareholders approve both of these. It is important to unlocking additional value for our shareholders."
Mr. Forbush continued, "With respect to the Open Gold transaction, the benefits of this opportunity to our shareholders are access to critical capital for the Independence Project, access to the Canadian capital markets, accretive to the overall General Metals market valuation and the fact that General Metals holders will hold shares in both companies providing the opportunity to leverage our shareholders stake into multiple projects."
President Forbush continued, "The reverse stock split is a sound strategic move for the company because it will give us the correct capital base to begin bringing additional assets to General Metals shareholders and will better enable us to use a significant asset that to this point has been dormant on our balance sheet – the approximately $10 million in Net Operating Loss carry-forwards."
Mr. Forbush concluded by saying," It is for these reasons that I, along with all members of the board, recommend that shareholders approve these two important actions as well as the normal business items being put forward."
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.
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. 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
Hey Clegg. I don't believe I'm more knowledgeable than you on this, because I too have a lot of questions. We're in the same boat.
Reasons stated for R/S in Proxy:
Our board of directors authorized the Reverse Stock Split with a view to decrease the liquidity of our stock and make our company more attractive for potential business combinations and financing.
Mr. Forbush told me a few weeks ago the company was looking to add 3 to 4 more assets, so the bold part makes sense. The interesting part in the proxy statement is this:
"General Metals, post transaction, will still have substantial value both because of its shares will continue to be publicly traded (at a potentially higher price) and because of its substantial tax loss carry forward position. The Board intends to aggressively pursue the acquisition of additional projects after the funding is completed."
Acquisition can come in a few forms, but I believe the bolded statements hints at a merger possibility. IMO
"The time frame for completion of the Distribution will be based on whether escrow restrictions are imposed on the Open Gold Shares by the TSX Venture Exchange, in which case the Distribution will take place within 38 months of closing of the sale. If no escrow requirements are applicable, the Distribution must be completed within 20 months of the closing date. For additional details regarding the Distribution, please see the section "Distribution" below."
These are TSX requirements. I don't believe the shares will be held that long, but it must be stated.
How many shares will we receive in Open Gold? What's the pro rata?
"Such distribution ratio will be determined by dividing the number of Open Gold Shares by the number of shares of our common stock outstanding on the record date for the Distribution."
Lastly, shown in the proxy statement and recent benefical ownership forms....management and insiders do hold a large amount of GNMT common shares. I would hope management's interest in aligned with shareholder interest.
Clegg....email me - hispeedsoul81@yahoo.com
Hello Hispeed. Having read all of your posts on this board, I think you're probably a lot more knowledgeable than I am, so I'm interested in your take on today's news. I'm having a hard time seeing what is going to hold up GNMT's share price after the Independence is gone. Am I right in guessing that that is the reason for the reverse split? So that they can sell shares to acquire another asset?
I also find the following lines troubling:
The time frame for completion of the Distribution will be based on whether escrow restrictions are imposed on the Open Gold Shares by the TSX Venture Exchange, in which case the Distribution will take place within 38 months of closing of the sale. If no escrow requirements are applicable, the Distribution must be completed within 20 months of the closing date. For additional details regarding the Distribution, please see the section "Distribution" below.
In the interim period between closing and the Distribution, the Open Gold Shares to be distributed to our stockholders, will be registered in the name of a trustee which will be legal counsel or a trust company mutually agreed to by General Metals and Open Gold and held pursuant to terms of a trust agreement, such Open Gold Shares referred to as the "Trust Shares".
Due to TSX Venture Exchange requirements, certain voting restrictions will be applicable to the Open Gold Shares held by us pending completion of the Distribution. Such restrictions permit us to vote only such number of Open Gold Shares that is equal to up to 14% of the post-transaction issued and outstanding number of Open Gold Shares. Additionally, neither we nor the trustee will be permitted to vote the Trust Shares.
In the event the Distribution is not completed within 48 months of closing of the transaction, the Trust Shares will continue to be held in trust but will be subject to a right to repurchase by Open Gold, in whole or in part, at a price per share equal to 65% of the ten day consecutive trading volume-weighted average price prior to the date of exercise of the repurchase right.
Vancouver, British Columbia – May 31, 2013 - Open Gold Corp. (TSX-V: OPG) (“Open Gold” or the “Company”) announces a correction to its news release dated on May 29, 2013. The Unit of the private placement will consist of one common share and one-half transferable share purchase warrant of the Company.
Open Gold may issue up to 50 million Units of the Company at a price of $0.05 per Unit, for gross proceeds of up to $2,500,000.Each Unit will consist of one common share and one-half transferable share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.10 per share for a period of 18 months.
The company may pay finder’s fees in connection with the financing. The private placement is subject to regulatory approval.
On behalf of the Board of Directors
OPEN GOLD CORP.
Bryson Goodwin
President & CEO
Tel: +1(604) 341-1531
E-mail: brysongoodwin@shaw.ca
Thanks for posting this. I'm going to have to start watching OPG's website a little closer
Open Gold arranges $2.5-million private placement
Vancouver, British Columbia – May 29, 2013 - Open Gold Corp. (TSX-V: OPG) (“Open Gold” or the “Company”) is pleased to announce that it proposes to issue up to 50 million Units of the Company at a price of $0.05 per Unit, for gross proceeds of up to $2,500,000. Each Unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.10 per share for a period of 18 months.
The company will allocate $2 million of the proceeds of the offering to exploration and development of the Independence Project, in accordance with the terms of the agreement with General Metals Corporation (see news release dated May 23, 2013), with the balance being applied to working capital requirements.
The company may pay finder’s fees in connection with the financing. The private placement is subject to regulatory approval.
The Independence Project
The Independence Project is located in the heart of the prolific Battle Mountain Mining District in Northern Nevada. The 240-acre Independence Project was once the site of an historic Nevada gold mine. The Independence Project is surrounded by a number of large-scale mineral deposits, including the Fortitude, Sunshine, Tomboy, Minnie and Phoenix properties. The now depleted Fortitude Deposit lies just 4,000 feet northeast of the Independence Project and is considered to be one of the most lucrative gold mines ever operated in Nevada. Newmont’s Phoenix Mine flanks the Independence Project on three sides and contains significant proven and probable reserves.
Since being acquired in 2006 by General Metals, the Independence Project has logged and modeled drilling data from 131 different drill holes. Key considerations for the acquisition of the Independence Project by Open Gold are as follows:
331,600 ounces gold equivalent in the Measured and Indicated categories*
848,600 ounces gold equivalent in the Inferred category*
Potential for establishing extension to Newmont Gold’s adjacent Phoenix Mine
Strategically located adjacent to power, water and infrastructure
*198,000 oz AuEq resource based on 8,328,000 tons at 0.024 oz AuEq/ton; 132,800 oz AuEq indicated resource based on 7,728,000 tons at 0.017 oz AuEq/ton; 52,400 oz AuEq inferred resource based on 4,592,000 tons at 0.011 oz AuEq/ton; and 796,200 oz AuEq inferred based on 4,182,000 tons at 0.190 oz Au/ton. Effective date of estimates is May 31, 2011.
Qualified person and National Instrument 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, PE, and Sam G. Nunnemaker, RPGeo, in accordance with the form requirements of National Instrument 43-101. A copy of the report is available on the General Metals website.
The technical information in this news release has been reviewed and approved by Ike Osmani, MSc, PGeo, a consultant to Open Gold and a qualified person under National Instrument 43-101.
On behalf of the Board of Directors
OPEN GOLD CORP.
Bryson Goodwin
President & CEO
Tel: +1(604) 341-1531
E-mail: brysongoodwin@shaw.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
i felt the same way one year ago,not golf but general metals....cowboy
What should be thought of as good news and down we go. Most perplexing. I feel a bit like I did right before I gave up golf. lol
It should have been a monster this week with a definitive agreement.
Surely, next week will be a monster for GNMT as well as for HIDC, VIDA .
Next week should be a very good week for GNMT
Volume starting to pick up
Should start moving up soon
Forgot to mention the 20 MONTHS before shares are distributed.
Followers
|
43
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
1225
|
Created
|
02/15/07
|
Type
|
Free
|
Moderators |
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
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |