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GNLM - General Metals Corp Amends Record Date for 11:10 Forward Split until June 29, 2007 and Awaits Bond Approval for Start of Drilling at Independence Mine
May 29, 2007 8:06:00 AM
Copyright Business Wire 2007
RENO, Nev.--(BUSINESS WIRE)--

General Metals Corporation (OTCBB:GNLM) (FWB:GMQ): On May 10, 2007, the Company announced that it has set a record date of May 22, 2007, for its upcoming annual and special general meeting of shareholders scheduled to be held on June 29, 2007, in Reno, Nevada. A 14(a) proxy statement will be sent to shareholders of record.

The Company also previously set the record date of May 22, 2007, for shareholders of record to participate in the proposed 11:10 forward stock split, which is anticipated to be approved at the annual and special general meeting scheduled for June 29, 2007. The effective date of the forward split will be shortly after its anticipated approval at the annual and special general meeting. Therefore, the Board has resolved that the new record date for the 11:10 forward split will be June 29, 2007, after receiving the anticipated shareholder approval at the meeting.

This new date allows for the interested European investors who will be being contacted on the Company's trip to Germany in mid June and our presentation at the London Stock Exchange on June 22, 2007, to participate.

The Company has been fortunate to have raised an additional $400,000 or so by way of Private Placement, Warrant exercise and debt conversion. An 8-K will be filed accordingly. As a result of receipt of this additional funding, we have now successfully raised over 50% of the Phase 1 drilling and exploration budget of $1,350,000 and are prepared to commence the first 2 stages of the Phase 1 Program. We await reclamation bond agreement from the Bureau of Land Management so we may post the required bond and commence drilling. As previously announced, the initial drill hole sites have been located.

Company Advisory Board Member Robert Carrington, P.Geol, says: "We will start drilling around the old Independence Mine workings in our Independence Shallow Target. This is the main host of the estimated 235,000 oz. gold and 2,500,000 oz. silver, and will be developed in four stages, setting the stage for commencement of open pit mining once a suitable mine model is developed. We anticipate the drilling will be complete by mid August, 2007, and are currently preparing private land to the south of the claims to house the proposed heap leach operations."

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 the actual date of the annual and special general meeting, the approval of the forward stock split, the exploration budget and any additional funding with respect to the Phase I drilling program, the receipt of the Reclamation Bond Agreement from the Bureau of Land Management, the existence of an estimated 235,000 oz. gold and 2,5000,000 oz. silver that may be contained and developed in the Independence Shallow Target and the completion of drilling by mid-August 2007.

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 the 2006 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Source: General Metals Corporation



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General Metals Corporation
Steve Parent
President & CEO
775-686-6078
Cell: 775-721-6428
[e-mail]
or
European contact:
Aspen Agency Limited
+011-44-870-479-3351
[e-mail]