General Metals Announces Record Date for Forward Split
2010-12-16 06:09 ET - News Release
RENO, NV -- (MARKET WIRE) -- 12/16/10
General Metals Corporation (the "Company") (OTCBB: GNMT) (FRANKFURT: GMQ) is pleased to announce that the directors have approved a forward stock split on the basis of ten (10) old for eleven (11) new shares of common stock (the "Forward Split"). The Forward Split was approved by the Company's stockholders on May 15, 2010 at the Company's Annual and Special Meeting. The directors have approved a record date of December 29, 2010 and an effective date of January 4, 2011. The effective date is subject to approval by Financial Industry Regulatory Authority (FINRA).
About General Metals Corporation: General Metals Corporation is an aggressive junior minerals exploration and development company, based in Reno, Nevada. The Company owns a 100% undivided leasehold interests in the Independence Mine situated in Battle Mountain, Nevada. The Independence Mine near surface target is described in the 2008 Independence Interim Drill report. The current NI 43-101 compliant resource estimate for surface targets stands at 210,400 ounces of gold and 3,990,500 ounces of silver in Measured and Indicated Resource categories.
For discussion of our Deep mining reserves please see our recently filed recent 10-Q.
The Company recently entered into a Memorandum of Understanding (MOU) to establish an exclusive mining construction arrangement for the company's Independence Mine Project in the Battle Mountain Gold & Silver Mining District, Lander County, Nevada.
The MOU is with Gold Canyon Mining & Construction a leading provider of mining construction and contract mining services in North America. GCM is a premier mine construction contractor, currently working with 12 major mining companies in eight different states and recently built the largest gold heap leach operation in Alaska.
The MOU covers the construction, development and ongoing contract mining at General Metals Independence Mine including open pit mining, hauling, construction of the haul roads and heap leach pads with retention ponds.
Addition information about Gold Canyon Mining & Construction, LLC, General Metals Corporation and the Independence Mine Project is available at: Gold Canyon Mining and Construction, LLC -- www.gcmining.com. General Metals Corporation --www.generalmetalscorporation.com
Further details regarding the Independence mineralization, drilling efforts, both historical and current together with current permitting activity are available on the Company's website www.generalmetalscorporation.com.
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 beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that the proceeds from the recent private placement will allow the Company to proceed with permitting at its Independence Mine in Nevada or any shallow mining production later this year, that any estimated ounces of gold or silver are contained in the mineralized material in the "Shallow Target," and is proposed to be mined and loaded onto a cyanide heap leach pad, or any future financings that the Company may enter into.
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 most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact:
Wayne Meyerson
Investor Relations
General Metals Corporation
615 Sierra Rose Dr. Suite 1
Reno, NV 89511
wayne@gnmtlive.com
775.583.4636 office
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