RENO, Nev., Nov. 27, 2012 /PRNewswire/ -- General Metals Corporation (the "Company") (OTC.QB: GNMT) announced today that it will hold an annual meeting of stockholders on December 12, 2012 at 10:00 a.m. (Pacific time) in the meeting room at The Center for Unique Business Enterprises 300 East 2nd Street., #1405, Reno, NV, 89501 (the "Meeting"). The Meeting is being held for the following purposes:
- to elect five (5) directors to the board of directors;
- to ratify the appointment of Ingenium Accounting Associates as the independent registered public accountants for the next fiscal year;
- to approve the adoption of the company's 2012 Stock Option Plan; and
- to transact such other business as may properly come before the Meeting or any adjournment or postponement thereof.
The board has fixed the close of business on October 22, 2012 as the record date for determining the stockholders entitled to notice of, and to vote at, the Meeting or any adjournment or postponement of the Meeting. At the Meeting, each holder of record of shares of common stock, $0.001 par value per share, will be entitled to one vote per share of common stock held on each matter properly brought before the Meeting.
In the Company's release dated November 10, 2011, we indicated that, based on results of two of our most recently completed drill holes – GM-127 and GM-128 - a new zone of potential mineralization had been identified at the project which could significantly increase the overall size of the resource. For clarification, the results of drill hole GM-127 were included in the mineralization calculation reported in the Independent Technical Report in the National Instrument NI 43-101 ("NI 43-101") format submitted to the TSX Venture Exchange for approval. Both holes intercepted gold grades that were substantially higher than that typically seen in the deposit and indicate that the mineralization continues down dip and that the grade may increase. While both drill holes GM-127 and GM-128 show there is potential for additional mineralized resources to be identified down dip, there is not enough evidence to support adding additional mineralized material to the totals presented in the Company's NI 43-101 report.
In the release dated April 10, 2012, the Company stated that its Preliminary Economic Assessment ("PEA") should be completed within three months. This statement should have been qualified to make it clear that the referenced timetable was dependent on the Company securing sufficient funding to ensure all aspects of the analysis could be completed in a timely manner. In fact, no terminal date for the release of the PEA has been established by the Company or its outside consultants though we hope to accelerate the process soon, again, subject to available funding.About General Metals Corporation General Metals Corporation is an aggressive junior mining exploration and development company, based in Reno, Nevada. The company is actively pursuing the re-opening of its Independence Mine property strategically located in the prolific Battle Mountain Mining District of Nevada, which currently includes the neighboring Phoenix operating mine as well as Twin Creeks, Marigold mine and historically was home to the following mines Fortitude, Tom Boy and McCoy Cove. Historically, a producing operation in the '70s and '80s, the Independence Mine is now 100% owned and controlled by a seasoned management team dedicated to re-opening the mine after additional mineralization drilling showed measured, indicated or inferred quantities of over 1 million ounces of gold and 4 million ounces of silver—per the current Canadian NI 43-101 compliant resource estimate. The four main competitive advantages the Independence Mine project has over many other junior mines is its previous viability as a gold and silver mine, its proximity to other major operating mines, its near-term production status and its management team depth. 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 our form 10-K which may be secured from us or the SEC website at: http://www.sec.gov/edgar.html 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 Company will find appropriately priced equipment or a contractor willing to move the muck on our property, or that it will be able to complete any additional financing activity, or that the near surface mineralized material will be economically recoverable.