General Metals, Inc. (GNMT.OB) identifies, acquires, explores, and develops gold, silver and other precious metals properties. The Company has rights to 14 mining claims spread across a 240 acre property known to be rich in gold and silver.
General Metals Corporation controls 100% of The Independence Mine, located in the Battle Mountain Gold District of northern Nevada and forms an island in Newmont Gold’s Phoenix Mine. Newmont is spending in excess of $3 billion dollars to develop the Phoenix Mine into the largest operating gold mine in the US. The Phoenix Mine has several million ounces of gold and several hundred million pounds of copper in reserves with more material expected to follow.
The Independence mine is predominately a silver mine that produced intermittently from 1938 through 1987. Reported historic production by the various operators totaled 750,200 ounces of silver and 11,029 ounces of gold. The average recovered grade of all recorded production was approximately 0.17 and 11.53 ounces of gold and silver per ton, respectively.
The company plans to enhance growth by acquiring other gold and silver properties. General Metals believes that acquiring more mining properties will enable them to upscale their operations quickly and compete in the mining industry.
Global demand for gold and silver has always been and is continuing to rise. With increasing economic development and a strong demand for gold jewelry from countries such as India, China and Turkey, the price of gold is on the rise. The gold and precious metals industries have been experiencing shortages in supply which have caused a significant jump in price. Generals Metals is well positioned to profit from rising gold prices with their rich gold properties and strong development plans.
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