General Metals Announces Finalization of the
Sale of Its Ghana Mining Interest
July 29, 2009 7:38 AM ET
General Metals (OTCBB: GNMT) is pleased to announce that it has
entered into an agreement with Sunergy, Inc (OTCBB: SNEY) for the
final terms for the sale of the Nyinahin Mining Concession to
Sunergy. Pursuant to the agreement with General Metals, as amended,
the outstanding consideration payable by Sunergy consisted of
$237,500, which was due on April 30, 2009. In full and final
satisfaction of all amounts, General Metals has agreed to accept
2,000,000 restricted shares of common stock of Sunergy. The result
is that Sunergy will have provided a total share and cash
consideration of $1,012,500 for the acquisition of the Concession,
given the amounts previously provided.
Nyinahin Mining Concession, located in Ghana, is comprised of the
Nyinahin Mineral Licence LVB 8936/05 and Land Registry No.
1535/2005, and subsequently converted into a Prospecting License
(LVB 3857/08).
The 150 square kilometre Nyinahin Mining Concession is located
between two geological gold belts, the Bibiani Belt to the west and
the Asankrangwa to the east. The property shares borders with
several major mining companies, including Newmont Mining, Napoli
Gold and Dunkwa Continental Goldfields.
Company President and CEO Steve Parent commented: "We stand to
benefit substantially from the development efforts of Sunergy on the
Nyinahin mining concession and their activities in Ghana, both from
our common share ownership and our 5% retained net smelter royalty
on all products recovered from gold, silver, diamonds and base
metals. More importantly, we have been able to remain focused on the
development of our Independence Project in Nevada which is advancing
rapidly towards near term production."
A detailed description of the Company's permitting activities
leading to production is available at
www.gnmtlive.com.
About General Metals Corporation: General Metals Corporation is
an aggressive junior minerals exploration and development company,
based in Reno, Nevada. The Company is actively exploring its 100%
controlled Independence property strategically located in the
prolific and highly prospective Battle Mountain Mining District,
Nevada. Permitting and Engineering for heap leach production is
underway at the Independence Mine. The Company recently entered into
an agreement to sell its 150 sq. km. mining concession for gold,
diamonds and base metals in Ghana, West Africa for $1,000,000 in
cash and stock and retains a royalty.
Notice Regarding Forward-Looking Statements
This current report 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,
including but not limited to, any mineralization, development or
exploration of the Nyinahin Mining Concession and Sunergy's ability
to make any required payments in regards to the to the Nyinahin
Mining Concession as they become due.
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 and difficulties associated with obtaining
financing on acceptable terms. 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 most recent annual report for our
last fiscal year, our quarterly reports, and other periodic reports
filed from time-to-time with the Securities and Exchange Commission.
  Contact Info:
Joseph B. Guerrero
President
Sunergy Inc.
8711 E. Paraiso Dr., Scottsdale, AZ 85255
Phone: 480.477.5810
scottsdaleinvestments@yahoo.com
14362 N. FRANK LLOYD WRIGHT BLVD | SCOTTSDALE AZ
85260
Phone: 480.477.5810 | Fax: 480.477.5811
scottsdaleinvestments@yahoo.com
www.sunergygold.com
|
