Austin, Texas 6/6/2007 9:13:02 PM
Speak with other shareholders about: (OTCBB: DHNA), (OTCBB: CAUI) and (OTCBB: GNLM) .
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Dhanoa Minerals Ltd (OTCBB: DHNA)
Dhanoa Minerals to Generate Additional $6.5 Million in Revenue Over Next 12 Months From Silver Production
June 5, 2007-- Dhanoa Minerals, Ltd (OTCBB: DHNA) announced today that the emerging mineral production company expects to generate an additional $6.5 million in revenue over the next 12 months from the production of silver at its three Bella Rica properties located in southern Ecuador. With over 850,000 ounces of gold reserves, the company projects that silver reserves at the three Bella Rica properties are over 4 million ounces. At current market prices of approximately $13 per ounce, with the cost of production already priced in, Dhanoa's silver reserves translates into $52 million in revenues over the life of the mine for the company.
"We have concluded that there are approximately five times the amount of silver reserves at our properties than gold reserves," stated Mr. Lee Andrew Balak, President of Dhanoa Minerals.
Mr. Balak continued, "As previous stated the company projects to produce 100,000 ounces of gold over the next 12 months, resulting in revenue of approximately $67 million. However, today we are very pleased to report the addition of 500,000 ounces of silver production over the next 12 months. From this silver production we should be able to realize $6.5 million in additional revenue not previously projected over the next 12 months." Over the next 24 months Dhanoa's production capacity is expected to more than double to approximately 250,000 ounces of gold and over 1 million ounces of silver.
About Dhanoa Minerals Ltd.
'Dhanoa' is a production stage company formed for the purpose of acquiring, exploring, and developing natural resource properties. Activities during the production and exploration stage include further development of the Company's business plan and raising capital. The Company has recently initiated a new program to evaluate undervalued assets for potential addition to its mineral claim portfolio.
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CanAm Uranium Corp. (OTCBB: CAUI)
CanAm Uranium Corp. Acquires Option to Own 100 Percent of the Reilly Uranium Property
June 1, 2007-- CanAm Uranium Corp. (OTCBB: CAUI) announces that it has acquired an option to own 100% of the Reilly Uranium Property in the Sault St. Marie District of Ontario. The acquisition expands CanAm Uranium Corp.'s property holdings to over 159,000 acres of Uranium claims collectively. The Reilly Uranium Property is located in the Mining Division of Sault St. Marie Ontario in the Reilly Mining District consisting of 23 contiguous mining claims totaling 5,120 hectares total or just over 12,650 acres. The Sault District forms the western extension of the region that include the Elliot Lake mining camp which was once known as ''the uranium capital of the world'' and has produced more than 270 million pounds of U3O8 from strata-bound deposits that demonstrate remarkable consistency over extensive areas. CanAm has an aggressive acquisition strategy for projects in areas of known uranium mineralization, especially in geological environments similar to past producing mines.
''The uranium market is currently experiencing unprecedented price gains due to surging global demand and increasingly uncertain supply, rising from a long-term base of roughly US$10 per pound, a level seen earlier this decade, to a recent high of US$125 per pound,'' said Dr. Michael Hitch, Chief Geoscientist. ''Many market analysts anticipate sustained strength in the uranium price for years to come.'' The terms of the transaction include the option to purchase 100% of the property by the staged issuance of 80,000 CanAm common shares and $110,000 in cash payments in Canadian Dollars. The underlying vendor retains a 2% NSR royalty of which 1% can be bought back by the Company for $1 million and the first right of refusal for the remaining 1%. The payment schedule is as follows, an ''Initial Payment'' of $30,000 on signing of this Option Agreement, an additional $10,000 on the first anniversary date of the Option Agreement, an additional $15,000 on the second anniversary date of the Option Agreement; an additional $20,000 on the third anniversary date of the Option Agreement; and, a final payment of an additional $35,000 on the fourth anniversary date of the Option Agreement. Issue to the Owners a total of 80,000 common 144 shares in the capital stock of CanAm for the grant of the Mineral Claims according to the following schedule, 20,000 common shares to the Owner within 10 days of the approval of the terms of this Option Agreement; 20,000 additional common shares on the first anniversary date of the Option Agreement; 20,000 additional common shares on the second anniversary date of the Option Agreement; and, 20,000 additional common on the third anniversary date of the Option Agreement.
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General Metals Corporation (OTCBB: GNLM)
General Metals Update: Comment On 10K filing, Annual and Special Meeting and Subsequent Financing Activities Enabling Phase1 Drilling To Begin
June 6, 2007-- General Metals Corporation (OTCBB: GNLM). The Company filed its 10-KSB for 2007 ahead of schedule to enable the Annual and Special Meeting to be held at the Company's Reno offices @ 1:00 P.M. on Friday, June 29, 2007. This date becomes the record date for the proposed 11:10 forward split once the anticipated shareholder approval is received at the meeting. The effective date for the split will typically be a few days after the vote and will be determined by the NASD. A new trading symbol and cusip number will be assigned and your broker or transfer agent, as the case may be, will handle the change in securities. The Company is paying the costs associated with the transaction. Proxy cards have been mailed to all shareholders of record on May 22, 2007, the meeting record date. As of the Company's year end of April 30, 2007 we had $193,796 in cash and $11,200 in prepaid expenses for total current assets of $204,996, compared to last years $114,212. Our fixed assets grew $61,065 in 2006 to $83, 686 in 2007 by the acquisition of vehicles. Total Assets for 2007 were $288,682 compared with $175,277 in 2006. Accounts Payable increased from $32,043 in 2006 to $67,864 in 2007 but the increase was due to the $63,184 loan that the Company's President and CEO advanced to the Company when financing was not available. Trade payables were only $4,680.
Exploration activities used $128,004 this year compared with $70,488 last year. The Company remains debt free and intends to maintain this condition.
Subsequent Events: Since April 30, 2007, the Company has been active in private placement and existing warrant exercise financing and has issued an additional 4,167,865 restricted common shares and 793,000 additional warrants with exercise prices ranging from $0.125 to $0.25 per share. Proceeds received were in excess of $400,000 cash and other assets. $35,000 of the above mentioned debt was also converted to restricted common shares by the Company's President and CEO, which leaves $28,184 remaining.
The Company has approximately $600,000 for general corporate purposes and Phase 1 drilling activity on its Independence Mine. The Independence Shallow Target and the North Target will be drilled in six discrete sections, which allows for an open pit ore reserve to be developed a section at a time. The first section to be drilled is on the Independence shallow target and will also be the first section to be mined once permitting is received for the proposed cyanide heap leach operation. The Company has already drilled and sampled approximately 130,000 tons of mineralized material that should generate over $3,000,000 of revenue on recovery. This material is slated as over liner for the heap leach pad, which is the first material to go on the pad.
After a comprehensive review of all of the data in the Company's possession at its Reno office, a 2007 report by Geologist Paul Lindberg concludes, "All of the known historic mine records and more recent surface drilling indicate that the mineralization found at the Independence Mine is merely the higher level expression of a deeper gold skarn ore target at depth. The Wilson-Independence property contains both shallow and deep economic grade mineral potential.... Once the initial ... drill holes have been completed, fill-in drilling would help define an open pit ore reserve." Lindberg further states: "There are two known types of ore deposits in the Independence and Fortitude mine areas. Both are believed to have been formed peripherally around the Wilson lobe and the main body of the Copper Canyon stock, a 38 million year old granodiorite intrusive. These lobes may be connected at depth to a larger intrusion. The shallower Independence mine ore deposit contains ... elevated silver values relative to gold, indicative of higher level epithermal veins that overlie deeper hypothermal mineralization where gold values are expected to increase ... the second ore type is a gold bearing skarn in the more prospective Antler Peak Limestone that lies at depth below the Golconda thrust plate. This type of skarn ore is found at the Fortitude deposit and has also been found to underlie the epithermal veins found at the Independence mine. The greatest gold ore potential on the property lies at depth within the skarn zone." Paul Lindberg is a renowned structural geology expert and has consulted on very large projects for Phelps Dodge and other major mining companies over the years. The Company's President and CEO, Steve Parent comments: "I was introduced to Paul Lindberg while working on a copper exploration project in Arizona in the 1980's. We worked well together and we have consulted several times since. It became clear as we near the definitive drilling campaigns that Paul's input would prove invaluable. He has agreed to assist us in making the Independence a world Class project." About General Metals: We currently control 100% of The Independence claims which are completely surrounded by Newmont Mining's Phoenix Mine www.newmont.com and is a 240-acre island with legal access. From 1983 - 1997 there were several exploration campaigns conducted by Noranda, Teck Exploration, Northern Dynasty and Great Basin Minerals which resulted in about 80 reverse circulation and core drill holes being drilled and reported. The 1997 Carrington Report, the 1997 Akright Report, the 2006 Carew Report and the 2005 Frost and Larsen findings are available for review in their entirety at the Company's office in Reno, Nevada.
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Release date: 06 Jun 2007