Reno-based mining company posts loss

General Metals Corp., a mining company based in Reno, lost $481,616 in its fiscal year ended April 30.

That compares with a loss of $153,123 a year earlier. The publicly held company didn't record any revenue in either year.

The company controls the Independence Mine, a 240-acre island of claims within Newmont Gold's Phoenix Mine 30 miles south of Battle Mountain in Lander County.

The company said in a filing with the Securities and Exchange Commission that it had $114,212 in cash on April 30, and it looks to pay for development of its mining properties through debt financing or sale of more of its common stock.

The stock has been trading recently around 33 cents a share.

A Vancouver company, Grassy Mole Enterprises Ltd., reported in the past few days that it purchased a 15.5 percent stake in General Metals Corp.

Grassy Mole, an investment holding company headed by Vancouver lawyer Lawrence Myers, said it purchased the stock as an investment.