UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q



|                                                               |                                                                             
|-------------------------------------------------------------- | ----------------------------------------------------------------------------
|P                                                              | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE 
|                                                               | ACT OF 1934                                                                 
|For the quarterly period ended: July 31, 2009                 
|or                                                            
|                                                               |                                                                             
|                                                               | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
|                                                               | ACT OF 1934                                                                 
|For the transition period from: _____________ to _____________



GENERAL METALS CORPORATION

(Exact name of registrant as specified in its charter)



|                             |              |                    
|---------------------------- | ------------ | -------------------
|Delaware                     | 000-30230    | 65-0488983         
|(State or Other Jurisdiction | (Commission  | (I.R.S. Employer   
|of Incorporation)            | File Number) | Identification No.)



615 Sierra Rose Drive, Suite 1, Reno NV , 89511

(Address of Principal Executive Office) (Zip Code)

775.583.4636

(Registrants telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)



|                                                                                                                                                                                                                                                                                                 |   |                                               |   |                           |   |  |  |  | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | - | --------------------------------------------- | - | ------------------------- | - |  |  |  | 
|Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required                                          
|to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                                                                                                                                                                                | þ | Yes                                           |  ̈ | No                       
|                                                                                                                                                                                                                                                                                                
|Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act
|                                                                                                                                                                                                                                                                                                 |  
|Large accelerated filer                                                                                                                                                                                                                                                                          |  ̈ |                                               |   | Accelerated filer         |  ̈ | 
|Non-accelerated filer                                                                                                                                                                                                                                                                            |  ̈ | (Do not check if a smaller reporting company) |   | Smaller reporting company | þ | 
|                                                                                                                                                                                                                                                                                                 |  
|Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the. Act)                                                                                                                                                                                          |  ̈ | Yes                                           | þ | No                       
|                                                                                                                                                                                                                                                                                                 |   |                                               |   |                          
|APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                
|Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the                                                                                                                                                 
|distribution of securities under a plan confirmed by a court.                                                                                                                                                                                                                                    |  ̈ | Yes                                           |  ̈ | No                       
|                                                                                                                                                                                                                                                                                                 |  
|APPLICABLE ONLY TO CORPORATE ISSUERS                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                
|Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.                                                                                                                                                                   
|212,689,225 common shares issued and outstanding as of August 12, 2009                                                                                                                                                                                                                          







---

PART 1  FINANCIAL INFORMATION

Item 1.

Financial Statements.

General Metals Corporation

(An Exploration Stage Company)

Unaudited Condensed Consolidated Balance Sheets

|                                                                                                                                                                      |  |               |            |               |   |            |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ---------- | ------------- | - | ---------- | -
|                                                                                                                                                                      |  | July 31,
2009 |            | April 30
2009 |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|ASSETS                                                                                                                                                                |  |               |            |               |   |            |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Current assets                                                                                                                                                        |  |               |            |               |   |            |  
|Cash and cash equivalents                                                                                                                                             |  | $             | 117,022    |               | $ |           |  
|Short-term investments                                                                                                                                                |  |               | 650,000    |               |   | 1,275,000  |  
|Prepaid expenses                                                                                                                                                      |  |               | 225,809    |               |   | 379,019    |  
|Other receivables                                                                                                                                                     |  |               | 237,500    |               |   | 237,500    |  
|Other current assets                                                                                                                                                  |  |               |           |               |   | 245        |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Total current assets                                                                                                                                                  |  |               | 1,230,331  |               |   | 1,891,764  |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Other assets                                                                                                                                                          |  |               |            |               |   |            |  
|Land                                                                                                                                                                  |  |               | 67,742     |               |   | 67,767     |  
|Mineral property                                                                                                                                                      |  |               | 613,941    |               |   | 613,941    |  
|Property and equipment, net                                                                                                                                           |  |               | 26,626     |               |   | 25,733     |  
|Other assets                                                                                                                                                          |  |               | 18,244     |               |   | 17,444     |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Total other assets                                                                                                                                                    |  |               | 726,553    |               |   | 724,885    |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Total assets                                                                                                                                                          |  | $             | 1,956,884  |               | $ | 2,616,649  |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                  |  |               |            |               |   |            |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Current Liabilities                                                                                                                                                   |  |               |            |               |   |            |  
|Cash deficit                                                                                                                                                          |  | $             |           |               | $ | 20,057     |  
|Notes payable, current portion                                                                                                                                        |  |               | 3,668      |               |   | 2,898      |  
|Accounts payable                                                                                                                                                      |  |               | 318,190    |               |   | 465,428    |  
|Accrued liabilities                                                                                                                                                   |  |               | 75,923     |               |   | 216,974    |  
|Loan from related parties                                                                                                                                             |  |               | 28,800     |               |   | 33,680     |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Total current liabilities                                                                                                                                             |  |               | 426,581    |               |   | 739,037    |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Long-term liabilities                                                                                                                                                 |  |               |            |               |   |            |  
|Notes payable, net of current portion                                                                                                                                 |  |               | 43,372     |               |   | 44,143     |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Total long-term liabilities                                                                                                                                           |  |               | 43,372     |               |   | 44,143     |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Total liabilities                                                                                                                                                     |  |               | 469,953    |               |   | 783,180    |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Commitments and Contingencies                                                                                                                                         |  |               |            |               |   |            |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Stockholders' equity                                                                                                                                                  |  |               |            |               |   |            |  
|Preferred stock, authorized 50,000,000
shares, par value $0.001, zero issued and Outstanding                                                                          |  |               |           |               |   |           |  
|Common stock, authorized 220,000,000 shares, par value $0.001,
issued and outstanding on July 31, 2009 and April 30, 2009
is 212,791,625 and 168,183,494 respectively |  |               | 212,793    |               |   | 168,184    |  
|Additional paid-in capital                                                                                                                                            |  |               | 9,101,163  |               |   | 7,974,740  |  
|Subscriptions (receivable)                                                                                                                                            |  |               | (407,969   | )             |   | (151,012   | )
|Accumulated other comprehensive income                                                                                                                                |  |               | (600,000   | )             |   | 25,000     |  
|Accumulated deficit during exploration stage                                                                                                                          |  |               | (6,819,056 | )             |   | (6,183,443 | )
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Total stockholders' equity                                                                                                                                            |  |               | 1,486,931  |               |   | 1,833,469  |  
|                                                                                                                                                                      |  |               |            |               |   |            |  
|Total liabilities and stockholders' equity                                                                                                                            |  | $             | 1,956,884  |               | $ | 2,616,649  |  





The accompanying notes are an integral part of these statements



1



---

General Metals Corporation

(An Exploration Stage Company)

Unaudited Condensed Consolidated Statements of Operations

|                                         |  |      |             |   |   |                                             |   |   |            |  
|---------------------------------------- |  | ---- | ----------- | - | - | ------------------------------------------- | - | - | ---------- | -
|                                         |  |      |             |   |   | March 15, 2006
(Inception)
to
July 31,
2009 |  
|                                         |  |     
|                                         |  |     
|Three Months Ended July 31,             
|2009                                     |  | 2008
|Revenue                                  |  | $    |            |   | $ |                                            |   | $ |           |  
|                                         |  |      |             |   |   |                                             |   |   |            |  
|Operating expenses                       |  |      |             |   |   |                                             |   |   |            |  
|Depreciation and amortization            |  |      | 1,608       |   |   | 1,607                                       |   |   | 18,923     |  
|General and administrative               |  |      | 21,679      |   |   | 47,012                                      |   |   | 1,147,288  |  
|Management and consulting                |  |      | 442,327     |   |   | 255,968                                     |   |   | 4,714,096  |  
|Exploration and development              |  |      | 109,202     |   |   | 437,838                                     |   |   | 1,761,712  |  
|Professional fees                        |  |      | 58,550      |   |   | 36,652                                      |   |   | 419,966    |  
|                                         |  |      |             |   |   |                                             |   |   |            |  
|Total expenses                           |  |      | 633,366     |   |   | 779,077                                     |   |   | 8,061,985  |  
|                                         |  |      |             |   |   |                                             |   |   |            |  
|(Loss) from operations                   |  |      | (633,366    | ) |   | (779,077                                    | ) |   | (8,061,985 | )
|                                         |  |      |             |   |   |                                             |   |   |            |  
|Other income (expenses)                  |  |      |             |   |   |                                             |   |   |            |  
|Interest expense                         |  |      | (2,247      | ) |   |                                            |   |   | (18,350    | )
|Gain on sale of mineral properties       |  |      |            |   |   |                                            |   |   | 1,249,072  |  
|Other income                             |  |      |            |   |   |                                            |   |   | 5,000      |  
|Gain/(loss) on foreign currency exchange |  |      |            |   |   |                                            |   |   | 7,207      |  
|                                         |  |      |             |   |   |                                             |   |   |            |  
|Net (loss) before income taxes           |  |      | (635,613    | ) |   | (779,077                                    | ) |   | (6,819,056 | )
|                                         |  |      |             |   |   |                                             |   |   |            |  
|Provision for income taxes               |  |      |            |   |   |                                            |   |   |           |  
|                                         |  |      |             |   |   |                                             |   |   |            |  
|Net (loss)                               |  | $    | (635,613    | ) | $ | (779,077                                    | ) | $ | (6,819,056 | )
|                                         |  |      |             |   |   |                                             |   |   |            |  
|Basic and diluted (loss) per share       |  | $    | (0.00       | ) | $ | (0.01                                       | ) |   |            |  
|                                         |  |      |             |   |   |                                             |   |   |            |  
|Weighted average                         |  |      |             |   |   |                                             |   |   |            |  
|number of shares                         |  |      | 188,993,264 |   |   | 101,606,686                                 |   |   |            |  





The accompanying notes are an integral part of these statements



2



---

General Metals Corporation

(An Exploration Stage Company)

Unaudited Condensed Statement of Consolidated Stockholders' Equity

|                                                                         |  |            |   |   |        |   |                 |           |                                  |   |                                                |   |                                              |            |              |  |   |  |   |            |  
|------------------------------------------------------------------------ |  | ---------- | - | - | ------ | - | --------------- | --------- | -------------------------------- | - | ---------------------------------------------- | - | -------------------------------------------- | ---------- | ------------ |  | - |  | - | ---------- | -
|                                                                         |  |            |   |   |        |   | Paid in
Capital |           | Stock
Subscriptions
(Receivable) |   | (Deficit)
Accumulated
During
Exploration
State |   | Accumulated
Other
Comprehensive
Income/Loss) |            | Total
Equity | 
|                                                                         |  |            |  
|                                                                         |  |            |  
|Common Stock                                                            
|Issued
Shares                                                            |  | Amount    
|Balance, April 30, 2005                                                  |  | 31,354,400 |   | $ | 31,354 |   | $               | 450,523   |                                  | $ | (127,500                                       | ) | $                                            | (208,251   | )            |  |  |  | $ | 146,126    |  
|                                                                         |  |            |   |   |        |   |                 |           |                                  |   |                                                |   |                                              |            |              |  |   |  |   |            |  
|Cash Received for Subscriptions
Receivable                               |  |            |   |   |        |   |                 |           |                                  |   | 127,500                                        |   |                                              |            |              |  |   |  |   | 127,500    |  
|Common Stock Issued for Cash at $0.25
In Private Placement               |  | 44,000     |   |   | 44     |   |                 | 4,956     |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 5,000      |  
|Common Stock Issued for Cash at  $0.125
In Private Placement             |  | 26,400     |   |   | 26     |   |                 | 2,974     |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 3,000      |  
|Common Stock Issued at $0.001 to
exercise lease agreement                |  | 5,500,000  |   |   | 5,500  |   |                 | 530,350   |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 535,850    |  
|Common Stock Issued for Cash at $0.125
In Private Placement              |  | 2,782,450  |   |   | 2,782  |   |                 | 313,406   |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 316,188    |  
|Common Stock Issued in Reorganization                                    |  | 8,436,541  |   |   | 8,437  |   |                 | (787,983  | )                                |   |                                                |   |                                              | 208,251    |              |  |   |  |   | (571,295   | )
|Common Stock Issued to Convert Debt at
0.0185 as Agreed in February 2005 |  | 22,034,546 |   |   | 22,035 |   |                 | 591,998   |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 614,033    |  
|Common Stock Issued as Incentive                                         |  | 550,000    |   |   | 550    |   |                 | (50       | )                                |   |                                                |   |                                              |            |              |  |   |  |   | 500        |  
|Common Stock Returned and Cancelled                                      |  | (550,000   | ) |   | (550   | ) |                 | 50        |                                  |   |                                                |   |                                              |            |              |  |   |  |   | (500       | )
|Common Stock Issued in Exercise of
Warrants at $0.25                     |  | 702,900    |   |   | 703    |   |                 | 159,047   |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 159,750    |  
|Net (Loss)                                                               |  |            |   |   |        |   |                 |           |                                  |   |                                                |   |                                              | (637,068   | )            |  |   |  |   | (637,068   | )
|Balance, April 30, 2006                                                  |  | 70,881,237 |   |   | 70,881 |   |                 | 1,265,271 |                                  |   |                                               |   |                                              | (637,068   | )            |  |  |  |   | 699,084    |  
|                                                                         |  |            |   |   |        |   |                 |           |                                  |   |                                                |   |                                              |            |              |  |   |  |   |            |  
|Deposit received on Private Placement                                    |  |            |   |   |        |   |                 |           |                                  |   | 76,000                                         |   |                                              |            |              |  |   |  |   | 76,000     |  
|Common Stock Issued in Exercise of
Warrants at $0.25                     |  | 110,000    |   |   | 110    |   |                 | 24,890    |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 25,000     |  
|Common Stock Issued for Cash at $0.125
In Private Placement              |  | 440,000    |   |   | 440    |   |                 | 49,560    |                                  |   | (50,000                                        | ) |                                              |            |              |  |   |  |   |           |  
|Common Stock Issued for Service at
$0.125 per share                      |  | 158,400    |   |   | 158    |   |                 | 17,842    |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 18,000     |  
|Common Stock Issued for Purchase of
fixed asset at $0.075                |  | 220,000    |   |   | 220    |   |                 | 14,780    |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 15,000     |  
|Common Stock Issued for Cash at $0.075                                   |  | 164,495    |   |   | 164    |   |                 | 11,052    |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 11,216     |  
|Common Stock Issued for Services at
$0.075 per share                     |  | 330,000    |   |   | 330    |   |                 | 22,170    |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 22,500     |  
|Common Stock Issued to Convert Debt
$0.075 per share                     |  | 513,333    |   |   | 513    |   |                 | 34,487    |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 35,000     |  
|Common Stock Issued for Cash at $0.075
In Private Placement              |  | 3,770,063  |   |   | 3,770  |   |                 | 253,280   |                                  |   | (163,800                                       | ) |                                              |            |              |  |   |  |   | 93,250     |  
|Common Stock Issued for Cash at $0.075
For Exploration Rights            |  | 1,100,000  |   |   | 1,100  |   |                 | 249,828   |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 250,928    |  
|Common Stock Issued for Cash at $0.075
For Employee Incentive            |  | 275,000    |   |   | 275    |   |                 | 18,475    |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 18,750     |  
|Common Stock Issued for Cash at $0.125
In Private Placement              |  | 2,332,000  |   |   | 2,332  |   |                 | 262,668   |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 265,000    |  
|Common Stock Issued for Cash at $0.125
In Private Placement              |  | 363,440    |   |   | 363    |   |                 | 40,937    |                                  |   | (41,300                                        | ) |                                              |            |              |  |   |  |   |           |  
|Cash Received for Subscriptions
Receivable                               |  |            |   |   |        |   |                 |           |                                  |   | 137,800                                        |   |                                              |            |              |  |   |  |   | 137,800    |  
|Stock-based compensation expense                                         |  |            |   |   |        |   |                 | 1,447,734 |                                  |   |                                                |   |                                              |            |              |  |   |  |   | 1,447,734  |  
|Net (Loss)                                                               |  |            |   |   |        |   |                 |           |                                  |   |                                                |   |                                              | (2,087,666 | )            |  |   |  |   | (2,087,666 | )
|Balance, April 30, 2007                                                  |  | 80,657,967 |   |   | 80,656 |   |                 | 3,712,974 |                                  |   | (41,300                                        | ) |                                              | (2,724,734 | )            |  |  |  |   | 1,027,596  |  





The accompanying notes are an integral part of these statements



3



---

General Metals Corporation

(An Exploration Stage Company)

Unaudited Condensed Statement of Consolidated Stockholders' Equity (contd)

|                                                                     |  |            |  |  |        |                 |  |                                  |  |                                                |          |                                              |  |              |   |  |   |  |  |            |  
|-------------------------------------------------------------------- |  | ---------- |  |  | ------ | --------------- |  | -------------------------------- |  | ---------------------------------------------- | -------- | -------------------------------------------- |  | ------------ | - |  | - |  |  | ---------- | -
|                                                                     |  |            |  |  |        | Paid in
Capital |  | Stock
Subscriptions
(Receivable) |  | (Deficit)
Accumulated
During
Exploration
State |          | Accumulated
Other
Comprehensive
Income/Loss) |  | Total
Equity |  
|                                                                     |  |           
|Common Stock                                                        
|Issued
Shares                                                        |  | Amount    
|Balance, April 30, 2007                                              |  | 80,657,967 |  |  | 80,656 |                 |  | 3,712,974                        |  |                                                | (41,300  | )                                            |  | (2,724,734   | ) |  |  |  |  | 1,027,596  |  
|                                                                     |  |            |  |  |        |                 |  |                                  |  |                                                |          |                                              |  |              |   |  |   |  |  |            |  
|Common Stock issued to convert Debt at
$0.075 per share              |  | 513,333    |  |  | 513    |                 |  | 34,487                           |  |                                                |          |                                              |  |              |   |  |   |  |  | 35,000     |  
|Common Stock Issued for Cash at $0.125
In Private Placement          |  | 667,040    |  |  | 667    |                 |  | 75,133                           |  |                                                |          |                                              |  |              |   |  |   |  |  | 75,800     |  
|Common Stock Issued in Exercise of
Share Purchase Warrants at $0.075 |  | 2,520,979  |  |  | 2,522  |                 |  | 157,243                          |  |                                                |          |                                              |  |              |   |  |   |  |  | 159,765    |  
|Common Stock Issued in Exercise of
Share Purchase Warrants at $0.20  |  | 654,500    |  |  | 655    |                 |  | 118,345                          |  |                                                |          |                                              |  |              |   |  |   |  |  | 119,000    |  
|Common Stock Issued in Exercise of
Share Purchase Warrants at $0.125 |  | 44,000     |  |  | 44     |                 |  | 4,956                            |  |                                                |          |                                              |  |              |   |  |   |  |  | 5,000      |  
|Common Stock Issued for purchase of
asset at $0.125                  |  | 132,000    |  |  | 132    |                 |  | 14,868                           |  |                                                |          |                                              |  |              |   |  |   |  |  | 15,000     |  
|Common Stock Issued in Exercise of
Share Purchase Warrants at $0.20  |  | 216,000    |  |  | 216    |                 |  | 42,984                           |  |                                                |          |                                              |  |              |   |  |   |  |  | 43,200     |  
|Common Stock Issued for Cash at $0.125
In Private Placement          |  | 52,470     |  |  | 53     |                 |  | 6,506                            |  |                                                |          |                                              |  |              |   |  |   |  |  | 6,559      |  
|Cash Received for Subscriptions Receivable                           |  |            |  |  |        |                 |  |                                  |  |                                                | 50,300   |                                              |  |              |   |  |   |  |  | 50,300     |  
|Common Stock Issued for Cash at $0.20
In Private Placement           |  | 2,503,000  |  |  | 2,503  |                 |  | 484,497                          |  |                                                | (160,000 | )                                            |  |              |   |  |   |  |  | 327,000    |  
|Common Stock Issued in Exercise of
Share Purchase Warrants at $0.07  |  | 733,334    |  |  | 733    |                 |  | 49,267                           |  |                                                |          |                                              |  |              |   |  |   |  |  | 50,000     |  
|Common Stock Issued for Cash at $0.15
In Private Placement           |  | 900,000    |  |  | 900    |                 |  | 134,100                          |  |                                                | (35,000  | )                                            |  |              |   |  |   |  |  | 100,000    |  
|Cash Received for Subscriptions
Receivable                           |  |            |  |  |        |                 |  |                                  |  |                                                | 151,000  |                                              |  |              |   |  |   |  |  | 151,000    |  
|Common Stock Issued in Exercise of
Share Purchase Warrants at $0.068 |  | 146,667    |  |  | 147    |                 |  | 9,853                            |  |                                                |          |                                              |  |              |   |  |   |  |  | 10,000     |  
|Common Stock Issued in Exercise of
Share Purchase Warrants at $0.10  |  | 110,000    |  |  | 110    |                 |  | 7,390                            |  |                                                |          |                                              |  |              |   |  |   |  |  | 7,500      |  
|Common Stock Issued in Exercise of Share
Purchase warrants at $0.114 |  | 176,000    |  |  | 176    |                 |  | 19,824                           |  |                                                |          |                                              |  |              |   |  |   |  |  | 20,000     |  
|Common Stock Issued for services to the
advisory board at $0.15      |  | 2,000,000  |  |  | 2,000  |                 |  | 298,000                          |  |                                                |          |                                              |  |              |   |  |   |  |  | 300,000    |  
|Common Stock Issued for Cash at $0.15
In Private Placement           |  | 100,000    |  |  | 100    |                 |  | 14,900                           |  |                                                |          |                                              |  |              |   |  |   |  |  | 15,000     |  
|Common Stock Issued in Exercise of Share
Purchase warrants at $0.075 |  | 86,667     |  |  | 87     |                 |  | 8,913                            |  |                                                | (9,000   | )                                            |  |              |   |  |   |  |  |           |  
|Common Stock Issued in Exercise of Share
Purchase warrants at $0.114 |  | 2,200      |  |  | 2      |                 |  | 248                              |  |                                                |          |                                              |  |              |   |  |   |  |  | 250        |  
|Common Stock Issued for Cash at $0.20
In Private Placement           |  | 590,000    |  |  | 590    |                 |  | 58,410                           |  |                                                |          |                                              |  |              |   |  |   |  |  | 59,000     |  
|Common Shares issued for Cash at $0.15
In Private Placement          |  | 44,299     |  |  | 44     |                 |  | 6,601                            |  |                                                |          |                                              |  |              |   |  |   |  |  | 6,645      |  
|Common Stock Issued in Exercise of
Share Purchase warrants at $0.068 |  | 146,300    |  |  | 147    |                 |  | 9,853                            |  |                                                |          |                                              |  |              |   |  |   |  |  | 10,000     |  
|Common Stock Issued for servicesat $0.125                            |  | 100,000    |  |  | 100    |                 |  | 12,400                           |  |                                                |          |                                              |  |              |   |  |   |  |  | 12,500     |  
|Common Stock Issued for Cash at $0.20
In Private Placement           |  | 100,000    |  |  | 100    |                 |  | 9,900                            |  |                                                |          |                                              |  |              |   |  |   |  |  | 10,000     |  
|Common Stock Issued for Cash at $0.05
In Private Placement           |  | 400,000    |  |  | 400    |                 |  | 19,600                           |  |                                                |          |                                              |  |              |   |  |   |  |  | 20,000     |  
|Common Stock Issued in Exercise
of Share Purchase warrants at $0.05  |  | 275,000    |  |  | 275    |                 |  | 13,475                           |  |                                                |          |                                              |  |              |   |  |   |  |  | 13,750     |  
|Common Stock Issued in Exercise of
Share Purchase warrants at $0.085 |  | 29,412     |  |  | 30     |                 |  | 2,470                            |  |                                                |          |                                              |  |              |   |  |   |  |  | 2,500      |  
|Cash Received for Subscriptions Receivable                           |  |            |  |  |        |                 |  |                                  |  |                                                | 38,500   |                                              |  |              |   |  |   |  |  | 38,500     |  
|Stock-based compensation expense                                     |  |            |  |  |        |                 |  | 139,333                          |  |                                                |          |                                              |  |              |   |  |   |  |  | 139,333    |  
|Net (Loss)                                                           |  |            |  |  |        |                 |  |                                  |  |                                                |          |                                              |  | (1,982,382   | ) |  |   |  |  | (1,982,382 | )
|Balance, April 30, 2008                                              |  | 93,901,168 |  |  | 93,902 |                 |  | 5,466,530                        |  |                                                | (5,500   | )                                            |  | (4,707,116   | ) |  |  |  |  | 847,816    |  





The accompanying notes are an integral part of these statements



4



---

General Metals Corporation

(An Exploration Stage Company)

Unaudited Condensed Statement of Consolidated Stockholders' Equity (contd)

|                                                                           |  |             |   |  |         |                 |  |                                  |   |                                                |          |                                              |  |              |   |  |        |  |  |            |  
|-------------------------------------------------------------------------- |  | ----------- | - |  | ------- | --------------- |  | -------------------------------- | - | ---------------------------------------------- | -------- | -------------------------------------------- |  | ------------ | - |  | ------ |  |  | ---------- | -
|                                                                           |  |             |   |  |         | Paid in
Capital |  | Stock
Subscriptions
(Receivable) |   | (Deficit)
Accumulated
During
Exploration
State |          | Accumulated
Other
Comprehensive
Income/Loss) |  | Total
Equity |  
|                                                                           |  |            
|Common Stock                                                              
|Issued
Shares                                                              |  | Amount     
|Balance, April 30, 2008                                                    |  | 93,901,168  |   |  | 93,902  |                 |  | 5,466,530                        |   |                                                | (5,500   | )                                            |  | (4,707,116   | ) |  |       |  |  | 847,816    |  
|                                                                           |  |             |   |  |         |                 |  |                                  |   |                                                |          |                                              |  |              |   |  |        |  |  |            |  
|Common Stock Issued for Cash at $0.14
In Private Placement                 |  | 7,000,000   |   |  | 7,000   |                 |  |                                  |   |                                                |          |                                              |  |              |   |  |        |  |  | 5,000      |  
|Common Stock Issued for Cash at $0.15
In Private Placement                 |  | 2,000,000   |   |  | 2,000   |                 |  | 28,000                           |   |                                                | (14,387  | )                                            |  |              |   |  |        |  |  | 15,613     |  
|Common Stock Issued for Cash at $0.18
In Private Placement                 |  | 1,000,000   |   |  | 1,000   |                 |  | 16,500                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 17,500     |  
|Common Stock Issued for Cash at $0.2
In Private Placement                  |  | 8,400,000   |   |  | 8,400   |                 |  | 159,600                          |   |                                                | (15,000  | )                                            |  |              |   |  |        |  |  | 153,000    |  
|Common Stock Issued for Cash at $0.25
In Private Placement                 |  | 2,502,000   |   |  | 2,502   |                 |  | 59,998                           |   |                                                | (1,000   | )                                            |  |              |   |  |        |  |  | 61,500     |  
|Common Stock Issued for Cash at $0.05
In Private Placement                 |  | 8,274,000   |   |  | 8,274   |                 |  | 380,326                          |   |                                                | (34,000  | )                                            |  |              |   |  |        |  |  | 354,600    |  
|Common Stock Issued for Cash at $0.075
In Private Placement                |  | 870,000     |   |  | 870     |                 |  | 64,280                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 65,150     |  
|Common Stock Issued for Cash at $0.10
In Private Placement                 |  | 150,000     |   |  | 150     |                 |  | 14,850                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 15,000     |  
|Common Stock Issued for Cash at $0.15
In Private Placement                 |  | 416,000     |   |  | 416     |                 |  | 30,784                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 31,200     |  
|Common Stock Issued in Exercise of
Share Purchase warrants at $0.085       |  | 33,930      |   |  | 34      |                 |  | 2,841                            |   |                                                | (625     | )                                            |  |              |   |  |        |  |  | 2,250      |  
|Common Stock Issued for services at $0.017                                 |  | 750,000     |   |  | 750     |                 |  | 12,250                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 13,000     |  
|Common Stock Issued for services at $0.02                                  |  | 3,500,000   |   |  | 3,500   |                 |  | 66,500                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 70,000     |  
|Common Stock Issued for services at $0.021                                 |  | 4,250,000   |   |  | 4,250   |                 |  | 85,000                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 89,250     |  
|Common Stock Issued for services at $0.024                                 |  | 2,500,000   |   |  | 2,500   |                 |  | 57,500                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 60,000     |  
|Common Stock Issued for services at $0.025                                 |  | 1,000,000   |   |  | 1,000   |                 |  | 24,000                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 25,000     |  
|Common Stock Issued for services at $0.029                                 |  | 581,396     |   |  | 581     |                 |  | 20,326                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 20,907     |  
|Common Stock Issued for services at $0.03                                  |  | 10,000,000  |   |  | 10,000  |                 |  | 290,000                          |   |                                                |          |                                              |  |              |   |  |        |  |  | 300,000    |  
|Common Stock Issued for services at $0.036                                 |  | 11,000,000  |   |  | 11,000  |                 |  | 385,000                          |   |                                                |          |                                              |  |              |   |  |        |  |  | 396,000    |  
|Common Stock Issued for services at $0.05                                  |  | 3,100,000   |   |  | 3,100   |                 |  | 151,900                          |   |                                                |          |                                              |  |              |   |  |        |  |  | 155,000    |  
|Common Stock Issued for services at $0.075                                 |  | 838,000     |   |  | 838     |                 |  | 61,912                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 62,750     |  
|Common Stock Issued for services at $0.08                                  |  | 4,147,000   |   |  | 4,147   |                 |  | 327,613                          |   |                                                |          |                                              |  |              |   |  |        |  |  | 331,760    |  
|Common Stock Issued for services at $0.086                                 |  | 2,000,000   |   |  | 2,000   |                 |  | 170,000                          |   |                                                |          |                                              |  |              |   |  |        |  |  | 172,000    |  
|Common Stock Issued for services at $0.10                                  |  | 150,000     |   |  | 150     |                 |  | 14,850                           |   |                                                |          |                                              |  |              |   |  |        |  |  | 15,000     |  
|Cancellation of Issued Common Stock 
due to non-payment on receivable      |  | (180,000    | ) |  | (180    | )               |  | (8,820                           | ) |                                                | 9,000    |                                              |  |              |   |  |        |  |  |           |  
|Cash Received for Subscriptions Receivable                                 |  |             |   |  |         |                 |  |                                  |   |                                                | 5,500    |                                              |  |              |   |  |        |  |  | 5,500      |  
|Unrealized Gain/(Loss) on Available-for
sale Available-for-sale Securities |  |             |   |  |         |                 |  |                                  |   |                                                |          |                                              |  |              |   |  | 25,000 |  |  | 25,000     |  
|Net (Loss)                                                                 |  |             |   |  |         |                 |  |                                  |   |                                                |          |                                              |  | (1,476,327   | ) |  |        |  |  | (1,476,327 | )
|Balance, April 30, 2009                                                    |  | 168,183,494 |   |  | 168,184 |                 |  | 7,974,740                        |   |                                                | (151,012 | )                                            |  | (6,183,443   | ) |  | 25,000 |  |  | 1,833,469  |  





The accompanying notes are an integral part of these statements



5



---

General Metals Corporation

(An Exploration Stage Company)

Unaudited Condensed Statement of Consolidated Stockholders' Equity (contd)

|                                                                           |  |             |  |   |         |                 |   |                                  |  |                                                |          |                                              |   |              |   |   |          |   |   |           |  
|-------------------------------------------------------------------------- |  | ----------- |  | - | ------- | --------------- | - | -------------------------------- |  | ---------------------------------------------- | -------- | -------------------------------------------- | - | ------------ | - | - | -------- | - | - | --------- | -
|                                                                           |  |             |  |   |         | Paid in
Capital |   | Stock
Subscriptions
(Receivable) |  | (Deficit)
Accumulated
During
Exploration
State |          | Accumulated
Other
Comprehensive
Income/Loss) |   | Total
Equity |  
|                                                                           |  |            
|Common Stock                                                              
|Issued
Shares                                                              |  | Amount     
|Balance, April 30, 2009                                                    |  | 168,183,494 |  |   | 168,184 |                 |   | 7,974,740                        |  |                                                | (151,012 | )                                            |   | (6,183,443   | ) |   | 25,000   |   |   | 1,833,469 |  
|                                                                           |  |             |  |   |         |                 |   |                                  |  |                                                |          |                                              |   |              |   |   |          |   |   |           |  
|Common Stock Issued for Cash at $0.15
In Private Placement                 |  | 17,561,665  |  |   | 17,562  |                 |   | 245,863                          |  |                                                | (16,250  | )                                            |   |              |   |   |          |   |   | 247,175   |  
|Common Stock Issued for Cash at $0.02
In Private Placement                 |  | 1,605,000   |  |   | 1,605   |                 |   | 30,495                           |  |                                                | (6,700   | )                                            |   |              |   |   |          |   |   | 25,400    |  
|Common Stock Issued for Cash at $0.022
In Private Placement                |  | 3,050,000   |  |   | 3,050   |                 |   | 64,710                           |  |                                                |         |                                              |   |              |   |   |          |   |   | 67,760    |  
|Common Stock Issued for Cash at $0.025
In Private Placement                |  | 700,000     |  |   | 700     |                 |   | 16,800                           |  |                                                |         |                                              |   |              |   |   |          |   |   | 17,500    |  
|Common Stock Issued for Cash at $0..033
In Private Placement               |  | 300,000     |  |   | 300     |                 |   | 9,700                            |  |                                                |         |                                              |   |              |   |   |          |   |   | 10,000    |  
|Common Stock Issued for Cash at $0..035
In Private Placement               |  | 240,000     |  |   | 240     |                 |   | 8,160                            |  |                                                |         |                                              |   |              |   |   |          |   |   | 8,400     |  
|Common Stock Issued for Cash at $0..04
In Private Placement                |  | 1,125,000   |  |   | 1,125   |                 |   | 43,875                           |  |                                                | (12,900  | )                                            |   |              |   |   |          |   |   | 32,100    |  
|Common Stock Issued for Cash at $0..045
In Private Placement               |  | 7,047,300   |  |   | 7,048   |                 |   | 310,059                          |  |                                                | (317,107 | )                                            |   |              |   |   |          |   |   |          |  
|Common Stock Issued for Cash at $0..05
In Private Placement                |  | 1,090,000   |  |   | 1,090   |                 |   | 53,410                           |  |                                                | (5,000   | )                                            |   |              |   |   |          |   |   | 49,500    |  
|Common Stock Issued for services at $0.02                                  |  | 1,000,000   |  |   | 1,000   |                 |   | 19,000                           |  |                                                |          |                                              |   |              |   |   |          |   |   | 20,000    |  
|Common Stock Issued for services at $0.028                                 |  | 8,400,000   |  |   | 8,400   |                 |   | 226,800                          |  |                                                |          |                                              |   |              |   |   |          |   |   | 235,200   |  
|Common Stock Issued for services at $0.032                                 |  | 1,500,000   |  |   | 1,500   |                 |   | 46,500                           |  |                                                |          |                                              |   |              |   |   |          |   |   | 48,000    |  
|Common Stock Issued for services at $0.035                                 |  | 12,500      |  |   | 12      |                 |   | 428                              |  |                                                |          |                                              |   |              |   |   |          |   |   | 440       |  
|Common Stock Issued for services at $0.047                                 |  | 100,000     |  |   | 100     |                 |   | 4,600                            |  |                                                |          |                                              |   |              |   |   |          |   |   | 4,700     |  
|Common Stock Issued for services at $0.050                                 |  | 750,000     |  |   | 750     |                 |   | 36,750                           |  |                                                |          |                                              |   |              |   |   |          |   |   | 37,500    |  
|Common Stock Issued for services at $0.065                                 |  | 60,000      |  |   | 60      |                 |   | 3,840                            |  |                                                |          |                                              |   |              |   |   |          |   |   | 3,900     |  
|Common Stock Issued for services at $0.083                                 |  | 66,666      |  |   | 67      |                 |   | 5,433                            |  |                                                |          |                                              |   |              |   |   |          |   |   | 5,500     |  
|Cash Received for Subscriptions Receivable                                 |  |             |  |   |         |                 |   |                                  |  |                                                | 101,000  |                                              |   |              |   |   |          |   |   | 101,000   |  
|Unrealized Gain/(Loss) on Available-for
sale Available-for-sale Securities |  |             |  |   |         |                 |   |                                  |  |                                                |          |                                              |   |              |   |   | (625,000 | ) |   | (625,000  | )
|                                                                           |  |             |  |   |         |                 |   |                                  |  |                                                |          |                                              |   | (635,613     | ) |   |          |   |   | (635,613  | )
|Balance, July 31, 2009                                                     |  | 212,791,625 |  | $ | 212,793 |                 | $ | 9,101,163                        |  | $                                              | (407,969 | )                                            | $ | (6,819,056   | ) | $ | (600,000 | ) | $ | 1,486,931 |  





The accompanying notes are an integral part of these statements



6



---

General Metals Corporation

(An Exploration Stage Company)

Unaudited Condensed Consolidated Statements of Cash Flows



|                                               |  |                             |          |                                             |   |          |   |   |            |  
|---------------------------------------------- |  | --------------------------- | -------- | ------------------------------------------- | - | -------- | - | - | ---------- | -
|                                               |  | Three Months Ended July 31, |          | March 15, 2006
(Inception)
to
July 31,
2009 |  
|                                               |  | 2009                        |          | 2008                                        |   |         
|Operating activities                           |  |                             |          |                                             |   |          |   |   |            |  
|Net loss                                       |  | $                           | (635,613 | )                                           | $ | (779,077 | ) | $ | (6,819,056 | )
|Adjustments to reconcile net loss              |  |                             |          |                                             |   |          |   |   |            |  
|Stock issued for services                      |  |                             | 363,994  |                                             |   | 174,000  |   |   | 2,426,074  |  
|Stock issued for payment of interest on debt   |  |                             |         |                                             |   |         |   |   | 12,750     |  
|Non-cash financing costs                       |  |                             |         |                                             |   |         |   |   | 46,234     |  
|Gain on sale of mineral property               |  |                             |         |                                             |   |         |   |   | (1,249,072 | )
|Depreciation and amortization                  |  |                             | 1,608    |                                             |   | 1,607    |   |   | 18,923     |  
|Stock-based compensation                       |  |                             |         |                                             |   |         |   |   | 1,587,067  |  
|Impairment of Long-lived assets                |  |                             |         |                                             |   |         |   |   | 17,500     |  
|Other assets                                   |  |                             |          |                                             |   |          |   |   |            |  
|(Increase)/decrease in other current assets    |  |                             | 245      |                                             |   |         |   |   |           |  
|(Increase)/decrease in prepaid expenses        |  |                             | (5,544   | )                                           |   | (232     | ) |   | (17,129    | )
|Increase/(decrease) in accounts payable        |  |                             | (147,238 | )                                           |   | 214,461  |   |   | 318,190    |  
|Increase/(Decrease) in accrued liabilities     |  |                             | 8,947    |                                             |   | 2,688    |   |   | 225,921    |  
|                                               |  |                             |          |                                             |   |          |   |   |            |  
|Net cash used by operating activities          |  |                             | (413,601 | )                                           |   | (386,553 | ) |   | (3,432,598 | )
|                                               |  |                             |          |                                             |   |          |   |   |            |  
|Investment activities                          |  |                             |          |                                             |   |          |   |   |            |  
|Acquisition of mineral property                |  |                             |         |                                             |   |         |   |   | (78,091    | )
|Investment in general copper                   |  |                             |         |                                             |   | (1       | ) |   | (17,500    | )
|Deposit on water rights                        |  |                             | (800     | )                                           |   |         |   |   | (800       | )
|Deposit on reclamation bond                    |  |                             |         |                                             |   |         |   |   | (17,444    | )
|Proceeds from sale of mineral property         |  |                             |         |                                             |   |         |   |   | 12,500     |  
|Purchase of land                               |  |                             | 25       |                                             |   |         |   |   | (67,742    | )
|Purchase of equipment                          |  |                             | (2,500   | )                                           |   |         |   |   | (15,548    | )
|                                               |  |                             |          |                                             |   |          |   |   |            |  
|Net cash used by investment activities         |  |                             | (3,275   | )                                           |   | (1       | ) |   | (184,625   | )
|                                               |  |                             |          |                                             |   |          |   |   |            |  
|Financing activities                           |  |                             |          |                                             |   |          |   |   |            |  
|Proceeds from loans from related parties       |  |                             |         |                                             |   |         |   |   | 96,864     |  
|Repayments of loans from related parties       |  |                             | (4,880   | )                                           |   |         |   |   | (33,064    | )
|Proceeds from issuance of debt                 |  |                             |         |                                             |   |         |   |   | 47,041     |  
|Proceeds from the sale of stock                |  |                             | 558,835  |                                             |   | 371,050  |   |   | 3,623,404  |  
|                                               |  |                             |          |                                             |   |          |   |   |            |  
|Net cash provided by financing activities      |  |                             | 553,955  |                                             |   | 371,050  |   |   | 3,734,245  |  
|                                               |  |                             |          |                                             |   |          |   |   |            |  
|Net increase / (decrease) in cash              |  |                             | 137,079  |                                             |   | (15,504  | ) |   | 117,022    |  
|                                               |  |                             |          |                                             |   |          |   |   |            |  
|Cash, beginning of period                      |  |                             | (20,057  | )                                           |   | 17,600   |   |   |           |  
|                                               |  |                             |          |                                             |   |          |   |   |            |  
|Cash, end of period                            |  | $                           | 117,022  |                                             | $ | 2,096    |   | $ | 117,022    |  
|                                               |  |                             |          |                                             |   |          |   |   |            |  
|Supplemental information:                      |  |                             |          |                                             |   |          |   |   |            |  
|Interest paid                                  |  | $                           | 1,034    |                                             | $ |         |   | $ | 4,387      |  
|Income taxes paid                              |  | $                           |         |                                             | $ |         |   | $ |           |  
|                                               |  |                             |          |                                             |   |          |   |   |            |  
|Non-cash activities:                           |  |                             |          |                                             |   |          |   |   |            |  
|Stock issued for service as prepaid expenses   |  | $                           | 100,000  |                                             | $ |         |   | $ | 467,435    |  
|Stock issued to acquire mineral property lease |  | $                           |         |                                             | $ |         |   | $ | 783,687    |  
|Stock issued for payment of interest on debt   |  | $                           |         |                                             | $ |         |   | $ | 12,750     |  
|Stock issued as reduction of accrued expenses  |  | $                           | 150,000  |                                             | $ |         |   | $ | 150,000    |  







The accompanying notes are an integral part of these statements



7



---

General Metals Corporation

(An Exploration Stage Company)

Notes to Consolidated Financial Statements

NOTE 1 - CONDENSED FINANCIAL STATEMENTS

The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at July 31, 2009, and for all periods presented herein, have been made.

In accordance with Article 8-03 of Regulation S-X certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's April 30, 2009 audited financial statements. The results of operations for the period ended July 31, 2009 are not necessarily indicative of the operating results for the full year.

The accompanying condensed consolidated financial statements include the accounts of General Metals Corporation and its wholly owned subsidiary, General Gold Corporation. Collectively, they are referred herein as the Company. All inter-company balances and transactions have been eliminated on consolidation.

Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

No new accounting pronouncements have been issued since the filing of the Companys Form 10-K on August 13, 2009 for the fiscal year ended April 30, 2009 that are likely to have a material impact on the Companys financial position, results of operations, or cash flows.

NOTE 2 - GOING CONCERN

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.



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NOTE 3  STOCKHOLDERS EQUITY

The following provides additional information for certain stock transactions that occurred during the three months ended July 31, 2009. For additional details for all stock transaction please see the accompanying consolidated statement of changes in stockholders equity.

During the three months ended July 31, 2009 the Company issued 8,050,000 shares of common stock at $0.028 per share totaling $225,400 to officers, directors, and employees. Of this amount, $150,000 was accrued as of April 30, 2009 with the excess fair value of $75,400 being recognized as management and consulting expense for the three months ended July 31, 2009.

During the three months ended July 31, 2009 we issued a total of 32,718,965 shares in exchange for cash totaling $558,835 in private placement transactions.

NOTE 4  SUBSEQUENT EVENTS

Finalization of the Ghana Sale

On or about July 29, 2009, we entered into an agreement with Sunergy, Inc 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.





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Item 2.

Managements Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors", that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our unaudited condensed financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles and Article 8-03 of Regulation S-X. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report, particularly in the section entitled "Risk Factors".

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars. All references to "common shares" refer to the common shares in our capital stock.

As used in this quarterly report, the terms "we", "us" and "our" mean General Metals Corporation, unless otherwise indicated.

OVERVIEW

We were organized in the State of New Jersey on March 4, 1995, under the name Interactive Multimedia Network, Inc. We were reincorporated in the State of Delaware on September 13, 1995. We changed our name to RECOV Energy Corp. effective March 29, 2005. On or about July 12, 2006, we changed our name to General Metals Corporation.

Our Current Business

We are engaged primarily in the acquisition, exploration and development of mineral properties, presently focused on our Independence Project located in Battle Mountain, Nevada.

In addition to the on-going development of the Independence Mine, we are continually seeking to acquire other mining claims, as our funding permits.



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The Independence Mines Property

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|---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|[gmc_10q001.jpg] | We currently control a 100% undivided leasehold interest in the Wilson-Independence Gold  Silver Mine, situated in the Battle Mountain Mining District, Lander County, Nevada. The property consists of 14 whole and fractional mining claims encompassing 240 acres. Due diligence completed by our company shows that all claims are valid and in good standing through and for the assessment year ending August 31, 2008.
The Wilson-Independence project is wholly owned by General Metals though it subsidiary company General Gold Corporation under a mining lease/option agreement with Independence Gold Silver Mines of Seattle, Washington. Under the terms of the agreement General Metals was required to expend a minimum of $625,000 towards exploration development and commercial production of ores, minerals or materials which expenditure was fulfilled prior year end April 30, 2008, as we spent expended approximately $760,000 through that date. During the year ended April, 30, 2009, we spent approximately $995,000 on exploration and development including the initiation of the permitting process.



The term of the lease is for a period of 20 years commencing October 1, 2005. There is a production royalty payable for the sale of all gold, silver or platinum based upon the average daily price of gold on the London Metal Exchange as follows: 3% when the price of gold per ounce is less than $375, 4% when the price of gold per ounce is between $375 and $475 and 5% when the price of gold is over $475. There is also a production royalty of 3% payable on the sale of all substances other than gold, silver and platinum.

We have the option to purchase the property for $3.0 million within 10 years of the date the lease commenced provided all obligations have been met.

Location and Access

All infrastructures necessary for the exploration, development and operation of a mine is readily available. The property is accessed via federal, state and county maintained all weather paved and gravel roads from the nearby town of Battle Mountain. A well-trained work force is available in the town of Battle Mountain, situated 30 miles north of the property along Interstate highway 80. Adequate ground water is available for diversion for future mining operations which enjoy special treatment as temporary or interim uses under Nevada water laws. Electrical power has recently been extended to within one mile of the project to service the Phoenix project, and the transcontinental natural gas line passes within 1.5 miles of the property.



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The property has been the site of intermittent historic exploration and mining activities since the late 1920s. Past mining operations extracted 65,000 tons of high grade gold and silver ores from the property. The bulk of this activity occurred during two periods, the first from high grade ores shipped for direct smelting during the late 1940s and early 1950s, and a second from 1975 to 1983 when a significant amount of underground development took place, and a mill was erected on the property. During its peak period of production in 1976 the mine shipped up to 1 ton of gold and silver bullion per month.

The Independence Mines property consists of 14 whole and fractional unpatented lode mining claims, which cover approximately 240 acres.

Mineral Ownership

The Wilson-Independence claims are 100% controlled by us

Plan of Operation

Fiscal Year 2010 Permitting and Development Program

During fiscal year 2010, the Company has undertaken an aggressive program to rapidly move the Independence project toward production. We anticipate being able to secure necessary studies and permits to allow us to proceed to production in the near term. We already initiated work to complete a current, independent, technical report and resource calculation to be compliant with Canadian National Instrument 43-101. The Company anticipates this report will be completed by mid year. This report will not meet SEC Industry Guide 7 guidelines but will provide information in a familiar format for our Canadian and European investors.

To further expedite the planned near term production, the Company has contracted Dyer Engineering of Reno, Nevada to organize and initiate environmental, archeological and other studies required in the permitting process necessary to place the Independence Mine into commercial production. We have contracted for and expect to receive shortly, the Cultural/Archeological Report, the Flora and Fauna Report and have received the Cold and Warm Weather Bat Report required to be included in as well as establishing water rights and permits in the basin.

Upon completion of a currently ongoing independent Quality Assurance  Quality Control (QA  QC) assessment and the Independent Resource Report, appropriate metallurgical samples will be selected and submitted for extractive metallurgical studies. When the metallurgical work is completed, a mine plan will be developed which the Company believes will see much of the mineralization identified in its recent drilling converted into reserve categories.

We are presently conducting an aggressive program to rapidly move the Independence project toward production. We anticipate being able to secure necessary studies and permits to allow us to proceed to production in the near term.  We anticipate initially mining the Hill Zone and are completing all necessary work to be able to finalize permits to allow us to begin there. Additional drilling and assaying planned to further delineate the Hill Zone mineralization will allow us to maximize our cash flows early in the production cycle

Independence Shallow Target Area

Our drilling program during calendar year 2007 and 2008, confirmed a large body of near surface oxide mineralization over a strike length of more than 4,100 feet and discovered the new Hill Zone. Mineralization is open to depth and along strike to the north. We completed 26,055 feet in 84 drill holes. Holes range from vertical to 45 degrees easterly and vary from 25 to 580 feet deep averaging 336 feet in depth. Drilling in the northern part of the target in drill hole GM 52 intercepted 25 feet of mineralization from 75 ft to 100 ft in depth that averaged 0.084 opt gold and 41.4 opt silver. This intercept is believed to represent a high grade fluid conduit or a potential high grade mineralized zone similar to those mined historically from the Independence Mine. Mineralization in the Independence Target is open down dip to the west and to the north.

Mineralized drill intercepts correlated well up and down dip and along strike from section to section. The interpretation is supported by accessible mine workings. Potentially surface bulk mineable mineralization in the Companys drill intercepts is consistently wider than anticipated from underground mapping and sampling results.



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The mineralized zone intersected in drilling typically consists of a higher grade core surrounded be a broad halo of low grade which is often 100 to 200 feet wide. All mineralization encountered is thoroughly oxidized throughout the zones being tested. Exposures in historic mine workings suggest the mineralization is oxidized to depths of more than 400 feet below the present surface and has a high degree of continuity along strike and down dip.

Results including grade, width, and oxide nature of mineralization, indicate excellent potential for a low cost, open pit heap leach operation with near term production potential for which planning permitting studies are underway.

The orientation of the mineralized zone at the Independence allows the Company to drill holes which are roughly perpendicular to mineralization, resulting in drill intercepts which are believed to represent approximate true thickness.

Geochemical and structural modeling of the property indicates that mineralization may extend northerly on the Companys property for more than 5,000 feet in the direction of the Sunshine Open Pit Mine formerly operated by Battle Mountain Gold Corp., now Newmont Mining.

Hill Zone

The Hill Zone was discovered as a part of the ongoing integration of current drill and analytical data with the historic geologic, geochemical and mining data. Historically, mineralization at the Independence mine was believed to be terminated to the north by the Canyon fault. Interpretation of General Metals drilling in the Independence target and historic gold-silver surface sampling data indicated the offset of the Canyon fault to be minimal and projected the favorable hosts and the mineralized zone to continue north of the Canyon Fault. Drilling has extended the gold-silver mineralization an additional 1,000 feet to the north. Although the indicated width and thickness of the Hill Zone mineralization is similar to the Independence target, mineralization remains open to the west, north east and at depth. Drilling results from previous operators suggest the Hill Zone mineralization may be significantly wider than that in the Independence target.

North Target

Located at the north end of the Independence claim block, the North target is a shallow low grade occurrence situated approximately 1,200 ft SE of Newmonts Sunshine mine. The North target is based on 11 drill holes with a nominal spacing of 380 ft defining a mineralized area approximately 1000 ft by 470 ft. Gold mineralization occurs in a granitic host rock and extends from the surface to 250 ft. Average gold intercept values range from 0.01 opt to 0.026 opt and mineralization is open to the north, east, south and at depth. The BLM permit was amended in April of 2008 to allow drilling of 36 RC drill holes to confirm and define the extent of the gold mineralization. Drilling is scheduled for later in 2010.

Independence Deep Target:

The Company recently received 275 assays for the majority of all mineralized intercepts with samples above and below these intercepts from American Assay Laboratories of Sparks, Nevada for extensive check assays of the mineralized zones. The results are in excellent agreement with the original results and, subject to QA/QC analysis, are now 43-101 compliant.

Corporate Development Strategy

We are presently conducting an aggressive program to rapidly move the Independence project toward production. We anticipate being able to secure necessary studies and permits to allow us to proceed to production in the near term.  We anticipate initially mining the Hill Zone and are completing all necessary work to be able to finalize permits to allow us to begin there. Additional drilling and assaying are required to bring the Hill Zone into production and the permitting required to allow for that program is underway. We believe the Hill Zone is amenable to open pit mining and heap leaching, and rapidly evaluate the potential of these target areas for near term production.

Evaluation of all available structural, geologic and drill data required to generate an accurate geologic model for mineralization in the target areas is completed. Also the permitting has begun and we expect to expedite this process as another result of the successful drilling program.





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We anticipate that to proceed with our plan of operation we will require additional funds of approximately $1.5 million over the next twelve months, exclusive of any acquisition or exploration costs. As we do not have the funds necessary to cover our projected operating expenses for the next twelve month period, we will be required to raise additional funds through the issuance of equity securities, through loans or through debt financing. There can be no assurance that we will be successful in raising the required capital or that actual cash requirements will not exceed our estimates. We intend to fulfill any additional cash requirement through the sale of our equity securities.

If we are not able to obtain the additional financing on a timely basis, if and when it is needed, we will be forced to scale down or perhaps even cease the operation of our business.

The continuation of our business is dependent upon obtaining further financing, a successful program of exploration and/or development, and, finally, achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations.

Capital Expenditures

We do not intend to invest in capital expenditures during the twelve-month period ending July 31, 2010. However the company is always evaluating precious metal property acquisitions and may complete an acquisition of acceptable properties at any time.

General and Administrative/Management and Consulting Expenses

We expect to spend $425,000 during the twelve-month period ending July 31, 2010 on general and administrative expenses including legal and auditing fees, rent, office equipment and other administrative related expenses.

Exploration and Development

The permitting has begun and we expect to expedite this process which will require additional funds of approximately $1.5 million over the next twelve months, exclusive of any acquisition or exploration costs.

Corporate Offices

Our principal business offices are located at 615 Sierra Rose Drive, Suite 1, Reno, NV 89511. We currently lease our space at an annual cost of $22,392. We believe that our current lease arrangements provide adequate space for our foreseeable future needs.

On April 28, 2009, we purchased a 480 acre of private land which will be used for mineral processing, equipment storage and maintenance. The full purchase price was $67,742 with 30% down and the balance by way of seller financing at 10% per annum for a period of 10 years with quarterly payments of $1,874 amortized over 10 years with no pre-payment penalty. Legal Description: Township 30 North, Range 43 East, M.D.M., Section 17 N/2, SW/4 comprising 480 acres.

Employees

We do not expect any material changes in the number of employees over the next 12 month period (although we may enter into employment or consulting agreements with our officers or directors). We do and will continue to outsource contract employment as needed. As at April 30, 2009, our only employees were our directors and officers.

Critical Accounting Policies

Our financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles used in the United States. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and



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assumptions are affected by management's application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our consolidated financial statements is critical to an understanding of our financials.

Financial Instruments

The Companys financial instruments consist of cash; cash in trust, accounts payable and accrued liabilities and amounts due to related parties. The Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair value of cash, cash in trust, accounts payable and accrued liabilities and amounts due to related parties approximates their carrying values due to the immediate or short term maturity of these financial instruments.

Investments

Management determines the appropriate classification of its investments in equity securities at the time of purchase and re-evaluates such determinations at each reporting date. The Company accounts for its equity security investments as available-for-sale securities in accordance with SFAS No. 115, Accounting for Certain Investments in Debt and Equity Securities. The Company periodically evaluates whether declines in fair values of its investments below the Companys carrying value are other-than-temporary. The Companys policy is to generally review declines in the investments quoted market value when factors may indicate the decline as an other-than-temporary decline in value. The Company also monitors its investments for events or changes in circumstances that have occurred that may have a significant adverse effect on the fair value of the investment and evaluates qualitative and quantitative factors regarding the severity and duration of the unrealized loss and the Companys ability to hold the investment until a forecasted recovery occurs to determine if the decline in value of an investment is other-than-temporary. Declines in fair value below the Companys carrying value deemed to be other-than-temporary are charged to earnings.

Mineral Property Costs

The Company is in the exploration stage and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition, exploration and development of mining properties. Mineral property acquisition costs are capitalized. Exploration and development costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.

Long-Lived Assets

In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the carrying value of long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.

Income Taxes

Under SFAS No 109 "Accounting for Income Taxes" the Company is required to recognize deferred tax liabilities and assets using the liability method. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statements carrying values and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company calculates a provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized by identifying the temporary differences arising from the different treatment of items for tax and accounting purposes. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, judgment and interpretation of statutes is required. Judgments and interpretation of statutes are inherent in this process. Future income tax assets are recorded in the financial statements if realization is considered more likely than not.



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The Company has adopted FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN 48"). FIN 48 prescribes a recognition threshold and measurement attribute for the recognition and measurement of tax positions taken or expected to be taken in income tax returns. FIN 48 also provides guidance on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions.

The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various states. With limited exception, the Company is no longer subject to U.S. federal, state and local tax audits by taxing authorities for years before 2005.

Stock Issued For Services

The Company bases the value of stock issued for services on the market value of our common stock at the date of issue or our estimate of the fair value of the services received, whichever is more reliably measurable.

Stock Based Compensation

The Company accounts for stock warrant grants in accordance with SFAS No. 123(R), Share-Based Payment. The Company records the cost of employee and non-employee services received in exchange for an award of equity instruments based on the estimated grant-date fair value of the award. That cost is recognized over the period during which an employee or non-employee is required to provide service in exchange for the awardthe requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which the requisite service period is not rendered. The grant-date fair value of equity awards is estimated using a Black-Scholes pricing model.

Results of Operations  Three Months Ended July 31, 2009 and 2008

The following summary of our results of operations should be read in conjunction with our audited financial statements for the years ended April 30, 2009 and 2008.

Our operating results for the three months ended July 31, 2009 and 2008 are summarized as follows:

|                   |  |                             |         |      |   |        
|------------------ |  | --------------------------- | ------- | ---- | - | -------
|                   |  | Three Months Ended
July 31,
|                   |  | 2009                        |         | 2008
|                   |  |                             |         |      |   |        
|Revenue            |  | $                           | Nil     |      | $ | Nil    
|Operating Expenses |  | $                           | 633,366 |      | $ | 779,077
|Net Loss           |  | $                           | 635,613 |      | $ | 779,077

Revenues

We have not earned any revenues since our inception and we do not anticipate earning revenues in the near future.

Operating Expenses

Our operating expenses for the three months ended July 31, 2009 and 2008 are outlined in the table below:

|                              |  |                             |         |      |   |        
|----------------------------- |  | --------------------------- | ------- | ---- | - | -------
|                              |  | Three Months Ended
July 31,
|                              |  | 2009                        |         | 2008
|                              |  |                             |         |      |   |        
|Depreciation and amortization |  | $                           | 1,608   |      | $ | 1,607  
|                              |  |                             |         |      |   |        
|General and administrative    |  | $                           | 21,679  |      | $ | 47,012 
|                              |  |                             |         |      |   |        
|Management and consulting     |  | $                           | 442,327 |      | $ | 255,968
|                              |  |                             |         |      |   |        
|Exploration and development   |  | $                           | 109,202 |      | $ | 437,838
|                              |  |                             |         |      |   |        
|Professional fees             |  | $                           | 58,550  |      | $ | 36,652 





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We have focused our energy during this quarter on furthering the permitting process with all charges being classified as development pushing the project ever closer to production. In the three months ended July 31, 2008, we were engaged in a significant drilling program which resulted in the discovery of the Hill Zone and delineation of a contiguous zone of mineralized material and is reflected in the cost for that period being more than $300,000 greater than this year. We increased our business development efforts as well as our investor awareness campaigns causing the significant increase in the management and consulting costs of the Company in the current quarter. We anticipate that the management and consulting costs will increase year over year due to the consulting services paid for through the issuance of stock and the excess fair value of shares issued in management in exchange for accrued payroll from the year ended April 30, 2009.

Liquidity and Financial Condition

Our total assets at July 31, 2009 were $1,956,884 and our total current liabilities were $426,581 and we had working capital of $803,750 as compared to $1,152,727 as of April 30, 2009. Our financial statements report a net loss of $635,613 for the three months ended July 31, 2009, and a net loss of $6,819,056 for the period from March 15, 2006 (date of inception) to July 31, 2009. We had a cash balance of $117,022 as of July 31, 2009. Subsequent to the end quarter, we have received cash from our subscriptions receivable to bring our cash balance to $227,656 at August 31, 2009.

We have suffered recurring losses from operations. The continuation of our company is dependent upon our company attaining and maintaining profitable operations and raising additional capital as needed. In this regard we have raised additional capital through equity offerings and loan transactions. We have been successful in structuring deals in which expenses are paid for through the issuances of common shares. In addition, we have raised additional funds and expect to continue to raise additional funds through private placement equity offerings sufficient to fund our current plan of operations.

Our principal sources of funds have been from sales of our common stock.

Contractual Obligations

As a smaller reporting company, we are not required to provide tabular disclosure obligations.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Recently Issued Accounting Standards

No new accounting pronouncements have been issued since the filing of the Companys Form 10-K on August 13, 2009 for the fiscal year ended April 30, 2009 that are likely to have a material impact on the Companys financial position, results of operations, or cash flows.

Item 4T.

Controls and Procedures

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, for the company.

Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of its management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Management recognizes that there are inherent limitations in the effectiveness of any system of internal control, and accordingly, even effective internal control can provide only reasonable assurance with respect to financial statement preparation and may not prevent or detect material misstatements. In addition, effective internal control at



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a point in time may become ineffective in future periods because of changes in conditions or due to deterioration in the degree of compliance with our established policies and procedures.

A material weakness is a significant deficiency, or combination of significant deficiencies, that results in there being a more than remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.

Under the supervision and with the participation of our president, management conducted an evaluation of the effectiveness of our internal control over financial reporting, as of July 31, 2009, based on the framework set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on our evaluation under this framework, management concluded that our internal control over financial reporting was not effective as of the July 31, 2009 due to the factors stated below.

Management assessed the effectiveness of the Companys internal control over financial reporting as of the report date and identified the following material weaknesses:

Insufficient Resources:We have an inadequate number of personnel with requisite expertise in the key functional areas of finance and accounting.

Inadequate Segregation of Duties: We have an inadequate number of personnel to properly implement control procedures.

Management is committed to improving its internal controls and will (1) continue to use third party specialists to address shortfalls in staffing and to assist the Company with accounting and finance responsibilities, (2) increase the frequency of independent reconciliations of significant accounts which will mitigate the lack of segregation of duties until there are sufficient personnel.

Management, including our president and chief executive officer (who is acting as our principal executive officer) and our chief financial officer (who is acting as our principal financial officer and principle accounting officer), have discussed the material weakness noted above with our independent registered public accounting firm. Due to the nature of this material weakness, there is a more than remote likelihood that misstatements which could be material to the annual or interim financial statements could occur that would not be prevented or detected.



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PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

Our company is not a party to any pending legal proceeding and no legal proceeding is contemplated or threatened as of the date of this quarterly report.

Item 1A.

Risk Factors

Risks Related To Our Business:

We do not expect positive cash flow from operations in the near term. If we are unable to obtain financing in the amounts and on terms deemed acceptable to us, we may be unable to continue our business and as a result may be required to scale back or cease operations for our business.

We do not expect positive cash flow from operations in the near term. There is no assurance that actual cash requirements will not exceed our estimates. In particular, additional capital may be required in the event that:

-

drilling, exploration and completion costs for our Independence mine project increase beyond our expectations; or

-

we encounter greater costs associated with general and administrative expenses or offering costs.

The occurrence of any of the aforementioned events could adversely affect our ability to meet our business plans.

We will depend almost exclusively on outside capital to pay for the continued exploration and development of our properties. Such outside capital may include the sale of additional stock and/or commercial borrowing. We can provide no assurances that any financing will be successfully completed.

Capital may not continue to be available if necessary to meet these continuing development costs or, if the capital is available, that it will be on terms acceptable to us. The issuance of additional equity securities by us would result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

If we are unable to obtain financing in the amounts and on terms deemed acceptable to us, we may be unable to continue our business and as a result may be required to scale back or cease operations for our business, the result of which would be that our stockholders would lose some or all of their investment.

We have a limited operating history and if we are not successful in continuing to grow our business, then we may have to scale back or even cease our ongoing business operations.

We have no history of revenues from operations and have no significant tangible assets. We have yet to generate positive earnings and there can be no assurance that we will ever operate profitably. Our company has a limited operating history and must be considered in the development stage. The success of our company is significantly dependent on a successful acquisition, drilling, completion and production program. Our companys operations will be subject to all the risks inherent in the establishment of a developing enterprise and the uncertainties arising from the absence of a significant operating history. We may be unable to locate recoverable reserves or operate on a profitable basis. We are in the development stage and potential investors should be aware of the difficulties normally encountered by enterprises in the development stage. If our business plan is not successful, and we are not able to operate profitably, investors may lose some or all of their investment in our company.

Because of the early stage of development and the nature of our business, our securities are considered highly speculative.

Our securities must be considered highly speculative, generally because of the nature of our business and the early stage of its development. We are engaged in the business of exploring and, if warranted, developing commercial reserves of gold and silver. Our properties are in the exploration stage only and are without known reserves of gold and silver. Accordingly, we have not generated any revenues nor have we realized a profit from our operations to date and there is little likelihood that we will generate any revenues or realize any profits in the short term. Any



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profitability in the future from our business will be dependent upon locating and developing economic reserves of gold, silver or other minerals, which itself is subject to numerous risk factors as set forth herein. Since we have not generated any revenues, we will have to raise additional monies through the sale of our equity securities or debt in order to continue our business operations.

As our properties are in the exploration and development stage there can be no assurance that we will establish commercial discoveries on our properties.

Exploration for mineral reserves is subject to a number of risk factors. Few properties that are explored are ultimately developed into producing mines. Our properties are in the exploration and development stage only and are without proven reserves. We may not establish commercial discoveries on any of our properties.

Because of the unique difficulties and uncertainties inherent in mineral exploration ventures, we face a high risk of business failure.

Potential investors should be aware of the difficulties normally encountered by new mineral exploration companies and the high rate of failure of such enterprises. The likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the exploration of the mineral properties that we plan to undertake. These potential problems include, but are not limited to, unanticipated problems relating to exploration, and additional costs and expenses that may exceed current estimates. The expenditures to be made by us in the exploration of the mineral claim may not result in the discovery of mineral deposits. Problems such as unusual or unexpected formations and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts. If the results of our exploration programs do not reveal viable commercial mineralization, we may decide to abandon our claim and acquire new claims for new exploration. The acquisition of additional claims will be dependent upon us possessing capital resources at the time in order to purchase such claims. If no funding is available, we may be forced to abandon our operations.

Because of the speculative nature of exploration of mineral properties, there is no assurance that our exploration activities will result in the discovery of new commercially exploitable quantities of minerals.

We plan to continue exploration on our Nevada mineral properties. The search for valuable minerals as a business is extremely risky. We can provide investors with no assurance that additional exploration on our properties will establish that additional commercially exploitable reserves of precious metals on our properties. Problems such as unusual or unexpected geological formations or other variable conditions are involved in exploration and often result in exploration efforts being unsuccessful. The additional potential problems include, but are not limited to, unanticipated problems relating to exploration and attendant additional costs and expenses that may exceed current estimates. These risks may result in us being unable to establish the presence of additional commercial quantities of ore on our mineral claims with the result that our ability to fund future exploration activities may be impeded.

Because we anticipate our operating expenses will increase prior to our earning revenues, we may never achieve profitability.

Prior to completion of our exploration stage, we anticipate that we will incur increased operating expenses without realizing any revenues. We therefore expect to incur significant losses into the foreseeable future. We recognize that if we are unable to generate significant revenues from the exploration of our mineral claims, we will not be able to earn profits or continue operations. There is no history upon which to base any assumption as to the likelihood that we will prove successful, and we can provide no assurance that we will generate any revenues or ever achieve profitability. If we are unsuccessful in addressing these risks, our business will most likely fail.

Because of the inherent dangers involved in mineral exploration, there is a risk that we may incur liability or damages as we conduct our business.

The search for valuable minerals involves numerous hazards. As a result, we may become subject to liability for such hazards, including pollution, cave-ins and other hazards against which we cannot insure or against which we may elect not to insure. At the present time we have no coverage to insure against these hazards. The payment of such liabilities may have a material adverse effect on our financial position.



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If our exploration costs are higher than anticipated, then our profitability will be adversely affected.

We are currently proceeding with exploration of our mineral properties on the basis of estimated exploration costs. If our exploration costs are greater than anticipated, then we will not be able to carry out all the exploration of the properties that we intend to carry out. Factors that could cause exploration costs to increase are: adverse weather conditions, difficult terrain and shortages of qualified personnel.

As we face intense competition in the mining industry, we will have to compete with our competitors for financing and for qualified managerial and technical employees.

The mining industry is intensely competitive in all of its phases. Competition includes large established mining companies with substantial capabilities and with greater financial and technical resources than we have. As a result of this competition, we may be unable to acquire additional attractive mining claims or financing on terms we consider acceptable. We also compete with other mining companies in the recruitment and retention of qualified managerial and technical employees. If we are unable to successfully compete for financing or for qualified employees, our exploration and development programs may be slowed down or suspended.

As we undertake exploration of our mineral claim, we will be subject to compliance with government regulation that may increase the anticipated cost of our exploration program.

There are several governmental regulations that materially restrict mineral exploration. We will be subject to the laws of the State of Nevada as we carry out our exploration program. We may be required to obtain work permits, post bonds and perform remediation work for any physical disturbance to the land in order to comply with these laws. While our planned exploration program budgets for regulatory compliance, there is a risk that new regulations could increase our costs of doing business and prevent us from carrying out our exploration program.

Any change to government regulation/administrative practices may have a negative impact on our ability to operate and our profitability.

The laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the United States or any other jurisdiction, may be changed, applied or interpreted in a manner which will fundamentally alter the ability of our company to carry on our business.

The actions, policies or regulations, or changes thereto, of any government body or regulatory agency, or other special interest groups, may have a detrimental effect on us. Any or all of these situations may have a negative impact on our ability to operate and/or our profitably.

Our By-laws contain provisions indemnifying our officers and directors against all costs, charges and expenses incurred by them.

Our By-laws contain provisions with respect to the indemnification of our officers and directors against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, actually and reasonably incurred by him, including an amount paid to settle an action or satisfy a judgment in a civil, criminal or administrative action or proceeding to which he is made a party by reason of his being or having been one of our directors or officers.

Investors' interests in our company will be diluted and investors may suffer dilution in their net book value per share if we issue additional shares or raise funds through the sale of equity securities.

Our constating documents authorize the issuance of 220,000,000 shares of common stock with a par value of $0.001 and 50,000,000 preferred shares with a par value of $0.001. In the event that we are required to issue any additional shares or enter into private placements to raise financing through the sale of equity securities, investors' interests in our company will be diluted and investors may suffer dilution in their net book value per share depending on the price at which such securities are sold. If we issue any such additional shares, such issuances also will cause a reduction in the proportionate ownership and voting power of all other shareholders. Further, any such issuance may result in a change in our control.



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Some of our directors and officers are residents of countries other than the United States and investors may have difficulty enforcing any judgments against such persons within the United States.

Some of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons assets are located outside the United States. As a result, it may be difficult for investors to enforce within the United States any judgments obtained against our company or our officers or directors, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof.

Risks Associated With Our Common Stock:

Our stock is a penny stock. Trading of our stock may be restricted by the Securities and Exchange Commissions penny stock regulations and the Financial Industry Regulatory Authoritys sales practice requirements, which may limit a stockholder's ability to buy and sell our stock.

Our stock is a penny stock. The Securities and Exchange Commission has adopted Rule 15g-9 which generally defines "penny stock" to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and "accredited investors". The term "accredited investor" refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the Securities and Exchange Commission which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in and limit the marketability of our common stock.

In addition to the "penny stock" rules promulgated by the Securities and Exchange Commission, the Financial Industry Regulatory Authority has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. Under interpretations of these rules, the Financial Industry Regulatory Authority believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. The Financial Industry Regulatory Authority requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

During May 2009, we issued 6,765,000 common shares at prices ranging from $0.015 to $0.05 per share in private placements for a total of $124,650 in cash; 10,900,000 common shares were issued for services and payment of accrued wages for a total recorded value of $351,200.

During June 2009 we issued 10,359,165 common shares at prices ranging from $0.015 to $0.05 per share in private placements for a total of $189,875 in cash and 139,166 common stock for services at a total value $9,840.

During July 2009 we issued 15,594,800 common shares in private placements at prices ranging from $0.015 to $0.05 per share or $501,267 in cash; 850,000 shares of common stock of the company were issued for services at a total value $42,200.



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Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Submission of Matters to a Vote of Securities Holders

None.

Item 5.

Other Information

None.

Item 6.

Exhibits

|     |  |                                                                                                                                                                                                                                                            
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Item |  | Description                                                                                                                                                                                                                                                
|(3)  |  | Articles of Incorporation and By-laws                                                                                                                                                                                                                      
|     |  |                                                                                                                                                                                                                                                            
|3.1  |  | Certificate of Incorporation (incorporated by reference from our Registration Statement on Form 10-SB12G filed on August 24, 1999)                                                                                                                         
|     |  |                                                                                                                                                                                                                                                            
|3.2  |  | By-Laws (incorporated by reference from our Registration Statement on Form 10-SB12G filed on August 24, 1999)                                                                                                                                              
|     |  |                                                                                                                                                                                                                                                            
|3.3  |  | Amendment to Certificate of Incorporation (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006)                                                                                                                       
|     |  |                                                                                                                                                                                                                                                            
|(10) |  | Material Contracts                                                                                                                                                                                                                                         
|     |  |                                                                                                                                                                                                                                                            
|10.1 |  | Letter of Intent between General Gold Corporation and Gold Range, LLC dated November 14, 2004 (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006)                                                                   
|     |  |                                                                                                                                                                                                                                                            
|10.2 |  | Amendment to Letter of Intent between General Gold Corporation and Gold Range, LLC dated December 31, 2004 (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006).                                                     
|     |  |                                                                                                                                                                                                                                                            
|10.3 |  | Assignment of Lease Agreement between General Gold Corporation and Gold Range Company, LLC dated April 29, 2005 (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006).                                                
|     |  |                                                                                                                                                                                                                                                            
|10.4 |  | Assignment of Lease and Consent Agreement between Independence Gold-Silver Mines Inc., Gold Range Company, LLC and General Gold Corporation dated June 29, 2005 (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006).
|     |  |                                                                                                                                                                                                                                                            
|10.5 |  | Lease Agreement between Independence Gold-Silver Mines Inc. and Gold Range Company, LLC dated July 13, 2005 (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006)                                                     
|     |  |                                                                                                                                                                                                                                                            
|10.6 |  | Share Purchase Agreement dated July 20, 2006 among General Gold Corporation, Recov Energy Corp. and the selling shareholders of General Gold Corporation (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006).       
|     |  |                                                                                                                                                                                                                                                            
|10.7 |  | Share Purchase Agreement dated March 15, 2007 between our company and Sanibel Investments Ltd. (incorporated by reference from our Current Report on Form 8-K filed on March 22, 2007).                                                                    
|     |  |                                                                                                                                                                                                                                                            
|(14) |  | Code of Ethics                                                                                                                                                                                                                                             
|     |  |                                                                                                                                                                                                                                                            
|14.1 |  | Code of Ethics (incorporated by reference from our Annual Report on Form 10-KSB filed on August 15, 2006)                                                                                                                                                  
|     |  |                                                                                                                                                                                                                                                            
|(21) |  | Subsidiaries                                                                                                                                                                                                                                               
|     |  |                                                                                                                                                                                                                                                            
|     |  | General Gold Corporation, a Nevada company                                                                                                                                                                                                                 





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|     |  |                                                                              
|---- |  | -----------------------------------------------------------------------------
|Item |  | Description                                                                  
|(31) |  | Section 302 Certification                                                    
|     |  |                                                                              
|31.1 |  | Section 302 Certification of the Sarbanes-Oxley Act of 2002 (filed herewith).
|     |  |                                                                              
|31.2 |  | Section 302 Certification of the Sarbanes-Oxley Act of 2002 (filed herewith).
|     |  |                                                                              
|     |  |                                                                              
|(32) |  | Section 906 Certification                                                    
|     |  |                                                                              
|32.1 |  | Section 906 Certification of the Sarbanes-Oxley Act of 2002 (filed herewith) 
|     |  |                                                                              
|32.2 |  | Section 906 Certification of the Sarbanes-Oxley Act of 2002 (filed herewith) 



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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



|                          |                            |                                                                    
|------------------------- | -------------------------- | -------------------------------------------------------------------
|                          | GENERAL METALS CORPORATION
|                          | (Registrant)              
|                          |                            |                                                                    
|                          |                            |                                                                    
|Dated: September 18, 2009 | By:                        | /s/ STEPHEN PARENT                                                 
|                          |                            | Stephen Parent                                                     
|                          |                            | Chief Executive Officer and President
(Principal Executive Officer)
|                          |                            |                                                                    
|                          |                            |                                                                    
|Dated: September 18, 2009 | By:                        | /s/ DANIEL J. FORBUSH                                              
|                          |                            | Daniel J. Forbush                                                  
|                          |                            | Chief Financial Officer                                            
|                          |                            | (Principal Financial Officer and Principal
Accounting Officer)     





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