General Mining Corporation has been granted a trading halt by the ASX pending the release of details surrounding a proposed material transaction, with the company's shares placed in pre open.

General Mining has not yet elaborated any further on the transaction, but the company is currently in a very interesting position and recently earned an 80% interest in the Shoemaker JV project, with Galaxy Resources 20%.

The technical overview by Coffey Mining in 2010 concluded that the Shoemaker project had good potential for iron ore mineralization in both the bedded and taconite styles in banded iron formation and some potential for near surface direct shipping ore hematite.

General Mining also has Mongolian based thermal coal projects, in the Uvs in Basin. The halt will remain in place until the earlier of an announcement being made to the market, or the open of trade on January 31st 2012.

(Sourced from www.proactiveinvestors.com.au)