LIMA, Peru--(BUSINESS WIRE)-- The Graystone Company (OTCQB: GYST), announced today that with the acquisition of Graystone 4, the Company estimates that its three claims (Gorilla, Graystone 2 and Graystone 4) could have in excess of 170,000 ounces of gold or $300,000,000 at current gold prices.
The Company extrapolated the results of its test mining production ("bulk sampling") to the three properties. Based on the results, the Company has estimated that the average level of gold is 0.76 grams per cubic meter. The results from the company’s test mining production ranged from 0.33 grams per cubic meter to 1.47 grams per cubic meter.
The Company obtained its internal estimates using the following math:
|Square Meters:||12,000,000 meters|
|Depth of Gold:||2 meters|
|Total size of properties:||26,880,000 cubic meters|
|Grams per cubic meter:||0.75 grams|
|Grams per ounce:||31.1|
|Total Possible Ounces:||1,152,412 ounces|
|Total Probable Ounces:||170,000 ounces|
The Company estimates that 15% of the property’s total size will be minable. The Company expects that it could be mining on Gorilla, Graystone 2 and Graystone 4 for the next 15-20 years. The Company is not including Graystone 3 in these figures because it is not in same immediate area. The company expects to provide testing results on Graystone 3 in the near future.
No proven (measured) or probable (indicated) reserves have been established with respect to the Gorilla project or any other project. Any references to estimated, potential and/or “inferred” reserves or resources, and any estimated values of such reserves, contained in the geological report, or set forth in any other communication (i) do not represent proven (measured) or probable (indicated) reserves within the meaning of Item 102 of Regulation S-K and the Commission’s Securities Act Industry Guide 7, and (ii) should not be relied upon by any person in evaluating the Company’s prospects at the Gorilla project.
About The Graystone Company. The Graystone Company, Inc. is a U.S.-based mining and exploration company focused on acquiring and developing gold and other mineral properties. The Company's strategy is to build value for shareholders by the identification, acquisition and exploration of early-stage properties that show significant potential for the discovery of gold.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Source: The Graystone Company