LIMA, Peru--(BUSINESS WIRE)-- The Graystone Company (OTCQB: GYST) announced that it has begun mining operations on its mining property Gorila. Gorila consists of approximately 988 acres (400 hectares) located in northeastern Peru near the town of Borja.
Gorilla contains 0.76 grams of gold per cubic meter or 0.62 grams per ton. These results are based on 23 days of test mining operations. Based on these initial ranges the Company is estimating that the amount of gold on the Gorilla site could be in excess of $100,000,000; however, the total size of the gold deposits depends on the amount of usable land.
The Company intends to use Gorila as its base of operations in the area as the Company expands its mining operations to Graystone 2 and Graystone 4. The Company's total portfolio of mining properties totals 1,900 hectares (or 4,695 acres) or approximately 19,000,000 square meters (or 7.34 square miles).
The Company will build out its mining operations in October and November 2012 and expects to be in full production in December 2012.
These results have not been independently verified and were conducted internally to assist in determining if the property contains gold values conducive to profitable extraction. No proven (measured) or probable (indicated) reserves have been established with respect to the Gorilla 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. The Company sells gold and silver to retail buyers via www.graystonegold.com.
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, Inc.