Lima, Peru, March 4, 2013 (GLOBE NEWSWIRE) -- The Graystone Company (OTCQB: GYST) announced today that the Company has made substantial progress in Suriname. The excavator has arrived at the mining site and has begun building out the roads necessary to begin mining operations on the property. The crew has cleared the land on site and has built out the mining camp which includes building of the housing for the workers, the kitchen facilities and the shower and bathroom facilities.
The crew has also begun digging test holes and the yields on the test holes have been better than the Company expected. The Company expects that on approximately April 15 it will commence limited mining operations moving towards full production thereafter.
The project currently has a 20 ton per hour wash plant that will conduct alluvial mining operations. Additionally, the project has a 5-ton per hour stone crusher and has access to an additional three (3) 5-ton per hour stone crushers. Once the joint venture has completed building out the mining camp it can commence mining operations. The Company expects the crews will operate 24 hours a day 5 days a week once mining operations commence. Additionally, the equipment currently on-site will allow the joint venture to operate both an alluvial mining operations and a hard rock operation simultaneously.
The Suriname Project
The project, referred to Suriname #1, is approximately 3-4 hours from the closest major city. The Company expects that the project will produce 200-400 grams per day or 4,000 - 6,000 grams per month or $200,000 to $300,000 per month per Pod.
The Company expects to expand the operations on Suriname #1 by adding a Pod each quarter. Each Pod is expected to cost about $250,000 in equipment and is expected to produce 200-400 grams per day or 4,000 - 6,000 grams per month or $200,000 to $300,000 per month. The Company's goal is to have 4 Pods within 18 months being able to produce 16,000 - 24,000 grams per month or approximately $1,000,000 in revenue each month.
The Company expects that it will provide an update on its operations in Peru next week.
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: TheGraystone Company, Inc.