Lima, Peru, March 12, 2013 (GLOBE NEWSWIRE) -- The Graystone Company (OTCQB: GYST) announced today that the Company's heavy equipment arrived yesterday at the mining site Gorila. The mining crew is currently setting up the equipment and expects to begin operating the equipment this week. Once the equipment is operational it is expected that the Company will be able to produce 50 - 75 grams of gold per day.
The Company had previously been limited in the amount of gold it could produce until it filed its environmental impact study with the Ministry of Mines in Peru. The Company filed the environmental impact study on February 5, 2013 and can now begin to fully utilize the heavy machinery in Peru.
As previously disclosed the Company expects to be able to mine 9-10 months per year and we are now in the rainy season. During the rainy season in Peru and virtually all roads around the mining sites get washed out and flood the mining sites.With the rainy reason is subsiding in Peru the Company can begin to mine more days per month to approximately 22 days per month
Expansion of Operations on Gorilla
The Company is in the process of acquiring an excavator to be used on Gorilla; now, that the Company's operations are no longer under the limited production requirements. The company expects that the excavator will increase gold production to approximately 100 grams a day. The Company estimates the excavator will cost approximately $150,000.
The Company will build a 2nd Pod on Gorilla as soon as it obtains the excavator. The 2nd Pod is expected to increase gold production to a total of approximately 150 grams per day or approximately $1.7 million in yearly revenues (subtracting purity levels and refining fees). The Company estimates the second pod will cost between $200,000 and $300,000.
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.