Lima, Peru, April 29, 2013 (GLOBE NEWSWIRE) -- The Graystone Company(OTCQB: GYST) announced today the Company's joint venture in Suriname has completed its initial bulk sampling at site #1. The Company processed approximately 150 tons. The Company yielded approximately 100 grams (or 3 ounces) of gold. Based on the results, the Company has estimated that the average level of gold in Suriname is 0.67 grams per cubic meter. Once the Company begins full production, the company expects to process approximately 75 tons per hour.
The joint venture will be conducting bulk sampling in 4 areas to determine the optimal location to begin its next phase of operations. The Company expects the bulk sampling to take 8-12 weeks. During the bulk sampling phase, the Company expects to process only 5-10 tons per hour.
The company expects to provide an additional update on its mining operations 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.
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Source: TheGraystone Company, Inc.