Lima, Peru, June 5, 2013 (GLOBE NEWSWIRE) -- Lima, Peru, June 5, 2013 -- The Graystone Company(OTCQB: GYST) announced today that the Company doubled its gold production in the month of May. The Company produced approximately 240-300 grams of gold in the month of May.
The Company also provided an update on its joint venture in Suriname. The Company's CEO returned from Suriname on May 31, 2013. The CEO spent approximately a month in Suriname reviewing the joint venture's operations.
During the testing in Suriname, the Company has determined that the joint venture may have located a gold vein in the area that it is operating. The Company has had a geologist on site for the past week to test the area and to assist in preparing geological reports on the find.
The presence of the gold vein indicates that the project will not facilitate the alluvial mining project the Company had expected but a larger hard rock project instead. As such, the Company expects to need to raise an additional $500,000 to $750,000 to purchase the necessary equipment for the hard project and prepare a 43-101.
The Company has prepared a Preferred Stock offering to raise the funds for the project and expects to file the registration statement with the SEC within the next 2 weeks.
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.