Graystone Company Mining Operations Update


Graystone Company Mining Operations Update

The Graystone Company (OTCQB: GYST) announced today that the Company’s Peruvian mining operations has mined approximately 1,000 grams of gold.  The Company expects to begin increasing its daily production to approximately 35 – 50 grams a 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.

peru roadsDuring the rainy season in Peru virtually all roads around the mining sites get washed out and flood the mining sites.

As previously disclosed the Company expects to be able to mine 9-10 months per year and we are now in the rainy season.  With the rainy reason subsiding in Peru the Company can begin to mine more days per month to approximately 15-20 days per month, depending on the weather.

The Company has been operating in Phase 1 of its business plan and is now entering into Phase 2; which includes, the mining permits and the acquisition of heavy equipment and transitioning from bulk sampling to limited full production.

Expansion of Operations on Gorilla

map-peruThe Company is in the process of acquiring an excavator and dump truck 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 and dump truck will increase gold production to approximately 100 grams a day. The Company estimates the excavator and dump truck will cost approximately $350,000.  The Company is currently seeking the financing necessary to acquire these items.  This expansion is Phase 3 of the Company’s business plan.

The Company will build a 2nd Pod on Gorilla as soon as it obtains the excavator and dump truck.   The 2nd Pod is expected to increase gold production to a total of approximately 150 – 200 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 $300,000 and $500,000. This expansion is Phase 4 of the Company’s business plan.

Financing the Operations

The Company recently obtained $75,000 in financing.  This financing allowed the Company to continue to grow and expand its mining operations without having to give up a percentage of the Company’s gold production.

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: GraystoneGold.com

Visit the corporate website at: Graystone1.com

PR-Logo-GlobeNewswire

For more information: https://www.thestreet.com/story/11853962/1/graystone-company-mining-operations-update.html

Disclaimer/ Disclosure: The Investors News Magazine is a third party publisher of news and research as well as creates original content as a news source. Original content created by Investors News Magazine is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site may be compensated by featured companies for news submissions and content marketing. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.

One thought on “Graystone Company Mining Operations Update

  1. Nice post. I learn something totally new and challenging on blogs I stumbleupon everyday.
    It’s always interesting to read content from other authors and practice a little something from their websites.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s