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Graystone Co. (OTCBB:GYST)
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1 Month : December 2011 to January 2012
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The Graystone Company (OTC Bulletin Board: GYST), announced that its 100% owned subsidiary Grupo Minero Inca (a Peruvian Corporation) has claimed a additional mining concession in Peru. The new concession has been named Graystone II and is 800 hectares (or 1,976.84 acres) or approximately 8,000,000 square meters (or 3.08 square miles). The additional property is adjacent to the Company's current mining property, Gorilla (aka Graystone I). The acquisition of the additional concession increases the Company's total portfolio of properties to 1,200 hectares (or 2,965.27 acres) or approximately 12,000,000 square meters (or 4.63 square miles). Both Gorilla and Graystone II are owned 100% by the Company.
The Company has done preliminary testing on approximately 10-15% of Graystone II. The initial results indicate that the part of Graystone II that was tested may contain as much as 20,000 ounces of gold (or $32,000,000 at $1,600 per ounce). Based on this information, the Company has deemed it worthwhile to continue to test the remaining part of Graystone II to determine the amount of gold on the entire property and to map the property for production. Once the testing and mapping are completed, the Company will have a plan for production and know how much of the property is viable to mine.
"The initial testing on Graystone II has been successful," said Paul Howarth, Managing Director of The Graystone Company, "however we need to continue to test the property and complete the feasibility study. We will conduct a feasibility study to determine how much of the property is economically minable. There will always be portions of projects that are not cost effective to mine. But to have such positive initial results this early into our projects is exciting and we are looking forward to moving these properties toward production."
The proximity of Graystone II with Gorilla will allow the Company to maximize its resources in the area and provide the Company with base of operations to mine both Gorilla and Graystone II.
The Company claimed Graystone II prior to GMI being a 100% owned subsidiary. The Company is currently finalizing the paperwork to have the claims transferred into GMI's name.
The Company is currently finalizing the internal report on the testing completed on Gorilla and expects to release the data soon.
No proven (measured) or probable (indicated) reserves have been established with respect to any project of The Graystone Company. Any references to estimated, potential and/or “inferred” reserves or resources, and any estimated values of such reserves, contained in the geological report, or set forth in any other communication (i) do not represent proven (measured) or probable (indicated) reserves within the meaning of Item 102 of Regulation S-K and the Commission’s Securities Act Industry Guide 7, and (ii) should not be relied upon by any person in evaluating the Company’s prospects.
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.
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.
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