LAS VEGAS--(BUSINESS WIRE)--The Graystone Company (OTCBB: GYST), announced today that is has completed the acquisition of all the issued and outstanding stock of Grupo Minero Inca ("GMI"), S.A.C. a Peruvian Company. Graystone previously owned 25% of Grupo Minero Inca. As a result of the acquisition, Grupo Minero Inca becomes a wholly owned subsidiary of Graystone. Graystone has also obtained a Peruvian RUC number (equivalent to a tax ID number) for its subsidiary which allows the company to conduct business in Peru.
Graystone, through its subsidiary, can now acquire claims, concessions and hire employees directly without being forced to enter into joint ventures and sharing revenue with an unrelated entity because it cannot conduct business in Peru. Grupo Minero Inca will not only be working the Company's claims but also engage in general exploration for additional mining interests that can be acquired by Graystone. Grupo Minero Inca already owns assets that include boats, water pumps, generators, sluice box and other mining equipment. The Company also acquired the mining camp on Gorilla that includes barracks for the workers, kitchen, office, laboratory and other out-buildings as well. Photos of the camps and equipment can be found on the Company's website: http://www.graystone1.com/photo-gallery.
"The acquisition of Grupo Minero Inca allows us to build the necessary foundation in Peru," say Paul Howarth, CEO of The Graystone Company. "Being able to acquire claims and concessions and hire employees who work directly for the company provides the control we need to fully build out Gorilla and our other claims. While other companies can only own a certain percentage of a mining interest through a joint venture, we are able to own 100% of any mining interest we want to acquire in Peru."
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.