LIMA, Peru--(BUSINESS WIRE)--The Graystone Company (OTC Bulletin Board: GYST) announced today that it retained a consultant to assist the Company in identifying the necessary heavy equipment needed for its mining operations.
The consultant conducted 2 days of testing on the Company's mining projects Gorilla and Graystone II. The consultant verified a gold content of between 0.7 - 1.0 grams per cubic meter. Furthermore, the consultant identified the necessary heavy equipment that the Company would need to purchase and/or build for its mining operations.
The Company is currently building the mining camp on Gorilla in anticipation of beginning mining operations. The Company's geologists are expected to begin mapping the properties in February 2012. The Company anticipates the mapping to take 7 - 12 months to complete. Once the initial mapping results are obtained, the Company will begin building and acquiring the necessary heavy equipment for mining operations. The process of building and acquiring the heavy equipment is expected to take 4 - 6 months to complete.
No proven (measured) or probable (indicated) reserves have been established with respect to the Gorilla project. 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 at the Gorilla project or any other of its projects.
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.