LIMA, Peru--(BUSINESS WIRE)--The Graystone Company (OTCBB: GYST), announced today that it has completed the construction of its mining camp on Gorilla. The mining camp was constructed as part of the Company's project plan. The mining camp includes living quarters for staff, dining area, food preparation and storage, and storage for supplies and spare parts.
The completion of the mining camp will allow the Company's geologists to begin mapping Gorilla in anticipation of limited production beginning in late 2012.
"This is an important step towards building a solid foundation to support our mining operations," said Paul Howarth, Managing Director of The Graystone Company, "with our exploration team getting geared up and the mapping of Gorilla getting underway, we look forward to further reporting on the positive advancement of our gold projects."
The Company's total portfolio of mining properties is 1,900 hectares (or 4,695 acres) or approximately 19,000,000 square meters (or 7.3 square miles).
The Company's project plan consist of three phases:
Phase 1:
- The Company's project manager will begin the construction of the mining camp for operations. The camp will include living quarters for staff, dining area, food preparation and storage, and storage for supplies and spare parts. (COMPLETED)
- The Company's geologists will begin mapping the portfolio of properties that it currently owns.
The Company expects Phase 1 to begin in late February 2012 and take approximately 7 - 12 months to complete.
Phase 2:
- Construction or acquisition of equipment capable of processing at least 25 cubic meters per hour.
- Begin environmental impact study for Gorilla and Graystone II
The Company expects Phase 2 to begin in July 2012 and take approximately 4 - 6 months to complete.
Phase 3:
- Begin limited production on its mining properties.
The Company expects Phase 3 to begin in December 2012. The Company anticipates that the total cost of the three phases to be between $750,000 and $1,250,000.
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.