LIMA, Peru--(BUSINESS WIRE)--The Graystone Company (OTCQB: GYST) announced today it has entered into a purchase agreement to acquire mining equipment for its alluvial mining properties in Peru. The Company is acquiring the necessary mining equipment for $250,000. Graystone has retained a company in the United States to build the equipment to the necessary specifications for the projects’ needs and the properties’ soil and gravel composition.
The Company is expecting it will take 6-8 weeks to build the equipment and have it exported to Peru. During the 6-8 weeks to build the equipment, the Company will begin buying the supplies and smaller equipment for the mining camp and begin the hiring of the mining crew. Once the equipment is in Peru, it will take 2-3 weeks for the engineers to set up the equipment on the Company’s property. Additionally, the Company will have a geologist begin mapping the property for production and retain a firm to perform the environmental impact study.
The Company is acquiring the equipment through its officers. The Company’s officers have agreed to purchase the equipment in exchange for a note payable and the sale of restricted stock.
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 www.graystonegold.com.
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