LIMA, Peru--(BUSINESS WIRE)--The Graystone Company (OTC: GYST) announced today that the Company’s mining operations generated approximately 750 grams of gold during March 2014. This represents the best month of production in the Company's history; more than doubling the previous record. The Company will provide an additional update on its production numbers on April 25th representing the initial two weeks of April’s production.
On Saturday, March 29, 2014 the company starting testing the high-grade ore from its copper mine and sent samples to a local lab. On March 31, 2014, the company received initial lab reports from the test samples. The initial results indicated the Company’s high-grade copper ore samples contained 6% copper.
The company was only expecting a 2.5% - 3.0% copper level.
On April 1, 2014 the Company received additional lab reports from drill samples taken from unexplored areas of the copper mine. These additional test samples contained a high-end level of 23.1% copper and a lower level of 14% copper. A copy of the reports can be found here. The company will continue to take drill samples of the unexplored areas of the mine to determine future “pick sites” for production.
Additionally, on March 31, 2014, the Company agreed to a 10-year agreement on its joint venture with the copper mine in Peru. The Joint Venture contract is under the name of our subsidiary, Grupo Mineral Inca "GMI." Thereby, providing the Company long-term security as it continues to expand the copper mines operations and exploration.
The Company has retained the geology firm Gateway Solutions, PE to perform a 43-101 report on the Companies copper mine project and will provide those results once the report has been obtained. The report will take 4-6 months to complete.
This report will provide both an independent assessment of the economic geologic potential and also an estimate of 43-101 compliant resources in-place in the area.
This report is limited to a 43 – 101 compliant resource projection only.
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.