The concession consists of approximately 988 acres (400 hectares) located in northeastern Peru near the town of Borja. The total travel time to the site from Lima, Peru is approximately 36 hours. The name of the concession is Gorilla. The Company has begun to build a placer mining operation on the property. Additionally, the Company engaged a geological team who has gathered the necessary information regarding the feasibility of the property.
Paul Howarth Graystone's CEO stated, "Acquiring a concession of this quality is an incredible beginning for Graystone and being located so close to a jungle village provides an excellent base for our operations and provides a skilled work force. The infrastructure we build on Gorilla can be used as our base to continue to expand our presence in Peru. The acquisition of Gorilla is the first step of ours to acquiring 10,000 acres by the end of 2012. We are currently finalizing the geological reports for Gorilla and expect to send out a press release regarding the reports shortly."
The Company acquired 100% of the concession for $55,000 (including fees) and is in the process of formally moving the concession into Graystone's name.
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.