LIMA, Peru--(BUSINESS WIRE)--The Graystone Company (OTC:GYST) announced today that the Company’s copper project in Peru has completed its First campaign with the following results. The company produced 203 tons of copper ore at a total cost of $108.37 per ton. The company sold its copper concentrate equaling $184.72 per ton of ore. The company’s copper campaign #1 produced a net profit of $76.35 per ton or $15,499.05. As per the terms of the joint venture agreement, the company also recouped its operational costs equaling $21,999.11. “Considering this was our first venture in copper, we were pleased to turn a per ton net profit,” said Graystone CEO. “Our goal for campaign #2 is to reduce the amount of time it takes to produce 200 tons of ore. We have also identified some key equipment that needs to be replaced to reduce breakdown time, and we also plan on purchasing essential spare parts to be stored on site. Our experience of conducting a successful campaign has enabled us to identify areas we can become more efficient and profitable.”
The company also announced today that 10-14 days of mine maintenance has already commenced and we anticipate campaign #2 will start around July 1, 2014.
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.
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