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The Graystone Company (OTCQB: GYST) announced that last week it produced in excess of four (4) ounces of gold or approximately 25 grams a day. The Company expects the gold to be approximately 85%-88% pure based on the Company’s bulk sampling testing.
Additionally, the Company has begun to map the location for its second System. The Company expects to have the second System up and running early next year.
Company’s Expected Production
The Company expects to mine 22 days per month and to generate between 15 – 20 grams per day. The Company expects to increase its number of Systems by approximately 1 per quarter beginning in 2013. The Company also expects to increase its gold recovery to 50 grams per day per System with the addition of heavier equipment such as an excavator and trammel and/or sluice box.
The Company expects to recover approximately 850 – 900 ounces of gold in 2013 for revenue of approximately $1,000,000. The Company expects to recover approximately 2,000 ounces of gold in 2014 for revenue of approximately $2,500,000.
The Company expects the monthly expenses (monthly burn rate) associated to each system to be approximately $20,000 - $25,000. The Company expects the initial capital expenditures for each system to be approximately $100,000 and up to $250,000 with heavier equipment. These expenses include the costs of the employees, food, gasoline, diesel, oil, grease, soda ash, travel, security, repairs to equipment, machine parts, and miscellaneous supplies. The Company expects its breakeven point to be approximately 20 grams of gold per day depending on the purity levels, refining fees and easement costs. The Company expects it cost will decrease in relation to the amount of grams produced as larger equipment comes on site and the Company becomes more efficient in its operations.
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
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.