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Graystone Company (OTCQB: GYST) announced today an update on its mining operations in Peru.
The Company’s CEO successfully transported initial production of raw gold from the mining site to the refinery in the United States and the Company has received payment from the sale of the gold. The gold’s assays came back at approximately 85% pure which was higher than the Company had expected.
The Company has confirmed with Customs in Peru that the heavy equipment shipped from Long Beach will arrive next week and should take approximately 1 week to clear customs. Once the equipment clears customs it will take approximately 3 weeks to arrive on the mining site.
The Company expects to mine 22 days per month and to generate between 15 – 20 grams per day. The Company also expects to increase its gold recovery to 50 grams per day per 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.
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
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