Lima, Peru, March 4, 2013 (GLOBE NEWSWIRE) -- The Graystone Company (OTCQB: GYST) announced today that the Company has made substantial progress in Suriname. The excavator has arrived at the mining site and has begun building out the roads necessary to begin mining operations on the property. The crew has cleared the land on site and has built out the mining camp which includes building of the housing for the workers, the kitchen facilities and the shower and bathroom facilities.
The crew has also begun digging test holes and the yields on the test holes have been better than the Company expected. The Company expects that on approximately April 15 it will commence limited mining operations moving towards full production thereafter.
The project currently has a 20 ton per hour wash plant that will conduct alluvial mining operations. Additionally, the project has a 5-ton per hour stone crusher and has access to an additional three (3) 5-ton per hour stone crushers. Once the joint venture has completed building out the mining camp it can commence mining operations. The Company expects the crews will operate 24 hours a day 5 days a week once mining operations commence. Additionally, the equipment currently on-site will allow the joint venture to operate both an alluvial mining operations and a hard rock operation simultaneously.The Suriname Project The project, referred to Suriname #1, is approximately 3-4 hours from the closest major city. The Company expects that the project will produce 200-400 grams per day or 4,000 - 6,000 grams per month or $200,000 to $300,000 per month per Pod. The Company expects to expand the operations on Suriname #1 by adding a Pod each quarter. Each Pod is expected to cost about $250,000 in equipment and is expected to produce 200-400 grams per day or 4,000 - 6,000 grams per month or $200,000 to $300,000 per month. The Company's goal is to have 4 Pods within 18 months being able to produce 16,000 - 24,000 grams per month or approximately $1,000,000 in revenue each month.