This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Lima, Peru, May 20, 2013 (GLOBE NEWSWIRE) -- The
Graystone Company (OTCQB: GYST) announced today the Company's mining operations generated approximately 130 grams of gold in in the first 2 weeks of May. The Company produced 120-150 grams during the month April. The company expects gold production will exceed 300 grams in May doubling production from April.
Company's Mining Operations
The Company's mining operations in Peru consist of alluvial (or placer) mining. Alluvial mining refers to mining
precious metal deposits (particularly
gold and gemstones) found in
alluvial deposits - which are deposits of sand and gravel in modern or ancient
stream beds, or occasionally glacial deposits. The gold deposits are moved by stream flow from an original source such as a vein. Since heavy metals like gold are considerably more dense than
sand, they tend to accumulate at the base of placer deposits.
The Company uses the term "System" to refer to it mining production operations. A "System" consists of the following:
· Mining production foreman
· Crew of 12 for mining (2 shifts of 8 hours each.)
· Water Pumps to move water to where mining operations are occurring
· Rock pumps to move the dirt, rocks and water
· Sluice box
· Shaker Tables
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 $250,000. 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 20-25 grams of gold per day depending on the purity levels, refining fees and easement costs.