Lima, Peru, Feb. 27, 2013 (GLOBE NEWSWIRE) -- The GraystoneCompany (OTCQB: GYST) announced today that the Company'sPeruvian mining operations has mined approximately 1,000 grams ofgold. The Company expects to begin increasing its dailyproduction to approximately 35 - 50 grams a day. The Company had previously been limited in the amount of gold itcould produce until it filed its environmental impact study withthe Ministry of Mines in Peru. The Company filed theenvironmental impact study on February 5, 2013 and can now begin tofully utilize the heavy machinery in Peru. During the rainy season in Peru virtually all roads aroundthe mining sites get washed out and flood the mining sites. Aspreviously disclosed the Company expects to beable to mine 9-10 months per year and we are now in the rainyseason. With the rainy reason subsiding in Peru the Companycan begin to mine more days per month to approximately 15-20 daysper month, depending on the weather. The Company has been operating in Phase 1 of its business planand is now entering into Phase 2; which includes, the miningpermits and the acquisition of heavy equipment and transitioningfrom bulk sampling to limited full production. Expansion of Operations on Gorilla The Company is in the process of acquiring an excavator and dumptruck to be used on Gorilla; now, that the Company's operations areno longer under the limited production requirements. Thecompany expects that the excavator and dump truck will increasegold production to approximately 100 grams a day. The Companyestimates the excavator and dump truck will cost approximately$350,000. The Company is currently seeking the financingnecessary to acquire these items. This expansion is Phase 3of the Company's business plan. The Company will build a 2nd Pod on Gorilla as soon as itobtains the excavator and dump truck. The 2nd Podis expected to increase gold production to a total of approximately150 - 200 grams per day or approximately $1.7 million in yearlyrevenues (subtracting purity levels and refining fees). TheCompany estimates the second pod will cost between $300,000 and$500,000. This expansion is Phase 4 of the Company's businessplan.
Financing the OperationsThe Company recently obtained $75,000 in financing. Thisfinancing allowed the Company to continue to grow and expand itsmining operations without having to give up a percentage of theCompany's gold production. About The GraystoneCompany. The Graystone Company, Inc. is a U.S.-basedmining and exploration company focused on acquiring and developinggold and other mineral properties. The Company's strategy is tobuild value for shareholders by the identification, acquisition andexploration of early-stage properties that show significantpotential for the discovery of gold. The Company sells gold andsilver to retail buyers via www.graystonegold.com. Notice Regarding Forward-LookingStatements in this press release which are not purelyhistorical are forward-looking statements and include anystatements regarding beliefs, plans, expectations or intentionsregarding the future. Actual results could differ from thoseprojected in any forward-looking statements due to numerousfactors. These forward-looking statements are made as of the dateof this news release, and we assume no obligation to update theforward-looking statements, or to update the reasons why actualresults could differ from those projected in the forward-lookingstatements. Although we believe that any beliefs, plans,expectations and intentions contained in this press release arereasonable, there can be no assurance that any such beliefs, plans,expectations or intentions will prove to be accurate. Investorsshould consult all of the information set forth herein and shouldalso refer to the risk factors disclosure outlined in our annualreport on Form 10-K for the most recent fiscal year, our quarterlyreports on Form 10-Q and other periodic reports filed fromtime-to-time with the Securities and Exchange Commission.
CONTACT: Contacts: The Graystone Company, Inc. Paul Howarth (702) 289-4827 firstname.lastname@example.org www.graystone1.com