Lima, Peru, Feb. 11, 2013 (GLOBE NEWSWIRE) -- The Graystone Company (OTCQB: GYST) announced today that the Company's Peruvian wholly owned subsidiary, Grupo Mineral Inca S.A., has filed its Corrective Environmental Management Instrument (IGAC) on its mining properties Gorilla and Graystone 2. The documents can be reviewed from the following links:
Gorilla - Stamped confirmation of filing
Graystone 2 - Stamped confirmation of Filing
The Company has received a 2-year permit from the Peruvian Ministry of Energy and Mines to conduct full mining operations on its mining properties Gorilla and Graystone II. The permit required the Company to file the Corrective Environmental Management Instrument by February 5, 2013 and the final Corrective Environmental Management Instrument by the expiration of the 2-year permit. The Company expects to submit and file the final Corrective Environmental Management Instrument in approximately 7 months.
Significance of the Mining Permit
Prior to receiving the mining permit, the Company was limited in the amount of gold that could be extracted. With the permit, the Company is no longer limited in the amount of gold that can be extracted and can fully deploy the heavy equipment that was purchased and which has cleared customs. The Company expects that the heavy equipment will allow the Company to extract 50 grams of gold per day. The mining permit requires that the Company complete an environmental impact study on the properties prior to the expiration of the 2-year permit.
Expansion of Operations on Gorilla
The Company is in the process of acquiring an excavator to be used on Gorilla; now, that the Company's operations are no longer under the limited production requirements. The company expects that the excavator will increase gold production to approximately 100 grams a day. The Company will build a 2nd Pod on Gorilla as soon as it obtains the excavator. The 2nd Pod is expected to increase gold production to a total of approximately 150 grams per day or approximately $1.7 million in yearly revenues (subtracting purity levels and refining fees). The Company has been engaged in limited mining operations and has generated in excess of 500 grams of gold. The Company is in the process of acquiring an excavator to be used on Gorilla; now, that the Company's operations are no longer under the limited production requirements. The company expects that the excavator will increase gold production to approximately 100 grams a day. The Company will build a 2nd Pod on Gorilla as soon as it obtains the excavator. The 2nd Pod is expected to increase gold production to a total of approximately 150 grams per day or approximately $1.7 million in yearly revenues (subtracting purity levels and refining fees). The Company has been engaged in limited mining operations and has generated in excess of 500 grams of gold.
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 www.graystonegold.com.
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