Jun 7 2012
The Graystone Company, announced today its bulk sampling results for its mining project Gorila (Graystone I). The Company conducted 23 days of test mining production ("bulk sampling") operations on its mining project referred to as "Gorila" (Graystone I).
Gorila (Graystone I) is 400 hectares (or 988.5 acres) or approximately 4,000,000 square meters (or 1.5 square miles). The Company mined approximately 500 tons of earth. Based on the results, the Company has determined that the average gold on Gorila (Graystone I) is 0.76 grams per cubic meter or 0.62 grams per ton. The results from the 23 days ranged from 0.46 grams per meter to 1.47 grams per meter and 0.27 grams per ton to 1.21 grams per ton. Based on these initial ranges the Company is estimating that the amount of gold on the Gorila (Graystone I) site could be in excess of $100,000,000. Additional testing is necessary to determine the total size of the gold deposits and the amount of usable land.
These results have not been independently verified and were conducted internally to assist in determining if the property contains gold values conducive to profitable extraction. A copy of the geological report can be found here: Gorila Report.
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 Graystone Company is also pursuing Oil & Gas opportunities within North America.
Notice Regarding Forward-Looking Statements Forward looking statements contained in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
No proven (measured) or probable (indicated) reserves have been established with respect to the Gorila project. Any references to estimated, potential and/or "inferred" reserves or resources, and any estimated values of such reserves, contained in the geological report, or set forth in any other communication (i) do not represent proven (measured) or probable (indicated) reserves within the meaning of Item 102 of Regulation S-K and the Commission's Securities Act Industry Guide 7, and (ii) should not be relied upon by any person in evaluating the Company's prospects at the Gorila project.