Jun 14 2012
The Graystone Company announced that its 100% owned subsidiary Grupo Minero Inca (a Peruvian Corporation) has finalized the acquisition of its second lease in Peru named "Graystone II." Graystone II is 800 hectares (1,976.84 acres) or approximately 8,000,000 square meters (3.08 square miles). The property is adjacent to the Company's initial mining property, Gorila (Graystone I).
“The initial testing on Graystone II has been extremely successful”
The Company has completed preliminary testing of the area around Graystone II and Gorila (Graystone I). The initial results indicate that the Graystone II may contain as much as 20,000 ounces of gold ($32,000,000 at $1,600 per ounce). Based on this information, the Company has deemed it worthwhile to continue testing the remaining parcel of Graystone II to determine the amount of gold on the entire property and to map the property for production.
"The initial testing on Graystone II has been extremely successful," said Paul Howarth, Managing Director of The Graystone Company. Mr. Howarth continued, "We need to continue to test the property and complete the viability study. We will conduct a feasibility study to determine how much of the property is economically minable. Having such positive initial results this early into our projects is very exciting and we are looking forward to moving these properties rapidly towards production."
The proximity of Graystone II with Gorila (Graystone I) will allow the Company to maximize its resources in the area and provide the Company with base of operations to mine both Gorila (Graystone I) and Graystone II.
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. Graystone is also pursuing Oil & Gas opportunities within North America.
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