Graystone August Gold Production Results and Corporate Update
September 12 2014 - 8:15AM
Business Wire
The Graystone Company (OTC:GYST) announced today that the
Company’s mining operations generated approximately 865.9
grams of gold during the month of August 2014. That is the second
best month in Company’s history.
The Company also estimates that its unaudited gross revenue for
August 2014 was $73,075.00 This includes gold produced from bulk
sampling at all of its operating gold camps and its successful
Copper Campaign #2. This compares to its Q2 2014 total unaudited
revenue of $123,611.00. The Company anticipates it will have record
revenue in Q3.
The Company’s copper project, campaign #3 will go into
production as scheduled on September 15, 2014. The Company believes
Copper Campaign #3 will be completed on or before November 21,
2014. The Company has already identified 75-100 tons of high grade
copper/gold ore for bulk ore purchase and anticipates continued
production from its Virgen Del Carmen copper claim in Peru’s Andes
Mountains.
The Company has received numerous questions about declining gold
and copper prices and how it is affecting its operations. The
Company responds with the following:
1) The Company's bulk gold and copper
purchase program is mostly unaffected by fluctuating copper and
gold prices. The Company negotiates a 20-30 percent discount at
current market prices. The lower prices actually create a larger
demand for producers to sell their ore at a discount because lower
prices strain their cash flow, creating operational challenges. The
Company feels this is an opportunity to increase its bulk ore
purchase program.
2) The Company has decided to consolidate 5
gold mining camps into 3 camps. The Company identified the camps
that have the highest concentration of gold and the lowest cost to
produce.
3) The Company will continue to explore
around its current operating camps but to help control costs it
will not seek out new locations at this time. Currently, its 3
operating gold camps collectively sit on over 3,000 HA and are
located in Peru and Suriname.
4) The two largest equipment purchases the
Company has made in the last 18 months are its DAF 10 wheel dump
truck and its new Doosan excavator. The total monthly financed
expenditure for these two items are over $17,000.00 USD per month.
The Company is happy to announce that it has accelerated its
payments on these two capital investments and the DAF dump truck
has been paid in full and its Doosan excavator will be paid in full
on January 6, 2015. This amounts to a reduction of yearly debt
payments in excess of $204,000.00
5) The Company recently purchased a
centrifuge and 2 gravity shaker finishing tables for one of its
Suriname sites using the profits from Copper campaign #1 and #2.
The Company anticipates it will see a 10-20 percent increase in its
gold capture rates in Suriname while maintaining its commitment to
being mercury and toxic chemical free at all of its company
operated mining sites.
Pictures and videos of the copper campaigns can be found at
www.graystone1.com
Or on the Company's flicker page:
https://www.flickr.com/photos/68047029@N04/
Or YouTube channel: http://www.graystone1.com/our-videos-2
Or Facebook:
https://www.facebook.com/pages/The-Graystone-Company-Inc/244666725585694
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.
Notice Regarding Forward-Looking
Statements 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.
This press release may also contain or refer to forward-looking
information under SEC securities legislation and may include
statements regarding the estimation of mineral resources,
exploration results, potential mineralization, and exploration and
mine development plans, and is based on current expectations that
involve a number of business risks and uncertainties. Forward-
looking statements are subject to significant risks and
uncertainties, and other factors that could cause actual results to
differ materially from expected results. Readers should not place
undue reliance on forward-looking statements. Factors that could
cause actual results to differ materially from any forward-looking
statement include, but are not limited to, failure to convert
estimated mineral resources to reserves, capital and operating
costs varying significantly from estimates, the preliminary nature
of metallurgical test results, delays in obtaining or failures to
obtain required governmental, environmental or other project
approvals, political risks, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects and the other risks involved in the mineral exploration
and development industry forward-looking statements are subject to
significant risks and uncertainties, and other factors that could
cause actual results to differ materially from expected results.
These forward-looking statements are made as of the date hereof and
the Company assumes no responsibility to update them or revise them
to reflect new events or circumstances other than as required by
law.
Contacts: The Graystone Company, Inc. Paul Howarth (702) 289-4827
info@graystonegold.com
The Graystone Company, Inc.Paul Howarth,
702-289-4827info@graystonegold.com
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