February 11, 2013 at 09:20 AM EST
Graystone Company Files Environmental Impact Study

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

Gorilla - IGAC

Graystone 2 - Stamped confirmation of Filing

Graystone 2 - IGAC

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.

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.

CONTACT: Contacts:
         The Graystone Company, Inc.
         Paul Howarth
         (702) 289-4827 
         info@graystonegold.com
         www.graystone1.com
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here