LIMA, Peru--(Graystone Company (OTCQB: GYST) announced today that the Company’s retail sale of gold and silver increased by 341% in the month of August. The Company’s sales in August were greater than the rest of the year combined. As such, the Company is investing additional resources to continue to expand and grow this division.)--The
“We are still in the beginning phase of vertically integrating our business”
"We are still in the beginning phase of vertically integrating our business,” said Paul Howarth, CEO of The Graystone Company. "Our focus is to bring our mining operations in Peru online as quickly as possible. However, the Graystonegold.com retail division’s sales have become very helpful in providing operating cash flows while the company completes the build-out of its mining operations. In fact, the retail division has grown faster than we expected – we sold more gold and silver in August then the rest of the year combined and we look forward to continued growth the rest of the year.”
Selling gold and silver through its retail division allows the company to increase its margins by 15-20%. Junior mining companies typically sell their ore to refineries for 5-7% below spot price. However, by selling it retail the Company can sell the gold and other precious metals for 10-15% over spot (for an increase of up to 20%). For example, the increase in margins could generate an additional $300 per ounce of gold.
The Company began selling gold and silver through www.graystonegold.com in February 2012. The Company opened an EBay Store in August 2012.
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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