LIMA, Peru--()--The Graystone Company (OTCQB:GYST) provided an update today on its mining operations in Peru.
“We are excited about the progress Graystone has made toward production. However, mining is not as simple as pulling gold out of the ground”
The Company has completed the following tasks toward production on Gorila:
- Hired the project manager and foreman for production on Gorila.
- Hired 2 crews for mining operations on Gorila.
- Hired support staff such as cook, mechanic, carpenters for the mining camp
- Purchase of supplies for the mining camp, including 600 meters of 4” hose, clamps, connectors, oil, grease, diesel, gasoline, generators, small hand tools, engine parts, first aid supplies, medicine and necessary cooking supplies.
The Company’s project manager will be on site at Gorila to finalize the installation of the mining equipment necessary to begin mining production. The Company’s goal is to finalize the mining camp build out and set up the necessary equipment within the next 14 days.
The Company intends to begin mining production the second week of November and the Company’s CEO will be on Gorila in November to oversee the beginning of mining production.
The Company manufactured heavier mining equipment in the United States. This equipment will be shipped from the Port of Long Beach in California to Peru. The Company expects it will take 6-8 weeks to get the heavier equipment on Gorila. However, the Company will begin production prior to the arrival of the heavier equipment. The heavier equipment will increase the daily production of gold.
The Company’s mining operations to date have focused on building out of the mining camp and acquisition of the necessary equipment. The Company had to build out facilities for clean running water, power, bathroom facilities, kitchen and other necessities of housing over 25 employees on the mining camp prior to production beginning.
“We are excited about the progress Graystone has made toward production. However, mining is not as simple as pulling gold out of the ground,” says Paul Howarth CEO of Graystone. “First we need to build the foundation of the mining camp to support the mining production. We want to set the correct expectations of our shareholders and employees. Unfortunately, in the middle of the jungle there is no Costco or Home Depot. So, for example, if wood is required we need to cut down a tree. Mining in the jungle is above the pay grade of a lot people. It is difficult and takes time and money to do it correctly. We are ahead of schedule but it has not been easy. We are looking forward to production starting in November and our continued growth in 2013.”
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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