LIMA, Peru--(BUSINESS WIRE)--The Graystone Company (OTCQB: GYST) is pleased to announce that it has paid the $50,000 deposit pursuant to the terms of the Suriname project’s agreement. The initial deposit will be used to finalize the mining camp and obtain the excavator and other necessary equipment to begin production. The Company expects the final definitive agreements for the JV will be completed in January 2013.
“We have established sufficient terms in the LOI for us to move forward with this payment,” said Paul Howarth, CEO of The Graystone Company. “This will allow the joint venture to begin acquiring the remaining equipment necessary to begin production. We are looking forward to this project and expect production will begin soon.”
The Company’s officers invested the funds necessary for the deposit payment. In exchange, the Company agreed to issue 25,000,000 shares of the new Series A Preferred Stock.
The Suriname Project
The project, referred to Suriname #1, is approximately 3 hours from closest major city. The project already has most of the equipment on site and expects to begin production in 8-12 weeks. The Company’s investment will be used to acquire excavators and pay for the mining camp. The Company expects that the project will produce 200-400 grams per day or 4,000 – 6,000 grams per month or $200,000 to $300,000 per month per Pod.
The Company expects to expand the operations on Suriname #1 by adding a Pod each quarter. Each Pod is expected to cost about $250,000 in equipment and is expected produce 200-400 grams per day or 4,000 – 6,000 grams per month or $200,000 to $300,000 per month. The Company’s goal is to have 4 Pods within 18 months being able to produce 16,000 – 24,000 grams per month or approximately $1,000,000 in revenue each month.
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.