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LIMA, Peru–(BUSINESS WIRE)–The Graystone Company (OTC Bulletin Board: GYST) announced that its 100% owned subsidiary Grupo Minero Inca (a Peruvian Corporation) has claimed an additional mining concession in Peru. The new concession has been named Graystone III and is 700 hectares (or 1,729.7 acres) or approximately 7,000,000 square meters (or 2.7 square miles). The acquisition of the additional claim increases the Company’s total portfolio of properties to 1,900 hectares (or 4,695 acres) or approximately 19,000,000 square meters (or 7.3 square miles).
“We are very excited about the potential of Graystone III, especially given its vicinity to the mountains that are the source of gold in the area. This additional claim helps consolidate our land position in the area and provide increased potential of gold resources for the Company.”
Graystone III is located approximately 4 hours north of the Company’s main mining operations at Gorilla and is located closer to the Ecuadorian mountains that feed gold into the area. The Company believes that the ancient river beds that carried the majority of the gold down to our current properties ran through Graystone III. Based on the possible presence of ancient river beds and the way the current river flows around the property, the Company believes that Graystone III can have a large number of glory holes (high concentration of gold deposits) throughout the property. The Company has been told by consultants that Graystone III has tested better than Gorilla. However, the Company has not conducted any independent testing.
The acquisition of Graystone III is part of the Company’s plan to acquire 5,000 acres by the end of June 30, 2012.
Paul Howarth, Managing Director of The Graystone Company, stated, “We are very excited about the potential of Graystone III, especially given its vicinity to the mountains that are the source of gold in the area. This additional claim helps consolidate our land position in the area and provide increased potential of gold resources for the Company.”
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.
