Graystone Company Announces Copper Campaign #2 R
Post# of 111
Posted On: 09/24/2014 9:02:23 AM
Graystone Company Announces Copper Campaign #2 Results
Business Wire
LAS VEGAS--(BUSINESS WIRE)--
The Graystone Company (GYST) announced today that its wholly owned subsidiary, Grupo Mineral Inca, SAC (GMI) has completed the Company’s copper campaign #2 in Peru with the following results.
The company produced and/or sourced 187 tons of copper/gold ore at a total cost of $116.90 per ton. The company sold its copper/gold concentrate equaling $224.59 per ton of ore. The company’s copper campaign #2 produced a net profit of $107.69 per ton of ore processed. Campaign #2 had an increased per ton profit of $31.34 compared to the net profit per ton of $76.35 for campaign #1. GMI’s gross revenue from campaign #2 was $41,998.
As per the terms of the joint venture agreement on its copper claim, the company also recouped its operational costs specific to campaign #2. “Considering this was our second campaign in copper and our first round of bulk ore purchase, were pleased to once again turn a per ton net profit,” said Graystone CEO. “We produced a recoverable amount of gold which was not present in the first campaign. Our experience of conducting a successful campaign mining copper and the purchase of bulk ore has enabled us to become more efficient and profitable in this area of our mining operations."
Our plan for campaign #3 is to continue mining at our copper claim in Peru and expand our bulk ore purchase program including more gold rich ore purchases. After a brief break for the workers, Campaign #3 is scheduled to start on or about September 15, 2014.
The company also announced today that its gold prospecting teams have identified two new targets on its gold claims. Testing is underway to determine if the company will open up new gold mining camps for these new targets.
A gold update from its Gold claims in Peru and Suriname will be available on or about September 9th, 2014. The company is currently producing gold weekly via bulk sampling at several of its gold mining camps in Suriname and Peru. Satellite images, claim information and camp/ore processing photos can be found on its website www.graystone1.com and/or octmarkets.com filings and the SEC’s website.
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