Business
Graystone August Gold Production Results and Corporate Update
Graystone August Gold Production Results and Corporate Update.
About this update from The Graystone Company, Inc.
[{"type":"text","content":"\n \n The Graystone \n Company (OTC:GYST) announced today that the Company’s mining operations \n generated approximately 865.9 grams of gold during the month of August \n 2014. That is the second best month in Company’s history.\n \n \n The Company also estimates that its unaudited gross revenue for August \n 2014 was $73,075.00 This includes gold produced from bulk sampling at \n all of its operating gold camps and its successful Copper Campaign #2. \n This compares to its Q2 2014 total unaudited revenue of $123,611.00. The \n Company anticipates it will have record revenue in Q3.\n \n \n The Company’s copper project, campaign #3 will go into production as \n scheduled on September 15, 2014. The Company believes Copper Campaign #3 \n will be completed on or before November 21, 2014. The Company has \n already identified 75-100 tons of high grade copper/gold ore for bulk \n ore purchase and anticipates continued production from its Virgen Del \n Carmen copper claim in Peru’s Andes Mountains.\n \n \n The Company has received numerous questions about declining gold and \n copper prices and how it is affecting its operations. The Company \n responds with the following:\n \n \n 1) The Company's bulk gold and copper purchase program is mostly \n unaffected by fluctuating copper and gold prices. The Company negotiates \n a 20-30 percent discount at current market prices. The lower prices \n actually create a larger demand for producers to sell their ore at a \n discount because lower prices strain their cash flow, creating \n operational challenges. The Company feels this is an opportunity to \n increase its bulk ore purchase program.\n \n \n 2) The Company has decided to consolidate 5 gold mining camps into 3 \n camps. The Company identified the camps that have the highest \n concentration of gold and the lowest cost to produce.\n \n \n 3) The Company will continue to explore around its current operating \n camps but to help control costs it will not seek out new locations at \n this time. Currently, its 3 operating gold camps collectively sit on \n over 3,000 HA and are located in Peru and Suriname.\n \n \n 4) The two largest equipment purchases the Company has made in the last \n 18 months are its DAF 10 wheel dump truck and its new Doosan excavator. \n The total monthly financed expenditure for t...