Quick explanation, using English units (because I'm old) and using flakey terminology for the same reason:
You have an arm that extends out 60" from it's pivot point. The arm and manipulator on the end of it weigh 10 lbs. The center of mass of the arm/manipulator is 40" out from the pivot point. You can figure out the "torque" that it takes to hold up the arm by multiplying the weight by the distance. In this case you have 400 inch pounds required to support the arm.
From the "motor curves" data here:
http://usfirst.org/roboticsprograms/....aspx?id=18530
The stall torque of the motor is 70 ounce inches. That's 70/16= 4.4 inch pounds. But you do not want to run the motor at stall torque, you want to run it at about 20% to 40% most of the time. So you have about 1 inch pound of torque available. That means you need to get about 400:1 reduction to make the motor lift the arm safely (without burning up the motor).
Gear reduction, or chain reduction, or pulleys, or however you do it, does two things: it increases the torque, and it reduces the RPM. But it is not "free", you'll get considerable loss from the friction of the gears in the transmission, or whatever you're using. So you may need to actually double the amount of torque you think you need! just beware, and design on the safe side, or you'll burn up the motor.
Also, the free rpm of the motor (not loaded) is 19,000 rpm. You will get less than that when it's loaded, the speed is kind of inversely proportional to the load. So at 1/4 load, you'll get 3/4 speed roughly. That means you'll be spinning the motor at 15,000 rpm. Now that means that with your 400:1 reduction, you'll be moving the arm at 15,000/400 = 37.5 rpm, roughly 1/2 rev/second. You need to move the arm about 1/4 revolution, so it will do that in about 1/4 second. You might want to use more gear reduction, to get the speed down to where it's more controllable--perhaps have the arm take 1 or 2 seconds to lift fully.
You can also add a gas spring, or counterweight, or make the arm lighter, to reduce the load on the motor, if your arm is too heavy.