Greystar Resources Ltd.

Greystar Resources Ltd.

August 18, 2009 02:00 ET

Greystar Appoints Seasoned Personnel to Key Senior Management Positions

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2009) - Greystar Resources Ltd. ("Greystar" or the "Company") (TSX:GSL)(AIM:GSL) reports the appointment of Mr. Timothy Lallas as its Chief Financial Officer, Mr. Victor Guimaraes Aguilar as its Mine Planning Superintendent, Mr. Verlon Otto as its Corporate Controller, and Mr. Eduardo Enrique Mayorga Rojas as its Human Resources Superintendent.

"We are very happy to have found a CFO of Timothy's calibre to round out our executive team," said David Rovig, Greystar's Chief Executive Officer. "Timothy brings great depth and experience to Greystar with a proven track record with a range of successful mining companies. I look forward to working with Tim as we look to transform Greystar from an exploration company into a gold mining company. On the project specific side, the additions of Victor, Verlon and Eduardo further enhance our team as we move the Angostura gold-silver deposit towards a production decision."

Mr. Lallas is a Certified Management Accountant with over twenty years of industry experience. Most recently he held the position of Director of Risk at the world's largest publically traded primary molybdenum producer, Thompson Creek Metals Company Inc. and prior to that, at the third largest gold producer in North America, Goldcorp Inc.

Mr. Guimaraes is a seasoned Mining Engineer with over twenty years of experience in gold and copper open pit mining operations in Peru, most notably at Newmont Mining's Yanacocha gold mine and Xstrata's Tintaya operation where he was the Mine Engineer Superintendent. He has extensive experience in Mine Operations, Evaluation and Implementation of process optimization, Mine Planning, Mine Geology, Dispatch System, Drilling and Blasting, Mining Topography and capital budgets.

Mr. Mayorga is a specialist in Human Management and Organizational Development with knowledge in Project Management, Strategic Planning, improving processes, customer service and the use of strategic planning tools such as Foresight Strategic Planning, Balanced Scorecard, and ISO 9001 Version 2008 / ISO 9001 version 2000 and NTC - GP 1000. He is an Industrial Engineer from the Universidad Industrial de Santander, Organizational Communicator of the Autonomous University of Bucaramanga with specialization in Human management (Universidad de la Sabana - Bogota).

Greystar has also hired Verlon Otto as the new Corporate Controller. Mr. Otto has over twenty years of experience in various accounting roles, in the forestry industry and mining as well as electricity utility. Mr. Otto is a Chartered Accountant, and most recently held the position of Manager Financial Reporting at Thompson Creek Metals Company Inc., and prior to that Manager of Corporate Reporting at TimberWest Forest Corporation.

Forward-Looking Statements

Certain statements included in this release are "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold prices, results, mineral resources and anticipated grades. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, resource estimates, exploration, development and operating risks, limited experience with development-stage mining operations, dependence on one principal exploration stage property, political and foreign risk, uninsurable risks, competition, production risks, environmental regulation and liability, government regulation, currency fluctuations, potential title disputes and dependence on key employees as set out under the heading "Risk Factors" in the Annual Information Form of the Company dated March 31, 2009 which is available in SEDAR. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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