Greystar Resources Ltd.

Greystar Resources Ltd.

February 23, 2010 02:00 ET

Greystar Resources Appoints Steve Kesler President and CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2010) - Greystar Resources Ltd. (TSX:GSL)(AIM:GSL) (the "Company") is pleased to announce the appointment of Steve B. Kesler as President and CEO of the Company. Kesler (a citizen of the United Kingdom) will serve as an international consultant to the Company until a Canadian work permit is secured. Upon receipt of Canadian documents, Kesler will relocate to Vancouver, British Columbia and assume the role of President and CEO.

Kesler (58) is a chartered engineer with over 34 years of international experience in the mining industry. Kesler holds a B.Sc in Mining Engineering and a Ph.D in Mineral Technology from Imperial College, London. Kesler has held senior positions at URS Corporation (President - Mining), Washington Group International (Executive Vice President Business Development - Mining), Billiton (Executive Director Base Metals and New Business), Pacific Nickel (CEO), Collahusai (CEO), Escondida (Vice President Business Development) and Rossing Uranium (General Manager and Director).

David Rovig, retiring President and CEO commented, "The appointment of Steve Kesler is the culmination of a rigorous executive search process carried out over the last several months. We are very pleased that Greystar has been able to attract an executive with Steve's resume to lead the transformation of Greystar from explorer to producer. Steve's extensive experience in all facets of large international mining projects, especially in South America, will ensure Greystar's ability to develop the Angostura gold-silver project in a manner which honors best practices across mining disciplines. I am excited about the future of Greystar and the positive benefits the development of Angostura will have on both the local communities and Colombia. I will continue to support Greystar's efforts as a member of the Board of Directors."

"From so many perspectives I see Greystar as an exciting opportunity that I am eager to take on. The Angostura gold-silver project is truly an exceptional asset. The quality of work carried out to date has been outstanding both in the field and the community. Greystar offers the unique prospect to, not only develop this large gold and silver project, but also to leverage the Company's first mover status in the world class California gold district and its growing professional team into other opportunities as Colombia emerges as a top destination for mining investment," stated Steve Kesler.

Summary of Steve Kesler's Industry Experience

Kesler recently held the position of President - Mining, URS Corporation (2008-2010) following its acquisition of Washington Group International (WGI) where he was Executive Vice President Business Development - Mining (2006-2008). While at URS and WGI, Steve was responsible for contract mining operations in Canada, USA, Mexico, Jamaica and Bolivia as well as equity operations in Germany. He brought URS back into the Mining EPCM and consulting business with projects in the US, Romania, India, Australia and Niger.

From 2001 to 2006, Steve consulted to the mining industry principally in business development and participated in private equity investment in mining and property.

From 1997 to 2001, Steve was Executive Director, Base Metals and New Business Division for Billiton Plc. In addition to his duties as a Director, Steve had direct responsibility for base metal operations and projects, worldwide exploration and base metal business development, mergers and acquisitions, mineral technology and project development. Major achievements at Billiton included the acquisition of Rio Algom; the acquisition of the La Granja project in Peru from Cambior; realignment of exploration into a predominately junior managed program; and the development of bioleaching capability and JV with Codelco to exploit the technology.

From 1996 to 1997, Steve was CEO and Director of Pacific Nickel Ltd (Australia) where he led a team to finance and rehabilitate the Nonoc nickel mine and refinery in the Philippines.

From 1994 to 1996, Steve was CEO of Compania Minera Dona Ines de Collahusai Ltda (Chile) owned by Falconbridge, Minorco, Shell and latterly Mitsui/Nippon. Steve was responsible for the completion of the feasibility study which defined the initial project to produce 380,000 tonnes of copper per year as concentrates and cathode. An EIA to World Bank Standards was completed and all permits obtained whilst off-take agreements and US$1.02 billion of limited recourse project financing were secured and an EPCM contract awarded.

From 1991-1994, Steve held the position of Vice President, Business Development at Minera Escondida Ltda (Chile). Steve was seconded by RTZ Ltd. to joint venture partner BHP and was directly responsible for planning and implementing the development of Escondida beyond its initial start up capacity towards its position as the world's largest copper mine with capacity over 1 million tonnes per annum.

From 1977 to 1991, Steve served in various capacities at Rossing Uranium in Namibia culminating as General Manager and Director leading the operation through the politically sensitive transition of Namibia into independence.

About Greystar Resources Ltd.

Greystar Resources Ltd. is a precious metals exploration and development company that is currently completing a feasibility study on its wholly owned, multi-million ounce Angostura gold-silver deposit in northeastern Colombia. A positive prefeasibility study announced on March 25, 2009 envisions average annual production at Angostura of 511,000 ounces of gold and 2.3 million ounces of silver over a 15 year mine life.

Forward-Looking Statements

Certain statements in this press release are "forward-looking" within the meaning of Canadian securities legislation and the United States Private Litigation Reform Act of 1995. They include statements regarding the securing of a work permit by the new CEO, the new CEO's ability to progress the Company's development plans and the estimated average annual production from the Company's Angostura gold-silver deposit. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while currently considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause events or results to differ materially from those expressed or implied in forward-looking statements including, the requirements and processing timelines of Canadian immigration authorities, the ability and the time necessary for the new CEO to have an effect on development timelines.  Other factors include, among others, conclusions or realization of mineral resources, the actual results of exploration activities, possible variations in ore grade or recovery rates, fluctuations in the price of gold and silver, risks relating to additional funding requirements, political and foreign risks, production risks, environmental regulation and liability, government regulation as well as other risk factors set out under the heading "Risk Factors" in the Annual Information Form of Greystar dated March 25, 2008 which is available on SEDAR at Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release.

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