Greystar Resources Ltd.

Greystar Resources Ltd.

February 16, 2010 02:00 ET

Greystar Resources Begins Drill Program at La Plata

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2010) - Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) announced that the Company has commenced a drilling program with one drill rig at the Company's La Plata Property located in the California mining district of Colombia. La Plata comprises 78 hectares of mineral rights contiguous on the majority of its borders with existing Greystar holdings (see map posted at

The La Plata property lies within a mineralized belt related to the northeast-southwest trending La Baja Fault, which has given rise to a number mineralized occurrences. This mineralization, which has traditionally been mined by local artisanal miners, is now the focus of more modern exploration methods. Within the La Baja structural domain, gold and silver mineralization is associated with flexures along the main fault.

Exploration carried out by Greystar during the second quarter of 2009 identified vein and stockwork mineralization associated with strong alteration hosted in a dacite porphyry. Rock samples from mine tunnels on site returned gold assays ranging from no significant gold up to 9.66 grams per tonne gold and silver assays ranging from no significant silver up to 94.3 grams per tonne silver.

Drill results will be published upon receipt and interpretation of assay results.

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 news release are "forward-looking" within the meaning of Canadian securities legislation. They include statements regarding mineral exploration and drilling programs. 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 other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward-looking statements. These 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 Company's final short form prospectus dated September 22, 2009 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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