Greystar Resources Ltd.
LSE : GSL

Greystar Resources Ltd.

September 25, 2008 02:00 ET

Greystar Tags Silver-Rich Structure at Angostura

FOR:  GREYSTAR RESOURCES LTD.

TSX, AIM SYMBOL:  GSL

September 25, 2008

Greystar Tags Silver-Rich Structure at Angostura

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 25, 2008) - Greystar Resources Ltd.
(TSX:GSL)(AIM:GSL) ("Greystar") reports that infill drilling has returned 16.64 grams gold and 116.8
grams silver per tonne over 6.1 metres in the Los Laches area of its wholly-owned, multi-million ounce
Angostura gold-silver project in the northeastern region of Colombia.

"The infill drill program at 25 metre spacing is nearing completion and the objective of better
defining the geometry of the higher-grade shoots within select areas of the deposit has been
achieved," said Greystar's Executive Vice President, Frederick Felder, P.Geo. "The latest results from
16 holes further outline a north-east trending zone of higher-grade silver mineralization extending
from Los Laches through La Alta East and into Nueva Alta area of the deposit covering more than a
1,000 metre strike length, while infill drilling at Veta de Barro and Veta de Barro East further
confirm the higher-grade shoots with intercepts of 21.22 grams gold and 14.6 grams silver per tonne
over 5.85 metres, 50.46 grams gold and 35.2 grams silver per tonne over 3.45 metres and 57.8 grams
gold and 9.3 grams silver per tonne over 2.6 metres."

Along with Los Laches area drill intercepts, the silver-rich structural zone was encountered in the
Nueva Alta area with one hole yielding 5.24 grams gold and 124.1 grams silver per tonne over 13.55
metres and in the La Alta East area where a hole returned 7.58 grams gold and 227.1 grams silver over
7.25 metres.

Based on the positive results from the infill program, two additional metallurgical composite samples
of Los Laches mineralization have been sent to McLelland Laboratories for testing. Earlier preliminary
work from this area based on quick leach test work showed that the sulphide mineralization had
significantly higher recovery rates for both gold and silver when compared to the remainder of the
deposit.

Greystar anticipates that with the near completion of the infill program, the number of drills will be
reduced at the end of September, with some drills being left to do geotechnical, hydrogeology and
condemnation drilling until the end of the year. Exploration drilling at the Animas and Mongora
targets are continuing.

The first stage of the Angostura feasibility study is now well underway. Most recently, Greystar
retained Vector Engineering, an engineering company based in Lima, Peru to complete the leach pad and
tailings design, while project access road surveying and full design work has been awarded to ETA S.A.
Consultores, a Colombian firm.

The most recent drill results from Angostura are in the attached table.

/T/

---------------------------------------------------------
                                     Inter-
                     From      To      val   Gold  Silver
Hole     Intercept     (m)     (m) (m(iii)) (gm/t)  (gm/t)
---------------------------------------------------------
              V617   12.4    36.0     23.6   1.05     5.9
         ------------------------------------------------
AL08-15       V623  100.5  110.95    10.45   1.19     6.6
         ------------------------------------------------
              V627  253.0   263.0     10.0   1.56     2.6
---------------------------------------------------------
              V403    8.0    25.5     17.5   1.66     4.2
         ------------------------------------------------
AL08-16     V605HW  126.5   145.3     18.8   1.11     4.3
         ------------------------------------------------
            V605FW  171.0   186.5     15.5   1.09     9.3
---------------------------------------------------------
ALE08-06      V410  146.0   148.0      2.0   0.53     1.2
---------------------------------------------------------
             BODY3  282.0   358.6     76.6   0.44     5.1
         ------------------------------------------------
ALE08-07     BODY3  358.6  391.75    33.15   0.66    10.2
         ------------------------------------------------
             BODY3 391.75   399.0     7.25   7.58   227.1
---------------------------------------------------------
             BODY3  228.0   260.0     32.0   1.64    48.2
ALE08-11 ------------------------------------------------
             BODY3  286.0   307.5     21.5   1.93    39.6
---------------------------------------------------------
LL08-19      BODY3  67.65   73.75      6.1  16.64   116.8
---------------------------------------------------------
             BODY3   51.8    74.8     23.0   0.86    15.7
LL08-21  ------------------------------------------------
             BODY3  111.0  122.35    11.35   0.52    14.7
---------------------------------------------------------
             BODY3  63.75    77.3    13.55   5.24   124.1
NA08-13  ------------------------------------------------
             BODY3 159.25  171.55     12.3   0.46     0.9
---------------------------------------------------------
QPO08-01      V410  275.6   276.7      1.1   1.37     1.8
---------------------------------------------------------
              V934    8.7    28.5     19.8   1.41    1.18
         ------------------------------------------------
SI08-03       V949   35.0    49.0     14.0   1.07     5.0
         ------------------------------------------------
              V913   93.0   108.0     15.0    1.2     7.3
---------------------------------------------------------
             BODY2    0.0    13.3     13.3   8.08    11.4
         ------------------------------------------------
UVB08-04     BODY2  34.65    45.0    10.35   1.25     4.5
         ------------------------------------------------
             BODY2   81.0   94.15    13.15   1.14     3.2
---------------------------------------------------------
             BODY2    6.0    14.9      8.9   0.86     3.5
UVB08-05 ------------------------------------------------
              V208   31.0    39.0      8.0   1.66     2.8
---------------------------------------------------------
              V211   49.0    56.6      7.6   0.78     3.1
UVB08-06 ------------------------------------------------
              V201  104.0   121.0     17.0    0.8     2.9
---------------------------------------------------------
            V206HW  36.65   53.95     17.3   1.32    14.2
         ------------------------------------------------
            V206FW  53.95    70.7    16.75   0.58     3.8
         ------------------------------------------------
VB08-07       V207  170.7  176.55     5.85  21.22    14.6
         ------------------------------------------------
             BODY1 176.55  200.85     24.3   1.26     2.7
         ------------------------------------------------
              V201  326.0  329.45     3.45  50.46    35.2
---------------------------------------------------------
             BODY1  45.45    59.9    14.45   0.68     2.0
         ------------------------------------------------
VBE08-03     BODY1   59.9    62.5      2.6   57.8     9.3
         ------------------------------------------------
             BODY1  77.25  101.55     24.3   0.91     2.9
---------------------------------------------------------
         V214-V215  149.1   176.2     27.1   0.54     1.2
VBE08-05 ------------------------------------------------
             BODY1  409.0   421.6     12.6   1.98     2.1
---------------------------------------------------------

Note: (m(iii)) Downhole width, not corrected but based on drill holes
      and structural dip of the mineralization, the interval is
      considered to be close to true width.

/T/

Based on the December 2007 resource update estimation, the Angostura deposit hosts a measured resource
of 88.49 million tonnes grading 0.79 gram gold and 4.0 grams silver per tonne for 2.247 million
contained ounces of gold and 12.08 million contained ounces of silver; an indicated resource of
145.826 million tonnes grading 1.69 grams gold and 8.0 grams silver per tonne for 7.905 million
contained ounces of gold and 37.76 million contained ounces of silver. Combined the measured and
indicated resources host 10.15 million ounces of gold and 49.8 million ounces of silver in 234.32
million tonnes of material grading 1.35 grams gold per tonne and 7.3 grams silver per tonne, plus an
inferred resource of 3.43 million ounces of gold in 77.7 million tonnes grading 1.37 grams gold per
tonne. Resource estimation was undertaken in compliance with CIM Mineral Resource and Mineral Reserve
definitions that are referred to in National Instrument (NI) 43-101, Standards of Disclosure for
Mineral Projects. A location map of the Angostura drilling, along with a map of the underground tunnel
work, and an updated concession map can be accessed from our home page link at Greystar's website:
www.greystarresources.com.

REVIEW BY QUALIFIED PERSON, QUALITY CONTROL AND REPORTS

The results of the Company's drilling program have been reviewed, verified (including sampling,
analytical and test data) and compiled by the Company's geological staff (which includes a qualified
person, Frederick Felder, P.Geo., for the purpose of National Instrument 43-101, and Guidance Note for
Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which
outline standards of disclosure for mineral projects). Frederick Felder, P.Geo., has over 30 years of
mineral exploration experience, is a member in good standing with the Association of Professional
Engineers and Geoscientists of British Columbia and is the qualified person responsible for this
release.

The Company has implemented a quality control program to ensure sampling and analysis of all
exploration work is conducted in accordance with the best possible practices. Under these quality
assurance measures, drill core is sawn into halves with one half of the core prepped on site and
samples shipped to ALS-Chemex Laboratory (ISO 9002 registered) in Vancouver, B.C. for analysis. The
remainder of the core is retained for future assay verification. Gold analysis is conducted by fire
assay (one assay tonne) using an atomic absorption finish. The laboratory re-assays using the ALS-
Chemex protocol, and additional checks may be run on anomalous values. Greystar has independent re-
analysis and sample preparation checks run at other accredited laboratories. The Company also
introduces background blanks prepared from previously analyzed core samples from the Angostura
Project.

Forward-Looking Statement

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 30, 2008 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.

All dollar amounts are in Canadian dollars, unless otherwise stated.


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FOR FURTHER INFORMATION PLEASE CONTACT:

Greystar Resources Ltd.
Mr. David Rovig
President
(406) 245-9520

OR

Greystar Resources Ltd.
Mr. Andreas Curkovic
Investor Relations
(416) 577-9927
Website: www.greystarresources.com

OR

Parkgreen Communications - Contact in London
Louise Goodeye
+44 (0) 20 7933 8792
Email: Louise.Goodeve@parkgreenmedia.com

OR

NCB Stockbrokers Limited - Contact in London
Christopher Caldwell
+44 (0) 20 7071 5200
Email: christopher.caldwell@ncb.ie

No Stock Exchange has reviewed or accepts responsibility for the adequacy or accuracy of this news
release.

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Contact Information

  • Greystar Resources Ltd.