Greystar Resources Ltd.

Greystar Resources Ltd.

October 13, 2009 02:00 ET

David Rovig to Retire as President and CEO of Greystar Resources

Will Assume New Role as Chairman of the Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2009) - Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) announced that David Rovig will retire from the positions of President and Chief Executive Officer of the Company. Mr. Rovig will be appointed to the new position of Chairman of the Board of Directors where he will continue a guiding role in the development of Greystar Resources. Greystar has engaged an international executive search firm to identify a candidate to fill the vacancy. Mr. Rovig will continue as President and CEO until a replacement has been secured.

David Rovig, commented, "I have served as President of Greystar for 15 years and I am very proud of the accomplishments that we have achieved during that time in Colombia. As Greystar moves from a developer to a producer, it is time to pass the leadership role on to a new generation who will move forward with the construction of the Angostura gold-silver project. I am committed to see Angostura developed in a responsible and sustainable manner. Angostura will provide an important economic engine for Colombia providing employment for the local people, support for local businesses as well as a solid tax base for the National and Provincial Governments. Development of Angostura and its environs also portends a bright future for Greystar and its shareholders. As Chairman, I look forward to working with the Board of Directors to realize the full potential of the Company."

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. They include statements regarding the use of proceeds of the financing and estimated mineral resources. 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.

Contact Information

  • Greystar Resources Ltd. - Canada
    Geoff Chater
    VP Corporate Development
    (604) 614-7830
    Greystar Resources Ltd. - Canada
    Mr. Andreas Curkovic
    Investor Relations
    (416) 577-9927
    NCB Stockbrokers Limited - London
    Christopher Caldwell
    +44 (0) 20 7071 5200