Greystar Resources Ltd.

Greystar Resources Ltd.

November 29, 2010 02:00 ET

Greystar Announces Completion of Angostura Project Public Hearing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2010) - Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) is pleased to announce that the Public Hearing to consider the Company's Angostura Project Environmental Impact Study ("EIS") was held on November 21st, 2010 in California, Santander, the community nearest to the project. The Public Hearing is part of the process for obtaining the Environmental License for the Angostura Project which, as regulated by law, allows interested parties to request such a hearing thereby providing interested stakeholders a platform to voice their opinions. 

Steve Kesler, President and CEO of Greystar commented, "We are very pleased that the Public Hearing was held in an atmosphere of complete calm, civility and with mutual respect given to those wishing to voice opposing opinions. It was attended by more than 1,300 people, including those that in their official condition had a right to participate and lasted for 9 hours but the representatives of the petitioners for the Public Hearing, who are opposed to the project, elected not to participate. The forum gave the people of Santander, and particularly the residents of the potentially impacted communities (California, Vetas, Surata, Matanza, Berlin, and Charta), the opportunity to express their views about the development of the Angostura project. There was strong support for the project, and the opportunities it would bring, not just for California, but for Santander and the country as a whole. The Ministry of Environment, Housing and Territorial Development (MAVDT) has five days from the Public Hearing to prepare the minutes of the meeting, following which the EIS review will continue. Greystar will continue to liaise with the MAVDT on the EIS review to ensure that they have all the information needed to take a decision on the environmental license."

Greystar follows a policy of complete transparency and frankness, and has stressed its commitment to create a lasting and positive contribution toward sustainable development through environmental stewardship, social responsibility, and well-being of the region. We are committed to establishing a biodiversity offset program that ensures no net loss of biodiversity. We will utilize leading technology to minimize water use and to ensure there is no impact on water supply or quality to downstream users. Greystar is also a signatory of the International Cyanide Management Code. Citizen participation has been invited in the environmental monitoring of our operation.

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 about the estimated annual production from the Angostura Project. 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 Annual Information Form dated March 26, 2010 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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