Greystar Resources Ltd.
LSE : GSL

Greystar Resources Ltd.

March 17, 2009 03:00 ET

Greystar Announces Definitive Agreement for International Finance Corporation Investment

FOR:  GREYSTAR RESOURCES LTD.

TSX, AIM SYMBOL:  GSL

March 16, 2009

Greystar Announces Definitive Agreement for International Finance Corporation Investment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 2009) -

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Greystar Resources Ltd. ("Greystar" or the "Company") (TSX:GSL)(AIM:GSL) announces that, further to
its February 4, 2009 press release, it has entered into a definitive agreement with IFC (International
Finance Corporation), the member of the World Bank Group focused on private sector investments, for
the subscription by IFC for 6,579,161 units at a price of C$1.83 per unit for gross proceeds of
C$12,039,864. The transaction is expected to close before the end of March, 2009.

Each unit will consist of one common share and three-quarters of a transferable common share purchase
warrant. A total of 6,579,161 common shares and 4,934,371 warrants will be issued to IFC at closing.
Subject to the acceleration rights described below, each whole warrant will entitle the holder to
purchase one common share at a price of C$2.47 per share for a period of five years from the closing
date. If at any time following six months from the closing date, the closing price of the Company's
common shares is above C$3.70 for 30 or more consecutive trading days, the Company can give notice
accelerating the expiry date of 2,467,185 of the warrants (or less) to 60 days following the date of
such notice. Additionally, if at any time following two months from the completion and delivery of a
bankable feasibility study with respect to the Company's Angostura gold-silver project, the closing
price of the Company's common shares is above C$3.70 for 30 or more consecutive trading days, the
Company can give notice accelerating the expiry of 2,467,186 of the warrants (or less) to 60 days
following the date of such notice.

Closing of the transaction is subject to a number of conditions. On closing of the transaction,
application will be made to the Alternative Investment Market (AIM) of the London Stock Exchange for
the common shares issued on closing to be admitted for trading.

The proceeds of the proposed financing will be used to advance the pre-development stage of the
Company's Angostura gold-silver project in northeastern Colombia.

About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve
their lives. IFC fosters sustainable economic growth in developing countries by supporting private
sector development, mobilizing private capital, and providing advisory and risk mitigation services to
businesses and governments. IFC's new investments totaled $16.2 billion in fiscal 2008, a 34 percent
increase over the previous year. For more information, visit www.ifc.org.

About Greystar Resources Ltd.

Greystar Resources Ltd. is a Canadian mining company dedicated to the exploration, development and,
when appropriate, the exploitation of precious metal resources. At the present time, its multi-million
ounce Angostura gold-silver project in the northeastern region of Colombia is being advanced through
the Feasibility Study stage.

Based on the December 2008, resource update estimation, the Angostura deposit hosts a measured
resource of 148.9 million tonnes grading 0.78 gram gold for 3.736 million contained ounces of gold; an
indicated resource of 182 million tonnes grading 1.34 grams gold for 7.813 million contained ounces of
gold. Combined, the measured and indicated resources host 11.5 million ounces of gold in 330.9 million
tonnes of material grading 1.09 grams gold per tonne, plus an inferred resource of 3.472 million
ounces of gold in 90.8 million tonnes grading 1.19 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 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 the Company's home page link at Greystar's website.

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 proposed
financing and estimates of 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 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, the costs and timing of the
development of new deposits, 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 the
Company dated March 25, 2008 which is available on SEDAR. In addition, there is no assurance that the
financing will close on the proposed terms or at all, that the necessary approvals will be obtained or
that proceeds in the anticipated amount will be raised, in which case the Company may be required to
adjust its plans and/or seek financing from other sources. Investors are cautioned not to put undue
reliance on forward-looking statements due to the inherent uncertainty therein.

This press release is not an offer of securities for sale or solicitation of an offer of securities
for sale in the United States. The Company's securities have not been, nor will be, registered under
the United States Securities Act of 1933, as amended, (the "US Securities Act") or state securities
laws and may not be offered or sold in the United States or to US persons absent registration under
the US Securities Act and state securities laws or applicable exemptions from the registration
requirements of such laws.


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FOR FURTHER INFORMATION PLEASE CONTACT:

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

OR

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

OR

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

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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