Greystar Resources Ltd.
LSE : GSL

Greystar Resources Ltd.

December 21, 2010 02:00 ET

Greystar Confirms Request for a Second Public Hearing and Provides Feasibility Update

FOR:  GREYSTAR RESOURCES LTD.

TSX, AIM SYMBOL:  GSL

December 21, 2010

Greystar Confirms Request for a Second Public Hearing and Provides Feasibility Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2010) - Greystar Resources Ltd. (the
"Company")(TSX:GSL)(AIM:GSL) announces that on December 20, 2010, it was notified by the Ministry of
Environment, Housing and Territorial Development (MAVDT) of a request for a second public hearing about the
Company's Angostura Project, contained within Writ No. 4251 dated December 3rd, 2010. MAVDT's decision to hold
a second hearing is based on the fact that certain participants previously registered to address the general
public during the first hearing were, in their view, unable to participate on account of alleged restrictions
in the roads heading to the town of California (Santander). The Company will be coordinating a meeting with the
MAVDT to define matters related to place and date of the second hearing, as well as to further understand the
grounds for this petition.

Nevertheless, the first public hearing held this past November 21st, 2010 has not been questioned legally and
has therefore complied with the requirements established under Colombian Law (Law 99 of 1993 and Decree 330 of
2007). No ruling to the contrary has been issued, to the actual knowledge of the Company. Additional hearings
that may be ordered by the MAVDT will be analyzed under applicable legal norms in force.

As a matter of public knowledge, requests for additional hearings have been made by certain groups opposed to
the project, some of whom decided not to attend the public hearing held on November 21st, 2010.

When the time comes and with full respect for applicable norms, the Company will diligently support any
additional public hearings that are ordered within the rule of law.

Feasibility Study Update

The Company also announces that the feasibility study for its 100% owned Angostura Project will be completed in
early 2011 and not before the end of 2010 as previously advised.

The feasibility study summary has been received and is under internal review by the Company's Project team. In
addition, the Company has retained Alquimia Conceptos, a Santiago based engineering group, to complete an
external review to confirm the robustness of the engineering principals used and identify potential further
optimizations to be incorporated in the detailed engineering phase.

With regard to ongoing project development, the Company is in discussions with selected EPCM consultants with
the view to defining detailed engineering once the pending Environmental License is approved.

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 www.sedar.com. Investors are
cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Greystar Resources Ltd.
Victoria Vargas, Vice President Investor Relations
and Corporate Communications
+1 289 242 3599
info@greystarresources.com
www.greystarresources.com

OR

Renmark Financial Communications Inc.
John Boidman
Investor Relations Contact
+1 514 939 3989 or +1 416 644 2020
jboidman@renmarkfinancial.com
www.renmarkfinancial.com

OR

NCB Stockbrokers Limited
Christopher Caldwell
London NOMAD Contact
+44 (0) 20 7071 5200
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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