Greystar Resources Ltd.
TSX : GSL
AIM : GSL

Greystar Resources Ltd.

July 19, 2005 18:11 ET

Greystar Cuts 21.56 g/t Gold Over 7.7 Metres in the Diamante Area

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 19, 2005) - Greystar Resources Ltd. (TSX:GSL)(AIM:GSL) reports that diamond drilling continues to encounter higher-grade structures surrounded by lower-grade zones on its wholly-owned, multi-million ounce Angostura gold-silver deposit in northeastern Colombia.

"After each set of drill results we are getting a better and better picture of the overall geometry and potential of the Angostura property," says Greystar's President, David Rovig. "And the latest results continue to show higher-grade, gold-bearing structures that are so significant because these zones host more than 30% of the contained gold outlined at Angostura so far."

Most encouraging of the latest drill results is the core Diamante area where hole DM05-13 hit 21.56 grams gold per tonne over 7.7 metres and hole DM05-12 intersected 3.39 grams gold over 19 metres.

Moving to the north into the La Alta area, hole AL05-04 intersected an encouraging 7.23 grams gold per tonne over 18.1 metres. Meanwhile at the southern portion of the deposit at Silencio, hole SI05-05 cut 8.74 grams gold per tonne over 10.65 metres from 251 metres downhole. Further up the hole, V316 and the prolific Vein 15 returned 1.81 grams gold per tonne over 46.6 metres and 1.41 grams gold per tonne over 19 metres, respectively. Targeting these veins 50 metres to the east, hole SI05-13 returned 0.74 gram gold per tonne over 32.9 metres and 1.05 grams gold per tonne over 15 metres.

On the southwestern part of the Silencio area known as El Vivito, drill hole SI05012 intersected two new structures containing 1.34 grams gold per tonne over 16.5 metres and 1.33 grams gold per tonne over 17 metres, respectively.

On the eastern limit of the deposit in the Nueva Alta area, hole NA05-03 cut several veins with moderate grade over significant widths along with 6.22 grams gold per tonne over 3 metres in Vein 456.

Drilling at Veta de Barro continues to confirm many of the known veins, as well as intersecting narrow isolated higher-grade structures. Greystar is especially pleased that the ongoing drill program has now tied in the mineralization at Veta de Barro with the La Alta area, which was previously the most northern portion of the Angostura deposit. Drilling in this area, known as El Pozo is continuing and additional vein structures have been identified.

The underground drilling is also continuing to prove up the mineral continuity with hole USI05-15 returning 1.25 grams gold per tonne over 16 metres in Vein 28.



The latest drill results include:
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From To Interval Gold Silver
Hole Intercept (m) (m) (m(iii)) gm/t gm/t
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AL05-04 V1 154.0 165.75 11.75 0.96 4.0
-----------------------------------------------------------
V4 297.95 316.05 18.1 7.23 9.5
-----------------------------------------------------------
V5 324.0 333.0 9.0 1.33 3.0
-------------------------------------------------------------------
AL05-10 NEW 34.0 36.0 2.0 8.77 9.9
-----------------------------------------------------------
V26 66.55 72.0 5.45 1.31 4.9
-----------------------------------------------------------
V52 241.0 245.0 4.0 1.19 5.1
-------------------------------------------------------------------
DM05-04 V51 115.25 127.7 12.45 1.71 1.9
-----------------------------------------------------------
V12/V450 286.0 300.0 14.0 1.25 7.9
-------------------------------------------------------------------
DM05-12 V23 119.0 138.0 19.0 3.39 27.0
-----------------------------------------------------------
V305 256.15 270.2 14.05 1.07 2.0
-----------------------------------------------------------
V52 292.85 303.5 10.65 1.19 0.7
-------------------------------------------------------------------
DM05-13 V310 40.0 58.0 18.0 0.92 4.7
-----------------------------------------------------------
V319 64.0 87.0 23.0 1.04 3.2
-----------------------------------------------------------
V11 163.05 170.75 7.7 21.56 34.5
-------------------------------------------------------------------
NA05-03 V30 18.0 46.0 28.0 0.63 3.4
-----------------------------------------------------------
V456 334.0 337.0 3.0 6.22 38.2
-------------------------------------------------------------------
SI05-05 V316 1.4 48.0 46.6 1.8 5.5
-----------------------------------------------------------
V15 56.0 75.0 19.0 1.41 4.8
-----------------------------------------------------------
V416 250.85 261.5 10.65 8.74 28.1
-------------------------------------------------------------------
SI05-12 V451 26.0 36.0 10.0 1.67 3.4
-----------------------------------------------------------
V63-V353 63.5 88.4 24.9 2.19 2.4
-----------------------------------------------------------
V369 94.0 124.0 30.0 0.95 2.2
-----------------------------------------------------------
NEW 177.5 194.0 16.5 1.34 3.5
-----------------------------------------------------------
NEW 200.0 217.0 17.0 1.33 1.5
-------------------------------------------------------------------
SI05-13 V316 6.1 39.0 32.9 0.74 8.2
-----------------------------------------------------------
V15 87.0 102.0 15.0 1.05 8.3
-------------------------------------------------------------------
USI05-15 V28 119.5 135.5 16.0 1.25 2.9
-------------------------------------------------------------------
VB05-05 V553 260.0 274.0 14.0 0.74 2.5
-------------------------------------------------------------------
VB05-12 V308 392.0 402.35 10.35 0.94 1.3
-----------------------------------------------------------
V359 434.95 444.4 9.45 1.07 9.1
-----------------------------------------------------------
V3 470.0 491.55 21.55 0.58 2.4
-------------------------------------------------------------------
Note: m(iii) - Down-hole width, not corrected but based on drill
holes and structural dip of the mineralization, the interval is
considered to be close to true width.


A location map of the Angostura drilling, along with a map of the underground tunnel work, 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 under the guidance of Frederick Felder MSc, Executive Vice president and verified by David B. Rovig, P. Eng., the President of the Company, who is the qualified person for the purpose of National Instrument 43-101, which outlines standards of disclosure for mineral projects.

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 in 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 reassays 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

Some statements in this report contain forward-looking information. These statements address future events and conditions and, as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected.

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

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

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