Greystar Resources Ltd.
TSX : GSL
AIM : GSL

Greystar Resources Ltd.

November 20, 2007 19:02 ET

Greystar Cuts Multiple Higher-Grade Intervals at Angostura

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 20, 2007) - Greystar Resources Ltd. ("Greystar") (TSX:GSL)(AIM:GSL) is pleased to report that infill diamond drilling in the Los Laches area of its wholly owned, multi-million ounce Angostura gold-silver resource in northeastern Colombia has encountered a broad zone of mineralization with higher-grade sections including 17.36 grams gold and 196 grams silver per tonne over 7.8 metres.

"The on going drill program is focused on completing the evaluation of the high wall gap area between the Los Laches-La Alta-Silencio areas and the results have been extremely encouraging," says Greystar's Executive Vice President Frederick Felder, P.Geo. "We look forward to the resource evaluation update, which is expected to be in hand within the next few weeks."

In the Nueva Alta area of the deposit, hole NA07-04 returned 40.95 metres grading 1.74 grams gold per tonne, immediately followed by a higher-grade section running 16.75 grams gold per tonne over 1.45 metres, which was then immediately followed by a 23.2 metre interval averaging 1.25 grams gold per tonne.

Infill drilling at Los Laches showed a continuity of higher-grade shoots with one hole intersecting 8.52 grams gold per tonne and 99.7 grams silver per tonne over 10 metres followed immediately by 34.5 metres running 1.03 grams gold per tonne.

Drilling on the southern periphery of the Silencio area encountered a number of veins including one that yielded 6.81 grams gold per tonne over 7 metres, while the 12.5 metre spaced underground drilling program in the Silencio area is also advancing. A total 38 holes is proposed with eleven already being completed.

The initial work on the portal area for the new Veta de Barro tunnel has commenced with the tunnel being started on the 3,096 metre level. The environmental permit for the tunnel waste rock storage has been issued by the CDMB, the local environmental authority.

IC Consulenten is conducting a two week program comprising the geotechnical mapping of representative surface outcrop sites for the rock mass characterization and sampling for laboratory testing. Rock mechanical testing will be carried out on drill core at the Petroleum Institute Laboratory (ICP) in Bucaramanga, which provides services for the petroleum sector.

On the social and environmental front, Greystar has met with CORPONOR officials in Cucuta for the very important purpose of advancing the "socialization" of the project with the community of Cucutilla. CORPONOR is the environmental authority of the Department of North Santander, which is responsible for monitoring the environmental compliance on behalf of the Ministry of Environment. Greystar has always maintained the importance of involving the local and regional communities in decisions regarding the advancing of Angostura with a goal to maximizing the project to the benefit of all. As the project continues to move forward, Greystar will be putting in an even greater effort to ensure this crucial aspect of future development. On the project, Greystar has planted 2,680 oak trees thereby completing the planting of 3.1 hectares on the west side of the Angostura Creek and an additional 2 hectares of alder at the San Francisco Farm in California. With this reforestation program Greystar has now completed its obligation under the current environmental management plan (PMA). The oak seedlings were grown in Greystar's greenhouse at the project site. In addition, 3,100 Patula Pine seedlings provided by the CDMB, are being planted as part of a new program that covers 5 hectares with 5,500 trees.



The latest drill results include:

--------------------------------------------------------------------------
From To Interval Gold Silver
Hole Intercept (m) (m) (m(iii)) (gm/t) (gm/t)
--------------------------------------------------------------------------
AL07-07 V416 148.55 161.5 12.95 0.61 2.7
---------------------------------------------------------------
V423 175.0 190.55 15.55 0.41 0.8
--------------------------------------------------------------------------
ALE07-29 V439HW 31.05 36.25 5.2 1.42 1.8
---------------------------------------------------------------
V439FW 45.85 60.85 15.0 0.60 1.3
--------------------------------------------------------------------------
ALE07-30 CLOUD3 200.7 226.7 26.0 0.78 50.3
--------------------------------------------------------------------------
DM07-09 V624 135.25 139.0 3.75 18.6 31.4
---------------------------------------------------------------
V605 -V634 290.65 304.45 13.8 3.57 14.0
---------------------------------------------------------------
V605 -V634 304.45 328.0 23.55 0.53 5.9
---------------------------------------------------------------
V604 393.0 403.0 10.0 0.57 0.6
--------------------------------------------------------------------------
LL07-09 CLOUD3 133.6 141.4 7.8 17.36 196.3
---------------------------------------------------------------
CLOUD3 202.0 213.0 11.0 1.57 19.2
---------------------------------------------------------------
CLOUD3 213.0 223.0 10.0 8.52 99.7
---------------------------------------------------------------
CLOUD3 223.0 257.5 34.5 1.03 13.6
--------------------------------------------------------------------------
NA07-04 CLOUD3 55.5 67.0 11.5 0.46 6.1
---------------------------------------------------------------
CLOUD3 67.0 107.95 40.95 1.74 20.8
---------------------------------------------------------------
CLOUD3 107.95 109.4 1.45 16.75 36.9
---------------------------------------------------------------
CLOUD3 109.4 132.6 23.2 1.25 21.2
--------------------------------------------------------------------------
NA07-06 V908HW 48.0 65.25 17.25 0.87 4.1
---------------------------------------------------------------
V908FW 76.0 86.0 10.0 4.46 8.2
---------------------------------------------------------------
V943 291.4 320.0 28.6 0.8 3.8
--------------------------------------------------------------------------
NA07-07 242.9 245.9 3.0 4.81 288.3
--------------------------------------------------------------------------
SI07-01 V941 305.6 322.0 16.4 0.75 8.8
---------------------------------------------------------------
V917 357.95 368.45 10.5 2.88 23.7
--------------------------------------------------------------------------
SI07-02 V916HW 0.0 13.0 13.0 1.14 5.7
---------------------------------------------------------------
V916FW 13.0 20.0 7.0 6.81 33.8
---------------------------------------------------------------
V937 64.5 70.3 5.8 4.81 17.1
---------------------------------------------------------------
V917 190.6 199.0 8.4 1.12 2.9
---------------------------------------------------------------
V930 280.0 286.0 6.0 3.83 19.3
--------------------------------------------------------------------------
UDM07-02 V637 20.0 39.25 19.25 0.91 4.4
---------------------------------------------------------------
V605 100.0 117.0 17.0 0.61 2.2
--------------------------------------------------------------------------
UDM07-03 V637 -V611- 0.0 56.0 56.0 1.03 8.0
V613 -V614
---------------------------------------------------------------
V616 -V617 111.0 131.0 20.0 0.73 3.5
--------------------------------------------------------------
V802 -V808 380.0 395.65 15.65 0.85 1.6
--------------------------------------------------------------------------
VB07-05 V216HW 11.0 21.5 10.5 0.82 2.8
---------------------------------------------------------------
V216FW 31.0 43.7 12.7 0.86 6.9
--------------------------------------------------------------------------

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.


Based on the December 2006 resource update estimation, the Angostura deposit hosts an indicated resource of 7.42 million ounces of gold in 173.4 million tonnes of material grading 1.33 grams gold per tonne and an inferred resource of 4.2 million ounces of gold in 80.9 million tonnes grading 1.62 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 (NI) 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 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 (which includes a qualified person, Frederick Felder, P.Geo., for the purpose of National Instrument 43-101, and Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects). Frederick Felder, P.Geo., has over 30 years of mineral exploration experience, is a member in good standing with the Association of Professional Engineers and Geoscientists of British Columbia and is the qualified person responsible for this release.

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 re-assays 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

Certain statements included in this release are "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold prices, results, 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 contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, resource estimates, exploration, development and operating risks, limited experience with development-stage mining operations, dependence on one principal exploration stage property, political and foreign risk, uninsurable risks, competition, production risks, environmental regulation and liability, government regulation, currency fluctuations, potential title disputes and dependence on key employees as set out under the heading "Risk Factors" in the Annual Information Form of the Company dated March 30, 2006 which is available in SEDAR. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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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