Greystar Resources Ltd.
TSX : GSL
AIM : GSL

Greystar Resources Ltd.

November 21, 2006 23:00 ET

Greystar Drilling Advances Northeast Sector at Angostura

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 21, 2006) - Greystar Resources Ltd. ("Greystar") (TSX:GSL)(AIM:GSL) is pleased to report that drilling is continuing to enhance the potential and understanding of the northeast area of its wholly-owned, multi-million ounce Angostura gold-silver resource in northeastern Colombia.

"The northeast area of the deposit that comprise Veta de Barro, El Pozo, Veta de Barro East and La Alta East has now been subjected to over 18,000 metres of additional drilling since our last resource study released in August," states Greystar's Executive Vice President, Frederick Felder, "This large amount of new data is leading to a substantial modification of the deposit geometry as we continue to observe an increasing density of mineralized structures in clusters of veins and more importantly significant depths of oxide mineralization."

The latest results from fourteen new holes include nine from the northeast area of the deposit, all of which continue to show good mineral continuity within the broad zone of vein clusters.

In the El Pozo area, hole QPO06-07 returned 3.01 grams gold per tonne over 6 metres, 0.67 gram gold per tonne over 16 metres, plus 0.87 gram gold per tonne over 25.75 metres in Vein 426 and 2.1 grams gold per tonne over 24 metres in a newly discovered structure. Another hole cut two intercepts of mineralization yielding 1.68 grams gold per tonne over 5.5 metres and 12.9 grams gold per tonne over 2 metres, while a third hole intersected Veins 421, 418, 605 and 410 with 0.55 gram gold per tonne over 28.35 metres, 2.14 grams gold per tonne over 8 metres, 0.64 gram gold per tonne over 17.95 metres and 1.04 grams gold per tonne over 24.4 metres, respectively.

Moving further north in the Veta de Barro East area, hole VBE06-31 returned 2.52 grams gold per tonne over 9 metres and 0.52 gram gold over 19.75 metres, while hole VBE06-32 yielded 2.14 grams gold per tonne over 6.5 metres. Another hole drilled on the northern limit of the Veta de Barro East structures intersected 1.59 grams gold per tonne over 25.7 metres in V222, plus 7.78 grams gold per tonne over 9.9 metres and 1.81 grams gold per tonne over 10.75 metres in newly identified structures.

In the Veta de Barro area, one infill hole confirmed the presence of Veins 202, 426, 423 with 0.96 gram gold per tonne over 14 metres, 1.49 grams gold per tonne over 4.7 meters and 1.27 grams gold over 4.5 meters respectively. In addition, the hole intersected 1.26 grams gold per tonne over 6 metres and also intersected one previously unidentified structures yielding 0.79 gram gold per tonne over 15 metres. Further south in the area between La Alta and Los Latches, which is known as La Alta East, hole ALE06-02 returned 1.68 grams gold per tonne over 9 metres in Vein 413, while hole ALE06-04 returned 0.95 gram gold per tonne over 19.4 metres, plus 1.39 grams gold per tonne over 6.2 metres in the Veins 410 and 407.

There are currently eight diamond drill machines turning in this northeast area and two machines in-fill drilling from the underground workings.

The latest drill results also include five holes from the underground program with hole UAL06-15 collared in the La Alta area returning 1.03 gram gold per tonne over 12 metres in Vein 708, 0.71 gram gold per tonne over 16.5 metres in Vein 414 and a new vein yielding 1.06 grams gold over 5.35 metres.

In the Silencio area, hole USI06-18 returned 0.51 gram gold per tonne over 7.65 metres and 2.52 grams gold per tonne over 4.7 metres, while hole USI06-19 returned 0.69 gram gold per tonne over 10 metres, 0.67 gram gold per tonne over 24.65 metres and 1.07 grams gold per tonne over 5.25 metres.

Hole UDM06-07, which was collared in the Diamante area cut 2.94 grams gold per tonne over 5.2 metres and 0.73 gram gold per tonne over 8.7 metres.

Greystar would also like to clarify an error on its October 11, 2006 press release. In the text, a typo resulted in the reporting of 2.36 grams gold per tonne over 6.4 metres. The correct intercept is 20.36 grams gold per tonne over 6.4 metres. The intercept in the table was recorded correctly.

The latest drill results include:



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Interval
Hole Intercept From (m) To (m) (m (iii)) Gold gm/t Silver gm/t
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ALE06-02 V413 443.0 452.0 9.0 1.68 1.5
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ALE06-04 V410 153.6 173.0 19.4 0.95 5.4
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V407 355.5 361.7 6.2 1.39 5.8
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CR06-05 V222 206.3 232.0 25.7 1.59 10.6
-----------------------------------------------------------------
NEW 289.1 299.0 9.9 7.78 57.4
-----------------------------------------------------------------
NEW 381.3 392.05 10.75 1.81 17.4
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QPO06-07 CLOUD1 23.0 29.0 6.0 3.01 1.3
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CLOUD1 115.0 131.0 16.0 0.67 2.6
-----------------------------------------------------------------
V426 179.0 204.75 25.75 0.87 2.6
-----------------------------------------------------------------
NEW 450.0 474.0 24.0 2.1 3.2
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QPO06-08 CLOUD1 243.4 248.9 5.5 1.68 6.7
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CLOUD1 274.0 276.0 2.0 12.9 11.6
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QPO06-09 V421 322.0 350.35 28.35 0.55 0.7
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V418 393.0 401.0 8.0 2.14 5.6
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V605 424.0 441.95 17.95 0.64 2.2
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V410 447.15 471.55 24.4 1.04 4.3
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VB06-05 CLOUD2 129.0 135.0 6.0 1.26 5.1
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NEW 142.0 157.0 15.0 0.79 3.8
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V202 189.5 203.5 14.0 0.96 4.6
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V426 295.9 300.6 4.7 1.49 1.8
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V423 415.5 420.0 4.5 1.27 4.7
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VBE06-31 CLOUD1 143.0 152.0 9.0 2.52 2.2
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CLOUD1 275.8 295.55 19.75 0.52 3.1
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VBE06-32 CLOUD1 359.0 365.5 6.5 2.14 23.9
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UAL06-15 V708 55.5 67.5 12.0 1.03 3.8
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NEW 116.65 122.0 5.35 1.06 5.4
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V414 131.0 147.5 16.5 0.71 2.0
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UAL06-17 V704 43.9 49.0 5.1 0.57 0.8
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V708 54.3 73.0 18.7 0.48 2.2
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USI06-18 V912 37.5 45.15 7.65 0.51 1.8
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V907 119.3 124.0 4.7 2.52 2.6
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USI06-19 V909 152.0 162.0 10.0 0.69 2.7
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V915 286.55 311.2 24.65 0.67 3.0
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V916 326.0 331.25 5.25 1.07 3.6
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UDM06-07 V605 99.0 104.2 5.2 2.94 21.0
-----------------------------------------------------------------
V609 117.3 126.0 8.7 0.73 7.3
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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 161,710 metres of drilling, the July 2006 resource calculation for the Angostura deposit came in at 6.91 million ounces of gold and 31 million ounces of silver within an indicated resource of 166.4 million tonnes grading 1.31 grams gold per tonne and 6 grams silver per tonne, plus another 4.2 million ounces of gold and 17.6 million ounces of silver within an inferred resource of 83.3 million tonnes grading 1.57 grams gold per tonne and 7 grams silver per tonne. using a cut off of 0.4 gram gold for oxide and 0.55 gram gold for sulphide (Press Release July 31, 2006). 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, 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 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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