Greystar Resources Ltd.
TSX : GSL
AIM : GSL

Greystar Resources Ltd.

November 21, 2005 02:00 ET

Greystar Drilling Cuts 200.4 Meters Grading 1.41 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 21, 2005) - Greystar Resources Ltd. (TSX:GSL)(AIM:GSL) reports that hole SI05-20 drilled in the Silencio area of its wholly owned, multi-million ounce Angostura gold-silver deposit in northeastern Colombia has returned a weighted average of 1.41 grams gold per tonne over 200.4 metres.

Within this broad interval are several higher-grade sections including 27.4 metres grading 2.19 grams gold per tonne and 45 metres grading 2.51 grams gold per tonne.

The latest values combined with previous drill results indicate that the broad zone of vein clusters shows good mineral continuity within the Silencio area as infill hole IF99-13, drilled 50 metres north of hole SI05-20 intersected 209.3 metres grading 1.44 grams gold per tonne and drill hole IF99-05 collared 50 metres east of hole SI05-20 intersected 337 metres grading 0.77 grams gold per tonne, while holes SI05-12 and SI04-13 collared 100 metres to the west and 100 metres to the east cut 0.89 gram gold per tonne over 204.1 metres and 1.13 grams gold over 182 metres, respectively.

"The current drilling continues to support the observed trend of ever increasing density of mineralized structures in clusters of veins," states Greystar's Executive Vice President, Frederick Felder. "Previously we intersected increased concentration of mineralization in La Alta and Diamante areas of the deposit and now we have a similar high density of mineralized clusters in the Silencio Area."

The latest drill results from the central section of La Alta area are also encouraging with hole AL05-18 intersecting a 40.5 metre section running 2.05 grams gold per tonne including a 9 metre section grading 5.69 grams gold per tonne. In the southern La Alta area, hole AL05-17 encountered the vein swarm V20, 21, 22 and 23 containing 0.74 grams gold per tonne over 24 metres, 0.72 grams gold per tonne over 17 metres , 1.22 grams gold per tonne over 18 metres and 0.73 grams gold per tonne over 9.9 metres. Overall, the entire interval yielded 0.72 grams gold per tonne over 89 metres.

Moving over to the eastern limit of La Alta - El Pozo (southern Veta de Barro) area drilling returned 2.25 grams gold per tonne over 12.5 metres and 1.25 grams gold per tonne over 9.5 metres. In the Veta de Barro area, hole VB05-20 drilled towards the western limit of the vein system returned 1.3 grams gold per tonne and 1.27 grams gold per tonne over 8.5 and 5.1 metres, respectively.

In the Diamante area hole USI05-23 returned 1.04 gram gold per tonne over 63.5 metres, while hole UDM05-01 cut 56.1 metres grading 1.12 grams gold per tonne within a larger zone running 0.65 gram gold per tonne over 168 metres. Hole UDM05-02 was collared from the same station, but drilled at a steeper angle, and returned 0.89 gram gold per tonne over 214 metres.

"By combining these broad zones of mineralization with the higher grade shoots encountered, the bulk tonnage potential at Angostura is increased and these greater mineralized widths typically result in a reduction of internal waste material, which should be verified by the scoping study due to commence in the first quarter of 2006," adds Greystar's President, David Rovig.



The latest drill results include:

--------------------------------------------------------------------
From To Interval Gold Silver
Hole Intercept (m) (m) (m(iii)) gm/t gm/t
--------------------------------------------------------------------
AL05-17 V20 16.0 40.0 24.0 0.74 9.8
--------------------------------------------------------
V21 46.0 63.0 17.0 0.72 14.6
--------------------------------------------------------
V22 70.0 88.0 18.0 1.22 2.8
--------------------------------------------------------
V23 95.15 105 9.85 0.73 2.6
--------------------------------------------------------------------
AL05-18 V3 110.5 129.2 18.7 1.2 8.1
--------------------------------------------------------
V418-V306-V4 153.0 193.5 40.5 2.05 7.4
--------------------------------------------------------
within which 175.0 184.0 9.0 5.69 13.6
--------------------------------------------------------------------
AL05-24 NEW 47.0 56.5 9.5 1.25 3.8
--------------------------------------------------------
V67 136.5 149.0 12.5 2.25 5.7
--------------------------------------------------------------------
DM05-25 V53 29.5 36.75 7.25 0.96 3.9
--------------------------------------------------------
V455 43.6 55.4 11.8 0.69 7.7
--------------------------------------------------------
V358 116.6 132.2 15.6 0.95 4.2
--------------------------------------------------------------------
SI05-19 V353 0.0 10.5 10.5 1.3 7.5
--------------------------------------------------------
V311 163.0 175.0 12.0 2.17 6.5
--------------------------------------------------------
Within 171.95 175.0 3.05 7.01 23.0
--------------------------------------------------------------------
SI05-20 V451-V356-V321 0.0 45.0 45.0 2.51 13.8
--------------------------------------------------------
V63-V353-V311 51.0 98.0 47.0 1.47 4.6
--------------------------------------------------------
V56 116.0 129.0 13.0 1.6 2.1
--------------------------------------------------------
V312-NEW 173.0 200.4 27.4 2.19 4.1
--------------------------------------------------------
V325 230.0 240.5 10.5 1.85 2.1
--------------------------------------------------------------------
UDM05-01 V411-V21 6.0 62.1 56.1 1.12 8.8
--------------------------------------------------------
within which 32.35 37.4 5.05 3.47 29.0
--------------------------------------------------------
V26 159.0 174.0 15.0 1.11 8.7
--------------------------------------------------------
V28/V314 246.0 278.0 32.0 1.64 4.8
--------------------------------------------------------------------
UDM05-02 V22 36.0 46.0 10.0 2.08 14.8
--------------------------------------------------------
V23 75.0 110.0 35.0 1.37 8.9
--------------------------------------------------------
V24 118.0 167.0 49.0 0.84 3.3
--------------------------------------------------------
V26 189.0 218.0 29.0 1.36 3.3
--------------------------------------------------------
V28-V314 313.0 358.0 45.0 1.54 3.0
--------------------------------------------------------
within which 313.0 329.0 16.0 3.21 4.9
--------------------------------------------------------------------
USI05-22 V320 141.8 152.2 10.4 1.13 11.3
--------------------------------------------------------
V31 179.5 191.0 11.5 0.98 2.6
--------------------------------------------------------------------
USI05-23 V51 141.0 149.0 8.0 2.21 2.1
--------------------------------------------------------
V26/V25 231.5 295.0 63.5 1.04 6.0
--------------------------------------------------------
within which 255.0 260.0 5.0 5.34 40.1
--------------------------------------------------------------------
VB05-20 V555 0 8.5 8.5 1.3 6.0
--------------------------------------------------------
V556 18 23.1 5.1 1.27 3.3
--------------------------------------------------------------------
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 August 2005 resource calculation, the Angostura deposit contains 5.83 million ounces of gold and 24.6 million ounces of silver within an indicated resource of 148.14 million tonnes grading 1.22 grams gold per tonne and 5.17 grams silver per tonne, plus another 4.47 million ounces of gold and 21.5 million ounces of silver within an inferred resource of 123.3 million tonnes grading 1.13 grams gold per tonne and 5.42 grams silver per tonne using a cut off of 0.4 gram gold for oxide and 0.55 gram gold for sulfide (Press Release August 16, 2005). 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, MSc., P.Geo, 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 quarters (HQ) or halves (NQ), with one quarter or one half of the core 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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