Greystar Resources Ltd.
TSX : GSL
AIM : GSL

Greystar Resources Ltd.

September 20, 2005 18:30 ET

Greystar Drilling Discovers New Veins at Angostura

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 20, 2005) - Greystar Resources Ltd. (TSX:GSL)(AIM:GSL) reports that the ongoing diamond drill program continues to successfully delineate its wholly owned, multi-million ounce Angostura gold-silver deposit in northeastern Colombia.

"The latest drill results from ten new holes continue to define a very large, near surface mineralized system that appears suitable for a bulk tonnage, low-cost open pit mining operation," states Greystar's Executive Vice President, Frederick Felder. "We are especially pleased with the definition of the Veta de Barro area where one hole returned 8.87 grams gold per tonne over 8.1 metres."

In the La Alta area of the deposit, hole Al05-13 returned 11.2 metres grading 3.31 grams gold per tonne in Vein 22, plus a new vein was encountered in the footwall yielding 1.06 grams gold per tonne over 10.9 metres. Hole Al 05-14 also intersected a broad width of mineralization in Vein 9, which returned 2.36 grams gold per tonne over 19.65 metres.

Moving into the Diamante area, hole DM05-19 yielded 2.82 grams gold per tonne over 15.85 metres, plus 18 metres grading 1.51 grams gold per tonne. A higher grade mineralized shoot grading 13.23 grams gold per tonne over 8 metres was also encountered. Hole DM05-17 cut 6.5 metres grading 2.15 grams gold per tonne in Vein 24, while hole DM05-18 cut a higher grade interval of 8.78 grams gold per tonne over 6.3 metres in Vein 323, as well broader mineralization in Veins 22, 23 and 24, which yielded 1.2 grams gold per tonne over 25.5 metres, 2.14 grams gold per tonne over 22.65 metres and 1.09 grams gold per tonne over 16.7 metres, respectively.

Broad zones of mineralization were also cut in the Silencio area with hole SI05-17 hitting 2.46 grams gold per tonne over 41.05 metres in Vein 353 and an underground hole returning 17 metres of 1.49 grams gold per tonne in Vein 14, plus 60 metres grading 1.2 grams gold per tonne in Vein 56.

In the Veta de Barro area, drilling discovered a new vein while confirming both the structures and grades of the previously known veins. Hole VB05-18 intersected 8.1 metres containing 8.87 grams gold per tonne in Vein 514 and 7.8 metres grading 2.73 grams in Vein 512, plus a new vein yielding 1.55 grams gold per tonne over 14.25 metres.



The latest drill results include:
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From To Interval Gold Silver
Hole Intercept (m) (m) (m(iii)) gm/t gm/t
-------------------------------------------------------------------
AL05-13 V9 2.0 25.0 23.0 1.64 9.5
-----------------------------------------------------------
V22 229.3 240.5 11.2 3.31 32.8
-----------------------------------------------------------
NEW 407.9 418.8 10.9 1.06 6.5
-------------------------------------------------------------------
AL05-14 NEW 9.2 36.0 26.8 0.99 3.8
-----------------------------------------------------------
V9 42.05 61.7 19.65 2.36 4.6
-----------------------------------------------------------
V324 82.0 95.0 13.0 1.23 8.8
-----------------------------------------------------------
V29 396.5 409.0 12.5 1.24 11.0
-----------------------------------------------------------
V331 425.0 438.6 13.6 1.03 6.3
-------------------------------------------------------------------
DM05-17 V24 43.5 50.0 6.5 2.15 3.4
-----------------------------------------------------------
V27 115.6 131.4 15.8 0.86 15.0
-------------------------------------------------------------------
DM05-18 V8 63.0 73.0 10.0 1.27 3.7
-----------------------------------------------------------
V323 180.0 186.6 6.3 8.78 96.9
-----------------------------------------------------------
V22 285.0 310.5 25.5 1.2 4.0
-----------------------------------------------------------
V23 331.5 354.15 22.65 2.14 11.4
-----------------------------------------------------------
V24 358.8 375.5 16.7 1.09 9.7
-------------------------------------------------------------------
DM05-19 V7/V323 177.0 188.2 11.2 2.48 22.8
-----------------------------------------------------------
V23 314.25 330.1 15.85 2.82 3.2
-----------------------------------------------------------
V24 381.0 399.0 18.0 1.51 2.6
-----------------------------------------------------------
V25/V11 401.0 415.0 14.0 8.45 0.6
-----------------------------------------------------------
within shoot 405.0 413.0 8.0 13.23 19.0
-------------------------------------------------------------------
DM05-20 V21 19.0 36.55 17.55 1.51 5.2
-----------------------------------------------------------
V23 58.0 79.65 21.65 1.29 8.8
-----------------------------------------------------------
V28 258.0 272.5 14.5 1.47 1.0
-------------------------------------------------------------------
SI05-17 V353 4.35 45.4 41.05 2.46 7.0
-----------------------------------------------------------
V317/V360 178.0 189.0 11.0 1.45 3.1
-------------------------------------------------------------------
USI05-18 V14 154.0 171.0 17.0 1.49 5.7
-----------------------------------------------------------
V31 330.7 344.7 14.0 1.61 2.6
-----------------------------------------------------------
V56 381.0 441.0 60.0 1.3 3.4
-------------------------------------------------------------------
VB05-17 V557HW 146.0 151.5 5.5 2.07 11.5
-----------------------------------------------------------
V557FW 159.2 166.8 7.6 1.38 3.9
-----------------------------------------------------------
V513 387.85 405.75 17.9 0.75 7.0
-------------------------------------------------------------------
VB05-18 V514 39.4 47.5 8.1 8.87 43.78
-----------------------------------------------------------
NEW 51.75 66.0 14.25 1.55 5.2
-----------------------------------------------------------
V512 182.95 190.75 7.8 2.73 10.1
-------------------------------------------------------------------
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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