Greystar Resources Ltd.
TSX : GSL
AIM : GSL

Greystar Resources Ltd.

June 18, 2008 02:00 ET

Greystar Program on Track at Angostura

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 18, 2008) - Greystar Resources Ltd. ("Greystar") (TSX:GSL)(AIM:GSL) reports that the infill diamond drill program is continuing to enhance the potential economics of its wholly-owned multi-million ounce Angostura gold-silver project in northeastern Colombia.

"The preliminary reviews of approximately 93,000 metres of new drilling since the completion of the Scoping Study (Press Release May 29, 2007) are showing significant improvements in the project size and project economics with a much larger proportion of contained ounces of gold moving into the proposed mine and a much more favourable waste ratio," states Greystar's Executive Vice President, Frederick Felder, P.Geo. "The drilling program is designed to compliment other parts of the planned Feasibility Study and all the objectives we have set out following the Scoping Study in 2007 are being realized in a timely fashion."

The results received to date indicate a positive impact to the findings of the 2007 Scoping Study, which utilized a gold price with a weighted average price of $521 per ounce without taking into account different gold price scenarios. Optimization studies are required to determine the most efficient mine design and such studies will be performed when the infill drilling has been completed around mid-October.

"From a mine design perspective we are seeing a big improvement due to the geometry of the deposit," continued Mr. Felder. "The high wall shows further improvement as the proposed mine becomes more continuous with a more favourable high wall slope than proposed in the Scoping Study, due to the discovery and delineation of a significant amount of new mineralization, principally in the La Alta- Los Laches gap area."

The infill drilling program at 25 metre spacings is achieving positive results with the anticipated higher grade mineralization being intersected. In the Veta de Barro area of the deposit the latest results include 10.9 grams gold per tonne over 5.05 metres, while 11.64 grams gold per tonne over 5.1 metres was encountered in the Diamante area. The confirmation of the lower-grade structures is also being accomplished with the Bulk Structure 1 at Veta de Barro returning 0.83 gram gold per tonne over 78.35 metres.

The comprehensive ongoing metallurgical phase 2 program is on course. Drilling of the PQ program for large diameter core for metallurgical test work on the oxides is progressing with about 70 % of the sample now complete. Completion of the sample is expected by late July and both the oxide and transitional heap leach metallurgical studies are expected to be concluded by February 2009. The results from the floatation metallurgical test work are also anticipated in early 2009. The other elements going into the feasibility study, such as infrastructure studies, base line work, new detailed topographic map made from newly taken aerial photos needed for the civil engineering and planning work are also progressing well.

The latest drill results include:



------------------------------------------------------------------------
Interval Gold Silver
Hole Intercept From (m) To (m) (m(iii)) (gm/t) (gm/t)
------------------------------------------------------------------------
V407 179.75 190.25 10.5 0.71 6.8
AL08-07 ------------------------------------------------------------
V439 232.5 244.25 11.75 0.80 7.4
------------------------------------------------------------------------
V420 3.85 5.45 1.6 29.2 2.3
------------------------------------------------------------
V402 5.45 45.0 39.55 0.86 0.5
------------------------------------------------------------
AL08-09 V403 49.0 83.0 34.0 0.95 1.4
------------------------------------------------------------
V605 160.0 191.0 31.0 1.58 5.2
------------------------------------------------------------
V406-V411 191.0 247.0 56.0 0.72 3.8
------------------------------------------------------------------------
V403 16.0 21.5 5.5 1.18 1.7
AL08-10 ------------------------------------------------------------
V418 52.0 57.9 5.9 1.18 1.6
------------------------------------------------------------------------
V403 73.0 90.0 17.0 0.89 5.3
------------------------------------------------------------
AL08-11 V605HW 182.3 200.5 18.2 1.23 2.4
------------------------------------------------------------
V605FW 202.0 235.7 33.7 0.69 5.4
------------------------------------------------------------------------
AL08-12 V402-V403 110.0 151.0 41.0 0.53 4.2
------------------------------------------------------------------------
V403 77.5 83.95 6.45 2.40 6.6
ALE08-04 ------------------------------------------------------------
V438 250.0 258.0 8.0 1.60 2.5
------------------------------------------------------------------------
V616 42.6 44.0 1.4 61.2 90.7
------------------------------------------------------------
V618 75.0 91.0 16.0 2.46 4.9
DM08-03 ------------------------------------------------------------
V606HW 133.45 168.0 34.55 3.16 2.6
------------------------------------------------------------
V606FW 168.0 173.1 5.1 11.64 2.7
------------------------------------------------------------------------
BODY3 2.75 14.25 11.5 3.11 35.4
LL08-10 ------------------------------------------------------------
BODY3 23.95 39.9 15.95 0.81 5.9
------------------------------------------------------------------------
LL08-11 BODY3 6.85 28.25 21.4 0.70 5.0
------------------------------------------------------------------------
LL08-12 BODY3 186.5 197.8 11.3 0.90 15.7
------------------------------------------------------------------------
LL08-13 V1001 23.0 25.2 2.2 1.85 5.0
------------------------------------------------------------------------
LL08-14 BODY3 90.65 100.0 9.35 0.51 2.8
------------------------------------------------------------------------
BODY3 135.35 149.0 13.65 1.20 46.5
------------------------------------------------------------
NA08-09 BODY3 212.0 230.0 18.0 1.08 9.3
------------------------------------------------------------
BODY3 259.3 269.95 10.65 1.30 6.0
------------------------------------------------------------------------
NA08-10 V934 179.3 189.0 9.7 1.03 3.2
------------------------------------------------------------------------
V208 38.0 52.0 14.0 0.76 4.0
VB08-03 ------------------------------------------------------------
V201 149.85 160.0 10.15 2.42 10.0
------------------------------------------------------------------------
V207 153.3 167.1 13.8 3.41 5.7
VB08-04 ------------------------------------------------------------
V201 268.1 282.0 13.9 0.5 1.8
------------------------------------------------------------------------
SI08-01 V937 106.0 108.0 2.0 21.2 10.9
------------------------------------------------------------------------
BODY2 14.0 31.6 17.6 1.16 11.1
UVB08-02 ------------------------------------------------------------
BODY2 31.6 51.5 19.9 4.49 36.2
------------------------------------------------------------------------
BODY1 97.65 176.0 78.35 0.83 5.0
------------------------------------------------------------
BODY1 190.75 216.0 25.25 1.31 4.7
------------------------------------------------------------
VBE08-01 BODY1 224.15 250.0 25.85 1.04 3.1
------------------------------------------------------------
BODY1 254.0 270.5 16.5 1.12 2.2
------------------------------------------------------------
BODY1 274.8 295.8 21.0 1.45 7.0
------------------------------------------------------------------------
BODY1 94.9 132.0 37.1 1.25 3.4
------------------------------------------------------------
VBE08-02 BODY1 142.7 153.0 10.3 2.69 7.1
------------------------------------------------------------
BODY1 196.35 201.4 5.05 10.9 11.0
------------------------------------------------------------------------

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 into 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, 2008 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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