Greystar Resources Ltd.

Greystar Resources Ltd.

October 18, 2010 02:00 ET

Greystar Resources Announces Angostura Environmental Impact Study Public Hearing Date

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2010) - Greystar Resources Ltd. (the "Company") (TSX:GSL) (AIM:GSL) announces that the Ministry of Environment, Housing and Territorial Development (Ministerio de Ambiente, Vivienda y Desarrollo Territorial MAVDT) has officially confirmed the date for the Public Hearing to consider the Company's Angostura Project Environmental Impact Study ("EIS"). The hearing will be held on November 21st, 2010 in California, Santander the town closest to the project site, at 9:00 am local time.

As part of the process established by the MAVDT, Greystar will conduct two prior informational hearings in the department of Santander. The first meeting will take place in California, Santander on November, 3rd, and the second one will be held in Vetas on November 4th, 2010.

Steve Kesler, President and CEO of Greystar Resources commented, "We are pleased that a process leading to a final decision on the environmental permit for Angostura is advancing. I look forward to heading our management team in Colombia through this process and demonstrating our project has tremendous socio-economic benefits, utilizes industry best practices in environmental management and brings substance to the Government strategy to develop the mining sector in a sustainable manner as an engine of economic growth and job creation."

Greystar follows a policy of complete transparency and frankness. We are committed to establishing a biodiversity offset program that ensures no net loss of biodiversity. We will utilize leading technology to minimize water use and ensure no impact on water supply or quality to downstream users in addition to being signatories to the International Cyanide Management Code. Citizen participation has been invited in the environmental monitoring of our operation.

About Greystar Resources Ltd.

Greystar Resources Ltd. is a precious metals exploration and development company that is currently completing a feasibility study on its wholly owned, multi-million ounce Angostura gold-silver deposit in northeastern Colombia. A positive prefeasibility study announced on March 25, 2009 envisions average annual production at Angostura of 511,000 ounces of gold and 2.3 million ounces of silver over a 15 year mine life.

Forward-Looking Statements

Certain statements in this news release are "forward-looking" within the meaning of Canadian securities legislation. They include statements about the estimated annual production from the Angostura Project.. 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 other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward-looking statements. These factors include, among others, conclusions or realization of mineral resources, the actual results of exploration activities, possible variations in ore grade or recovery rates, fluctuations in the price of gold and silver, risks relating to additional funding requirements, political and foreign risks, production risks, environmental regulation and liability, government regulation as well as other risk factors set out under the heading "Risk Factors" in the Annual Information Form dated March 26, 2010 which is available on SEDAR at Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release.

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