Greystar Resources Ltd.

Greystar Resources Ltd.

November 09, 2009 02:00 ET

Greystar Resources Announces Drill Results From the Los Laches Area at Angostura

107.6 Metres Grading 6.26 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2009) - Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) is pleased to announce that the Company will initiate two exploration drill programs to investigate both the extensions of high grade mineralization at the Angostura gold-silver deposit and near surface oxide gold mineralization recently discovered at the Mongora prospect.

High Grade Drill Program

The high grade drill program will focus on targeting extensions of high grade shoots that exist within the Angostura deposit. In addition, the drill program will probe the unexplored potential for feeder mineralization underlying Angostura. The first drill holes will target the Los Laches area were previously drilled, but not published, core holes LL08-24 and QP08-03 returned excellent results. A cross section has been posted at Greystar Resources website

Los LachesDrill Intercept

Drill Hole ID
(grams/tonne gold)

Note 1: Down hole width has not been corrected but based on drill holes and structural dip of the mineralization, the interval is considered to be close to true width.

Mongora Drill Program

Similar to the Angostura deposit, the Mongora prospect hosts higher-grade gold mineralization including 16.3 grams gold per tonne over 1.05 metres and 12.35 grams over 1.6 metres within broader zones of lower-grade gold mineralization. The delineation of oxide gold mineralization at the Mongora area could be very important for the Angostura project. The potential of outlining a new oxide resource that could be added to the 2.26 million ounce oxide resource (measured and indicated) already defined at the Angostura deposit could have favorable implications for the overall economics of the entire Angostura project. Preliminary metallurgical evaluations are underway.

The above information has been reviewed and approved by Mr. Frederick Felder, P.Geo., a "qualified person" as that term is defined in 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. Mr. Felder is a geologist with more than 40 years of industry experience and a member in good standing with the Association of Professional Engineers and Geoscientists of British Columbia.

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 press release are "forward-looking" within the meaning of Canadian securities legislation. They include statements regarding the anticipated effect of the new appointments, estimated annual production and estimated mineral resources. 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 Company's final short form prospectus dated September 22, 2009 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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