Greystar Resources Ltd.

Greystar Resources Ltd.

July 21, 2005 17:23 ET

Greystar Resources Ltd.: Acceleration Notice of Expiry of Warrants

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 21, 2005) - Greystar Resources Ltd. (the "Company")(TSX:GSL)(AIM:GSL) - Pursuant to a warrant indenture dated November 18, 2004 (the "Indenture"), the Company reports that the "Acceleration Event" described in the Indenture has occurred, in that the closing price of Company's shares on the Toronto Stock Exchange has been greater than Cdn$5.00 for 20 or more consecutive trading days after June 21, 2005.

The Company has elected to accelerate the expiry of the warrants issued under the Indenture (the "Warrants") and the Expiry Date will now be Friday, August 26, 2005. Notice of the acceleration of the expiry of the Warrants is being mailed to the holders of the Warrants.

The holders may exercise the Warrants before 5:00 p.m. (Vancouver time) on August 26, 2005 by surrendering to Computershare Trust Company of Canada, Attn: Service Delivery, 510 Burrard Street - 2nd Flr., Vancouver, BC, V6C 3B9, the Warrant certificate, together with (i) a duly completed and executed exercise form in the form attached to the Warrant certificate; and (ii) a certified cheque, bank draft or money order payable to Greystar Resources Ltd. in an amount equal to the purchase price of the number of shares subscribed for.

The Company will issue 3,389,496 new common shares receiving Cdn$13,557,984 by way of warrant exercise consideration if all of the outstanding Warrants are exercised.

No Stock Exchange has reviewed or accepts responsibility for the adequacy or accuracy of this news release.

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