Greystar Resources Ltd.
LSE : GSL

Greystar Resources Ltd.

March 31, 2009 02:00 ET

Greystar Resources Ltd. Launches Private Placement of Up to 12,500,000 Shares

FOR:  GREYSTAR RESOURCES LTD.

TSX, AIM SYMBOL:  GSL

March 30, 2009

Greystar Resources Ltd. Launches Private Placement of Up to 12,500,000 Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2009) -

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) announces that it has appointed a syndicate
of agents led by Ocean Equities Ltd. including RBC Capital Markets and Scotia Capital Inc.
(collectively, the "Agents") to act on a best efforts agency basis in connection with a marketed
private placement of up to 12.5 million common shares (the "Offering") at a price of C$4.01 per share.

The Offering is anticipated to close on or about the week of April 20th, 2009.

The net proceeds from the Offering will be used to advance the Company's Angostura project in Colombia
through final feasibility, and for general working capital.

The Offering is subject to certain conditions including, but not limited to, the execution of a
definitive agency agreement with the Agents and the receipt of all necessary approvals, including the
approval of the TSX. An application will be made to the London Stock Exchange to admit the common
shares to be issued pursuant to the Offering to AIM at the Offering's close.

This press release is not an offer of the securities for sale in the United States. The securities
offered have not been, nor will be, registered under the U.S. Securities Act of 1933, as amended, or
state securities laws and may not be offered or sold in the United States absent registration or an
exemption from the registration requirements of such laws. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in
any State in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

Certain statements included in this press release are "forward-looking statements" within the meaning
of Canadian securities legislation including, among other things, statements regarding the anticipated
date of pricing and closing of the Offering. Forward-looking statements are necessarily based on
assumptions that, while considered reasonable by the Company, are inherently subject to significant
business and economic 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
the Company including, among other things, risks relating to fluctuation in financial markets and
commodity prices. Particulars of other risks are set out under the heading "Risk Factors" in the
Annual Information Form of the Company dated March 31, 2008 which is available on SEDAR at
www.sedar.com. 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 other than as request by securities legislation.


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FOR FURTHER INFORMATION PLEASE CONTACT:

Greystar Resources Ltd. - Contact in Canada
David B. Rovig
President
(406) 245-9520

OR

Greystar Resources Ltd. - Contact in Canada
Mr. Andreas Curkovic
Investor Relations
(416) 577-9927
Website: www.greystarresources.com

OR

Ocean Equities Ltd. - Contact in London
Guy Wilkes
+44 (0) 20 7786 4370
Email: guy.wilkes@oceanequities.co.uk

OR

NCB Stockbrokers Limited - Contact in London
Christopher Caldwell
+44 (0) 20 7071 Transit No. 5200
Email: Christopher.Caldwell@ncb.ie

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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Contact Information

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