Greystar Resources Ltd.
LSE : GSL

Greystar Resources Ltd.

March 21, 2011 11:18 ET

Greystar Resources Request for Restoration of Trading in its Shares

FOR:  GREYSTAR RESOURCES LTD.

TSX, AIM SYMBOL:  GSL

March 21, 2011

Greystar Resources Request for Restoration of Trading in its Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 21, 2011) - Greystar Resources Ltd. (TSX:GSL)(AIM:GSL) (the
"Company") requested for its shares to be suspended from trading on AIM following comments made by the
Columbian Ministry of Mines and Mining on 17 March 2011 in relation to the Angostura Project ("the Project").
Following the suspension of trading in the shares, the Company made an announcement on 18 March 2011 (the
"Clarification Announcement") explaining its intentions with regard to the Project including that it does not
intend to withdraw from the Project but that its intention is to desist from on-going environmental licensing
to allow for a future re-filing in the terms that reflect the concerns that have been raised. The Company is
confident that the Project can contribute significantly to regional economic development and employment.

As identified in Paragraph 5 ("Over the course of the past few months...") of the Clarification Announcement
the Company has completed Preliminary Economic Evaluations into a proposed underground mining operation.
Resource estimates and production costs reported within this paragraph are as follows:

/T/

--  Mineable resources within the shell of the open pit were estimated at 14
    million tonnes at 5.34 g/t gold and 29.6 g/t silver. A mining rate of
    4,000 tpd and flotation plant operation of 3,300 tpd are envisaged which
    after a ramp up of one year, would produce approximately 200,000 oz/year
    gold over the first seven years before production declines owing to
    resource constraints; and

--  In addition, a high grade drilling program is planned to extend the
    underground resource base which has considerable potential. Over a 14
    year initial project life, gold production is estimated at 2 million oz
    gold and 8 million oz silver. Production costs of an underground
    operation are estimated at US$395/oz gold after silver credits. The
    initial capital cost is estimated at US$352 million. At a long term gold
    price of US$1015/oz gold and US$15.85/oz silver, the pre-tax NPV (5%) is
    US$412 million and the IRR 20%.

/T/

Further to the Clarification announcement, the Company has requested that trading in its shares is restored
from 3:15 p.m. on 21 March 2011.

A glossary of terms relating to this release is included below.

Forward-Looking Statements

Certain statements in this news release are "forward-looking" within the meaning of Canadian securities
legislation. They include statements about the mineable resources, production rates, production and capital
costs and the NPV and IRR associated with an underground operation at Angostura, the ability of the Company to
develop an open pit mine at the Angostura Project, 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 www.sedar.com.
Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty
therein.

Glossary of Terms

Block Model -- The sub-division of a mineral deposit into a regular, three-dimensional grid of blocks. The
grade of each block is estimated from a set of nearby sample values.

Contained Ounces, Contained Gold -- Represents ounces in the ore before losses during the applicable
metallurgical process.

Cut-off Grade -- The minimum grade at which a unit of ore will be mined or treated. At the cutoff grade, the
value is equal to the costs associated with mining and/or treating the unit of ore.

Dilution -- The effect of waste or low-grade material which is unavoidably included in the mined ore, lowering
the mining grade.

Grade -- The amount of metal in each ton of ore, expressed as grams per tonne for precious metals (or as troy
ounces per short ton in the imperial system), and as a percentage for most other metals.

Mineral Resource -- A mineral resource is a concentration or occurrence of natural, solid, inorganic or
fossilized organic material in or on the Earth's crust in such form and quantity and of such a grade or quality
that it has reasonable prospects for economic extraction. The location, quantity, grade, geological
characteristics and continuity of a mineral resource are known, estimated or interpreted from specific
geological evidence and knowledge. Mineral resources are sub-divided, in order of increasing geological
confidence, into inferred, indicated and measured categories.

Inferred Mineral Resources -- An inferred mineral resource is that part of a mineral resource for which
quantity and grade or quality can be estimated on the basis of geological evidence, limited sampling and
reasonably assumed but not verified geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes.

Indicated Mineral Resource -- An indicated mineral resource is that part of a mineral resource for which
quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of
confidence sufficient to allow the appropriate application of technical and economic parameters, to support
mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and
reliable exploration and testing information gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade
continuity to be reasonably assumed.

Measured Mineral Resources -- A measured mineral resource is that part of a mineral resource for which
quantity, grade or quality, densities, shape and physical characteristics are so well established that they can
be estimated with confidence sufficient to allow the appropriate application of technical and economic
parameters, to support production planning and evaluation of the economic viability of the deposit. The
estimate is based on detailed and reliable exploration, sampling and testing information gathered through
appropriate techniques from location such as outcrops, trenches, pits, workings and drill holes that are spaced
closely enough to confirm both geological and grade continuity.

Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.

Tonne -- Equal to 1,000 kilograms.

Underground -- Where the minerals are explored or mined entirely from tunnels, shafts or drifts.


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FOR FURTHER INFORMATION PLEASE CONTACT:

Greystar Resources Ltd.
Victoria Vargas
Vice President Investor Relations & Corporate Communications
+1 (416) 572 2139 or +1 (289) 242 3599
ir@greystarresources.com
www.greystarresources.com

OR

Renmark Financial Communications Inc.
John Boidman
Investor Relations Contact
+1 (514) 939 3989 or +1 (416) 644 2020
jboidman@renmarkfinancial.com
www.renmarkfinancial.com

OR

4C Communications
Carina Corbett
Investor Relations Contact
+44 (0)20 3170 7973
corbett@4ccommunications.com

OR

NCB Stockbroker Ltd.
Liam Booth
London NOMAD Contact
+353 1 6115930
Liam.Booth@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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