EXPLORATION PROGRAM – Phase 1

In 2000, Greystar carried out a limited program of surface testing of potential targets defined by study of structural data. The field truthing was very successful, and it showed that the target definition process works. A program of 20,000 meters of drilling is proposed for testing in-fill and higher grade targets. The precise location of

Private Placement of up to 7,500,000 Units

Greystar Resources Ltd. announces a private placement of up to a total of 7,500,000 units (the “Units”). Each Unit will consist of one Common share without part value in the capital stock of the Company and one non-transferable Common share purchase warrant (the “Warrant”) at a price of $0.16 per Unit for total proceeds of