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 the drilling as well as the sequencing will be influenced by the results from the surface and underground geological work. Development work on the 2800 meter level will be started to allow testing of many of the down dip extensions of high grade structures in three strong veins (#29, 12, and 13) on the Angostura Project.…

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 up to $1,200,000. One Warrant shall entitle the subscribers to purchase one Common share without par value in the capital stock of the Company over a twelve month period extending from the closing of this Unit offering (subject to certain early termination provisions as set out in the form of Subscription Agreement) at a price of $0.32 per share.…