Thu Jan 21, 2010 Greystar Resources Announces Drill Results from the Los Laches Area at Angostura
-86 METRES GRADING 2.92 GRAMS/TONNE GOLD
Greystar Resources Ltd. (the "Company") is pleased to announce the initial assay results from the targeted drill program to investigate high grade mineralization at the Los Laches area of the Angostura gold-silver deposit.
A drill plan map and cross sections are attached and have been posted on the Greystar Resources website www.greystarresources.com.
Note 1: Down hole width has not been corrected but based on drill holes and structural dip of the mineralization, the interval is considered to be close to true width.
The Los Laches area is structurally complex, influenced by the intersection of the Romeral, Paez, and Pozo faults with the Silencio and Los Laches vein systems. This combination of intersecting structures and structural damming has resulted in high grade gold and silver mineralization. The mineralization has been drilled vertically for over 400 meters which indicates the potential for continuity of the high grade structures at depth. Additional drilling is required to test the western strike extension of the Los Laches high grade mineralization in the direction of the La Alta East area where the El Pozo fault is an important focus of mineralization. In addition, further drilling will continue to test the high grade mineralized structures at depth. Currently two drill rigs are drilling at Los Laches.
The above information has been reviewed and approved by Mr. Frederick Felder, P.Geo., a "qualified person" as that term is defined in National Instrument 43-101 and Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects. Mr. Felder is a geologist with more than 40 years of industry experience and a member in good standing with the Association of Professional Engineers and Geoscientists of British Columbia.
About Greystar Resources Ltd.
Greystar Resources Ltd. is a precious metals exploration and development company that is currently completing a feasibility study on its wholly owned, multi-million ounce Angostura gold-silver deposit in northeastern Colombia. A positive prefeasibility study announced on March 25, 2009 envisions average annual production at Angostura of 511,000 ounces of gold and 2.3 million ounces of silver over a 15 year mine life.
Contacts in North America
Mr. Geoff Chater, VP
Greystar Resources Ltd.
Phone: (604) 614-7830
Contact in London
NCB Stockbrokers Limited
Christopher Caldwell
Phone: +44 (0) 20 7071 5200
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.
Forward-Looking Statements
Certain statements in this press release are "forward-looking" within the meaning of Canadian securities legislation. They include statements regarding the anticipated effect of the new appointments, estimated annual production and estimated mineral resources. 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 Company's final short form prospectus dated September 22, 2009 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.
