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Greystar
Resources Ltd. (the "Company") (TSX:GSL - News; AIM:GSL)
announces that in coordination with the Ministry of Environment, Housing and
Territorial Development (MAVDT), a new information meeting and public hearing
are to be held with regards to the Angostura Project's environmental
licensing. Both events will be held in Bucaramanga, with the information
meeting taking place on Thursday, February 17, 2011 and the definitive public
hearing to be held on Friday, March 4, 2011.
Adhering
to the process specified by the MAVDT, the Company has previously held two
information meetings in Vetas and California,
followed by a public hearing in California. The last public hearing, held
November 21, 2010 in California, Santander attracted an audience of 1300, and
demonstrated strong support from the neighbouring
communities of California, Vetas, Surata, Matanza, Berlin, and
Charta. These communities are in the direct impact area of the Angostura
project.
On
December 20, 2010 Greystar Resources was notified
by MAVDT of the request for a second public hearing in Bucaramanga, contained
within Writ No. 4251 (dated December 3rd, 2010). This decision was based on
the fact that certain participants opposing the project, who had registered
to address the general public during the first hearing, were in the
petitioner's view, unable to participate on account of alleged restrictions
in the road heading to California, Santander. This exceptional request is
intended to better allow inhabitants of Bucaramanga to express their views on
the Angostura Project.
As
always, Greystar Resources maintains a policy of
frankness and open discussion, and will continue to demonstrate its respect
for, and willingness to cooperate with the requests of the MAVDT. Greystar Resources emphasizes its ongoing commitment to
developing lasting and positive contributions to the region and throughout
Colombia through environmental stewardship, social responsibility, and
protecting the well-being of the region. We are committed to establishing a
biodiversity offset program that ensures no net loss of biodiversity and we
will utilize leading technology to minimize water use to ensure there is no
impact on water supply or quality to downstream users. Greystar
is also a signatory of the International Cyanide Management Code.
Steve
Kesler, President and CEO, stated: "Greystar Resources Ltd. takes very seriously its
environmental and social responsibilities in the development of this project.
Greystar has always believed that the 15 years
spent developing its Angostura Project and Greystar's
social responsibilities would demonstrate its commitment to managing the
Angostura Project with principles consistent with that high standard. It is
the Company's objective to make the Angostura Project a model for sustainable
and responsible development of mining projects, not only in Latin America, but
the world. Notwithstanding the current lack of clarity on paramo
rules and mining, Greystar is committed to
protecting and recuperating all ecosystems in which it will operate through a
biodiversity offset program that will provide better protection to paramo than if the project did not proceed."
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.
Forward-Looking
Statements
Certain
statements in this news release are "forward-looking" within the
meaning of Canadian securities legislation. They include statements about 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.
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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