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Cours Or & Argent
Greystar Resources to Study Viability of Alternate Project at Angostura
Published : March 18, 2011
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2011) - Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) today clarified that it does not intend to withdraw from its Angostura Project ("the Project") but will study the viability of alternative options for the project and continue to proceed with evaluating the entire project while working jointly with the Ministry of Environment, Housing and Territorial Development as well as the Ministry of Mines and Energy of Colombia in resolving any outstanding issues.

Comments made yesterday could be incorrectly interpreted to mean that Greystar is fully withdrawing from the Project, but the intent is simply to desist from on-going environmental licensing to allow for a future re-filing in the terms that reflect concerns.

"We are committed to developing the project but recognize that there is a need to reconfigure it. Consequently, we intend to continue with studies into the feasibility of an alternate project at Angostura whilst the uncertainty surrounding the definition of Paramo and the exclusion of mining from Paramo affects the permitting of our open pit/heap leach project," the Company said. "Additionally, we are committed to the reclamation of all areas affected by the Project and to develop a biodiversity offset program. We believe that the oxide resource can be developed with open pit mining whilst preserving biodiversity and water quality. In due course, when legislation is resolved regarding the definition of Paramo, this Project can contribute significantly to regional economic development and employment."

The Company further said that it decided to take this course of action after it became evident that regional and national government and the community of Bucaramanga did not support the Project as configured. The controversy on the project led to the early termination of the second Public Hearing in Bucaramanga on 4th March 2011. The Company wants to ensure that the future filing reflects the many concerns that have been presented and that this will allow it to have a social license to operate sustainably.

Over the course of the past few months the Company has completed a Preliminary Economic Evaluation of an underground operation that targets the high grade resource at Angostura. Most of these resources were contained within the shell of the open pit. Mineable resources 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. 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 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%.

Steve Kesler, President and CEO, commented: "We appreciate the hard work and efforts of all who are supportive of our desire to bring financially viable and environmentally sustainable mining operations to the California district, city of Bucaramanga and to the surrounding metropolitan area. We understand there are concerns about the open pit project and protection of the Paramo and respect the concerns of Government and communities. We have arranged to meet with the Minister of Mines and Energy and the Minister of Environment, Housing and Territorial Development early next week to discuss how the open pit project can be modified to meet concerns and to present our proposal to proceed with an underground project. Clearly there will be a delay to anticipated first production compared with the proposed open pit project, but we shall work rapidly to advance the next phase of study and drilling to extend and improve the categorization of high grade underground resources. Our recently appointed COO, David Heugh, has extensive experience of underground gold mining from his career with Anglo American to bring to this effort. We want to work with the Government of Colombia in making this a project that will demonstrate our commitment, diligence and respect for communities and the environment."

The Company will complete all necessary steps to ensure that its Project will not affect the quality of the water supply to the town of Bucaramanga, the surrounding metropolitan area, or the North Soto Province. The Company will also maintain its efforts to keep citizens fully informed about the proposed mining projects and continue to foster an understanding that responsible mining can bring considerable economic and social benefits, not only to the region, but to the country as a whole.

The above information has been reviewed and approved by Mr. Rodrigo Mello, Senior Geologist, 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 of mineral projects. Mr. Mellow is a geologist with more than 36 years of industry experience and is a member in good standing with the Australian Institute of Mining and Metallurgy.

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.

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.
Christopher Caldwell
London NOMAD Contact
+44 (0) 20 7071 5200
Christopher.caldwell@ncb.ie

Greystar Resources Ltd

EN DÉVELOPPEMENT
CODE : GSL.TO
CUSIP : 397913
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Greystar est une société d’exploration minière d'or et d'argent basée au Canada.

Greystar détient divers projets d'exploration en Colombie.

Son principal projet en développement est ANGOSTURA en Colombie.

Greystar est cotée au Canada, au Royaume-Uni, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 178,6 millions CA$ (182,5 millions US$, 127,4 millions €).

La valeur de son action a atteint son plus bas niveau récent le 31 décembre 2001 à 0,12 CA$, et son plus haut niveau récent le 23 février 2007 à 9,95 CA$.

Greystar possède 84 227 000 actions en circulation.

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Dans les médias de Greystar Resources Ltd
05/04/2006Angostura presentation
Rapports annuels de Greystar Resources Ltd
Annual Report 2007
Financements de Greystar Resources Ltd
16/07/2007 CDN$39.6 Million Private Placement Completed
28/06/2007Prices CDN$39.6 Million Private Placement
Attributions d'options de Greystar Resources Ltd
21/09/2007Grants Stock Option
Nominations de Greystar Resources Ltd
06/06/2011Announces Election of New Board of Directors
18/04/2011GSL - News Release - Change of Officers and Directors
01/04/2011Appoints Evolution Securities as Nominated Advisor
28/02/2011Announces the Appointment of David Heugh as Chief Operating ...
06/10/2009Appoints Geoff Chater vice president corporate development
18/08/2009Appoints seasoned personnel to key senior management positio...
29/05/2008advances production development of Angostura with the appoin...
Rapports Financiers de Greystar Resources Ltd
06/08/2011Announces Re-Filing of Restated Q1 Interim Financial Stateme...
13/08/2009Q2 Financial Results - Confirmation of Dissemination
Projets de Greystar Resources Ltd
29/04/2011(Angostura)Releases Positive Scoping Study for Angostura Underground Op...
20/03/2011(Angostura)to Study Viability of Alternate Project at Angostura
19/02/2011(Angostura) Announces Information Hearing on The Angostura Project was ...
31/01/2011(Angostura)Announces Dates for an Additional Information Meeting and Pu...
25/08/2009(Angostura)Hits more Gold-bearing oxide mineralization at Mongora
20/07/2009(Angostura)Acquires key surface rights at Angostura
03/06/2009(Angostura)Confirms near surface gold discovery
01/06/2009(Angostura)Launches Feasibility Study for Angostura
04/09/2008(Angostura)Adds Colombian Engineering Firm To Angostura Feasibility Stu...
18/08/2008Greystar launches feasibility study
02/04/2008(Angostura (santander/ Rojas/laguna))Drilling Confirms Higher-Grade Shoots
21/02/2008(Angostura)Advances Programs Towards Feasibility Study
01/02/2008FILES TECHNICAL REPORT
30/01/2008(Angostura)Initiating Drilling At Las Animas
01/12/2007(Angostura)2007 Technical report
21/11/2007(Angostura (santander/ Rojas/laguna))Cuts Multiple Higher-Grade Intervals at Angostura
25/10/2007(Angostura (santander/ Rojas/laguna))Drills 143.1 Metres Grading 1 G/T Gold At Angostura
07/09/2007(Angostura (santander/ Rojas/laguna))Announces Drill Results and Project Review
19/06/2007(Angostura (santander/ Rojas/laguna))Drilling Confirms Mineralized Gap At Angostura
11/05/2007(Angostura (santander/ Rojas/laguna))cuts 10 metres of 19.9 grams per tonne gold at Angostura
27/04/2006Step-out drilling strikes more gold at Angostura Project, Co...
Communiqués de Presse de Greystar Resources Ltd
18/08/2011Changes Name to Eco Oro Minerals Corp.
11/08/2011(Angostura)Awards Contracts and Sets Time Line for Angostura Feasibilit...
15/04/2011GSL - News Release - Frederick Felder Retirement
06/04/2011Intercepts 1,805 g/t Silver, 5.09 g/t Gold and 0.83% Copper ...
19/10/2009Intent to apply for a secondary listing in colombia
29/09/2009CLOSES C$63,250,000 PUBLIC OFFERING
01/09/2009 Preliminary short from prospectus
22/06/2009resignation of the Chief Financial Officer
23/05/2009Confirmation of Dissemination
05/02/2009News Release (Feb 4, 2009)
22/01/2009News Release (Jan 21, 2009)
09/12/2008News Release (Dec 8, 2008)
18/11/2008News Release (November 18, 2008)
25/09/2008News Release (Sept 25, 2008)
09/01/2008Confirms Higher Grades At Los Laches
13/08/2008Resignation of Chief Financial Officer
22/07/2008to optimize Gold recoveries as advancements are made on all ...
19/06/2008Program On Track At Angostura
07/05/2008RESULT OF ANNUAL GENERAL MEETING
30/04/2008.: Silencio Test Shows 17% Higher Gold Grades
04/04/2008Notice of meeting
19/12/2007Upgrades Angostura Resource to 10.15 Million Ounces Measured...
19/09/2007Adds Exploration Ground - Geotechnical Work Underway
19/07/2007Drilling Eyes Waste Rock Reduction
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