Greystar Hits 189.5 g/t Gold and 701 g/t Silver Over 1.5 Metres at Cristo Rey
16 12월 2010 - 11:53PM
UK Regulatory
TIDMGSL
Greystar Hits 189.5 g/t Gold and 701 g/t Silver Over 1.5 Metres at Cristo Rey
FOR: GREYSTAR RESOURCES LTD.
TSX, AIM SYMBOL: GSL
December 16, 2010
Greystar Hits 189.5 g/t Gold and 701 g/t Silver Over 1.5 Metres at Cristo Rey
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2010) - Greystar Resources Ltd. (TSX:GSL)(AIM:GSL)
("the Company") is pleased to announce that diamond drilling on the northern margin of the proposed
pit shell of the multi-million ounce Angostura deposit in northeastern Colombia has returned some of
the highest gold-silver grades encountered to date.
The latest results from the Cristo Rey area, which marks the current northern limit of the Angostura
deposit, included 189.5 g/t gold and 701 g/t silver over 1.5 metres in hole CR10-05, 6.89 g/t gold and
85.4 g/t silver over 1.6 metre in hole CR10-04 and 12.45 g/t gold and 96.7 g/t silver over 1 metre in
hole CR10-02. These significant intercepts confirm the presence of mineralization along strike and
down dip in the northern limit of proposed Angostura pit.
"Both exploration and delineation drilling in 2010 continued to show potential for further economic
enhancements of the Angostura deposit as evidenced by the latest drill results from Cristo Rey,"
states Greystar's Executive Vice President, Frederick Felder, P.Geo. "Drilling is also targeting
higher-grade mineralization in the Silencio area on the southern margin of the deposit, as well as in
the Los Laches area to the northeast."
Previous reported drill holes intersecting the same structure in the Cristo Rey area during 2006 and
2008 contained 74 g/t gold and 167 g/t silver over 3 metres (CR06-03), 10.7 g/t gold and 219 g/t
silver over 1.5 metres (VBE06-39), 14.95 g/t gold and 134 g/t silver over 0.7 metres (CR06-04), 8.98
g/t gold and 75 g/t silver over 1.3 metres (VBE06-23) and 4.84 g/t gold and 38 g/t silver over 12.8
metres (CR08-04).
Mineralization in the Cristo Rey area is similar in style to the Veta de Barro area immediately to the
south where higher grade structures have considerable strike extent, and although relatively narrow
the structures have much higher grades than in the core of the deposit.
A total of 3,524 meters of core has been drilled at Cristo Rey, and additional drilling will be
carried out to further test the higher grade mineralized structures at depth and along strike.
Currently drill rigs are working at Silencio, Los Laches, Mongora and La Plata.
The drill results from the 2010 Cristo Rey program are included in Table 1.
/T/
Table 1 - 2010 Cristo Rey Drill Results
=--------------------------------------------------------------------------
LENGTH Gold Silver Copper S
HOLE FROM-TO (metres) (g/t) (g/t) (%) (%)
=--------------------------------------------------------------------------
CR10-01 332.1 - 334 1.9 4.12 16.50 0.00 2.390
=--------------------------------------------------------------------------
38 - 39 1 3.53 86.90 0.00 0.520
----------------------------------------------------------------
CR10-02 74 - 75 1 12.45 96.70 0.01 3.020
----------------------------------------------------------------
264 - 294 30 0.66 3.72 0.02 2.326
=--------------------------------------------------------------------------
CR10-03 266 - 268 2 2.29 0.90 0.00 1.060
=--------------------------------------------------------------------------
119.4 - 121 1.6 6.89 85.40 0.03 5.580
CR10-04 ----------------------------------------------------------------
334 - 336 2 2.85 1.10 0.00 1.890
=--------------------------------------------------------------------------
184 - 186 2 8.78 90.10 0.01 4.850
CR10-05 ----------------------------------------------------------------
237 - 238.5 1.5 189.50 701.00 0.10 5.760
=--------------------------------------------------------------------------
205.65 - 221 15.35 0.86 2.76 0.00 1.835
----------------------------------------------------------------
387.75 - 401.1 13.35 1.12 5.10 0.02 2.657
CR10-06 ----------------------------------------------------------------
443.4 - 445 1.6 3.40 11.00 0.07 2.450
----------------------------------------------------------------
539 - 540.5 1.5 5.36 40.90 0.05 1.790
=--------------------------------------------------------------------------
268 - 270 2 5.72 25.90 0.02 4.780
CR10-07 ----------------------------------------------------------------
383 - 384.2 1.2 2.50 19.30 0.08 1.360
=--------------------------------------------------------------------------
Down hole width, not corrected but based on drill holes and structural dip
of the mineralization, the intervals vary from 67 to 92% of the true
thickness of the structures.
/T/
A drill plan map, cross sections and a longitudinal section are attached and will be posted on the
Greystar Resources website www.greystarresources.com, or you may view the maps accompanying this press
release by visiting the following link: http://media3.marketwire.com/docs/greystarmaps1216.pdf
Review by Qualified Person, Quality Control and Reports
The Company employs a quality control program to ensure sampling and analysis of all exploration work
is conducted in accordance with the best possible practices. Under these quality assurance measures,
drill core is sawn into halves with one half of the core prepped on site and samples shipped to ALS-
Chemex Laboratory (ISO 9002 registered) in Vancouver, B.C. for analysis. The remainder of the core is
retained for future assay verification. Gold analysis is conducted by fire assay (one assay tonne)
using an atomic absorption finish. The laboratory re-assays using the ALS-Chemex protocol, and
additional checks may be run on anomalous values. Greystar has independent re-analysis and sample
preparation checks run at other accredited laboratories. The Company also introduces background blanks
prepared from previously analyzed core samples from the Angostura Project.
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 of 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 Colombia.
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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Greystar Resources Ltd.
Victoria Vargas, Vice President Investor Relations
and Corporate Communications
+1 289 242 3599
info@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
NCB Stockbrokers Limited
Christopher Caldwell
Christopher Caldwell
+44 (0) 20 7071 5200
christopher.caldwell@ncb.ie
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.
Greystar (LSE:GSL)
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