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Monday, May 31, 2010

Mining Stocks; Greystar Resources (TSX: GSL.TO)(AIM: GSL) Receives Positive Decision on Appeal to Reinstate Environmental Impact Assessment at Angostura Project, Colombia

Mining Stocks; Greystar Resources (TSX: GSL.TO)(AIM: GSL) Receives Positive Decision on Appeal to Reinstate Environmental Impact Assessment at Angostura Project, Colombia


VANCOUVER, BRITISH COLUMBIA--- May 31, 2010 - ( Investorideas.com mining stocks newswire) Greystar Resources Ltd. (TSX: GSL.TO)(AIM: GSL) is pleased to announce that further to its news releases dated April 29 and May 21, 2010 the Company has received a positive decision in regard to the Company's appeal with the Ministry of the Environment, Housing and Territorial Development (MAVDT) to reinstate its December 22, 2009 Environmental Impact Assessment (EIA).


On May 28, 2010, the Company received a decision from MAVDT that reverses its April 20 letter and reinstates the December 22, 2009 EIA as filed. MAVDT will move forward with a review of the EIA.



Steve Kesler, President & CEO commented, "We are very pleased with the Ministry's decision to reinstate our EIA as filed. We are committed to the highest standards of environmental stewardship in the development of the Angostura project. We believe that Angostura can be developed in a sustainable fashion that respects the integrity of the environment while delivering economic benefits to all stakeholders. We will continue to work closely with the Colombian Government and MAVDT to resolve all concerns related to the development of Angostura."



Greystar is in the midst of completing a Definitive Feasibility Study (DFS) on the Angostura project that is expected to be published in the second half of 2010. In addition, the Company has begun the process of securing US$650 million in project finance from international sources. The Company continues to carry out exploration at the project with a total of six drill rigs focused on three targets; Angostura high grade, Mongora and La Plata.



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 regarding estimates of capital and operating expenditures for the Angostura Project, the estimated completion date for a definitive feasibility study and the estimated average 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 and operating risks, environmental regulation and liability, government regulation as well as other risk factors set out under the heading "Risk Factors" in the Company's 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.


Contacts
Geoff Chater
Greystar Resources Ltd.
Vice President
(604) 614-7830
info@greystarresources.com http://www.greystarresources.com/

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