(GSL.L) Greystar Resources Ltd Buy/Sell

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Date/Time	Headline	Source
1
Fri 07:00	Greystar Resources - Notification of Major Interests in Shares	RNS
RNS Number : 8217C Greystar Resources Ltd 19 November 2009 TR-1: Notifications of Major Interests in Shares `1. Identity of the issuer or the underlying issuer Greystar Resources Ltd.` of existing shares to which voting rights are attached: 2. Reason for notification (yes/no) `An acquisition or disposal of voting rights Yes` An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An event changing the breakdown of voting rights Other (please specify):______________ `3. Full name of person(s) JPMorgan Asset Management (UK) Limited` subject to notification obligation: 4. Full name of shareholder(s) (if different from 3): `5. Date of transaction (and 31 October 2009` date on which the threshold is crossed or reached if different): `6. Date on which issuer 18 November 2009` notified: `7. Threshold(s) that is/are 8%` crossed or reached: 8: Notified Details A: Voting rights attached to shares `Class/type of shares Situation previous to the triggering Resulting situation after the triggering transaction` `If possible use ISIN code transaction` CA3979132030 `Number of shares Number of voting Number of shares Number of voting rights Percentage of voting` `rights rights` `6,031,379` `6,031,379 6,354,272` `Direct Indirect Direct Indirect` `6,354,272 NIL 8.971% NIL` B: Financial Instruments Resulting situation after the triggering transaction Type of financial instrument Expiration date Exercise/ conversion No. of voting rights Percentage of voting `period/date that may be acquired rights` `(if the instrument` `exercised/converted)` Total (A+B) Number of voting rights Percentage of voting rights `6,354,272 8.971%` 9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: `14 Contact name: Sandra Lee, Corporate Secretary, Greystar` `Resources Ltd` 15. Contact telephone name: +1 604-689-1428 `16. Contact name: Christopher Caldwell - NCB Stockbrokers Ltd` 17. Contact telephone name: + 44 (0)20 7071 5234 This information is provided by RNS The company news service from the London Stock Exchange END HOLEAAFNFFDNFAE More
Thu 15:19	Greystar Resources - Director/PDMR Shareholding	RNS
RNS Number : 8002C Greystar Resources Ltd 19 November 2009 SCHEDULE 5 NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS 1. Name of company Greystar Resources Ltd. 2. Name of director German del Corral 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's spouse or children under the age of 18 or in respect of a non-beneficial interest In respect of the holder in 2 above 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them (if notified) German del Corral 5. Please state whether notification relates to a person(s) connected with the director named in 2 above and identify the connected person(s) In respect of the holder in 2 above 6. Please state the nature of the transaction. For PEP transactions please indicate whether general/single co PEP and if discretionary/non discretionary Exercise of an incentive stock option. 7. Number of shares / amount of stock acquired 13,727 8. Percentage of issued class 0.019% 9. Number of shares/amount of stock disposed N/A 10. Percentage of issued class N/A 11. Class of security Common shares 12. Price per share C$4 13. Date of transaction 18 November 2009 14. Date company informed 18 November 2009 15. Total holding following this notification 13,727 16. Total percentage holding of issued class following this notification 0.019% If a director has been granted options by the company please complete the following boxes. 17. Date of grant N/A 18. Period during which or date on which exercisable 19. Total amount paid (if any) for grant of the option n/a 20. Description of shares or debentures involved: class, number 21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of exercise 22. Total number of shares or debentures over which options held following this notification 23. Any additional information 24. Name of contact and telephone number for queries Sandra Lee, Corporate Secretary, +1 604-488-5427 25. Name and signature of authorised company official responsible for making this notification Christopher Caldwell, NCB Stockbrokers Limited, + 44 (0)20-7071-5234 Date of Notification 18 November 2009 This information is provided by RNS The company news service from the London Stock Exchange END RDSILFLELTLALIA More
Thu 15:18	Greystar Resources - Director/PDMR Shareholding	RNS
RNS Number : 7998C Greystar Resources Ltd 19 November 2009 SCHEDULE 5 NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS 1. Name of company Greystar Resources Ltd. 2. Name of director David B. Rovig 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's spouse or children under the age of 18 or in respect of a non-beneficial interest In respect of the holder in 2 above 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them (if notified) David B. Rovig 5. Please state whether notification relates to a person(s) connected with the director named in 2 above and identify the connected person(s) In respect of the holder in 2 above 6. Please state the nature of the transaction. For PEP transactions please indicate whether general/single co PEP and if discretionary/non discretionary Exercise of an incentive stock option. 7. Number of shares / amount of stock acquired 102,956 8. Percentage of issued class 0.144% 9. Number of shares/amount of stock disposed N/A 10. Percentage of issued class N/A 11. Class of security Common shares 12. Price per share C$4 13. Date of transaction 18 November 2009 14. Date company informed 18 November 2009 15. Total holding following this notification 549,317 16. Total percentage holding of issued class following this notification 0.77% If a director has been granted options by the company please complete the following boxes. 17. Date of grant N/A 18. Period during which or date on which exercisable 19. Total amount paid (if any) for grant of the option n/a 20. Description of shares or debentures involved: class, number 21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of exercise 22. Total number of shares or debentures over which options held following this notification 23. Any additional information 24. Name of contact and telephone number for queries Sandra Lee, Corporate Secretary, +1 604-488-5427 25. Name and signature of authorised company official responsible for making this notification Christopher Caldwell, NCB Stockbrokers Limited, + 44 (0)20-7071-5234 Date of Notification 18 November 2009 This information is provided by RNS The company news service from the London Stock Exchange END RDSILFLELDLALIA More
Thu 15:17	Greystar Resources - Director/PDMR Shareholding	RNS
RNS Number : 7997C Greystar Resources Ltd 19 November 2009 SCHEDULE 5 NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS 1. Name of company Greystar Resources Limited 2. Name of director Brian E. Bayley 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's spouse or children under the age of 18 or in respect of a non-beneficial interest In respect of the holder in 2 above 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them (if notified) Brian E. Bayley 5. Please state whether notification relates to a person(s) connected with the director named in 2 above and identify the connected person(s) In respect of the holder in 2 above 6. Please state the nature of the transaction. For PEP transactions please indicate whether general/single co PEP and if discretionary/non discretionary Exercise of an incentive stock option. 7. Number of shares / amount of stock acquired 100,000 8. Percentage of issued class 0.14% 9. Number of shares/amount of stock disposed N/A 10. Percentage of issued class N/A 11. Class of security Common shares 12. Price per share Exercise price C$4.00 13. Date of transaction 17 November 2009 14. Date company informed 17 November 2009 15. Total holding following this notification 268,100 16. Total percentage holding of issued class following this notification 0.37% If a director has been granted options by the company please complete the following boxes. 17. Date of grant N/A 18. Period during which or date on which exercisable 19. Total amount paid (if any) for grant of the option 20. Description of shares or debentures involved: class, number 21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of exercise 22. Total number of shares or debentures over which options held following this notification 23. Any additional information 24. Name of contact and telephone number for queries Sandra Lee, Corporate Secretary, +1 604-488-5427 25. Name and signature of authorised company official responsible for making this notification Christopher Caldwell, NCB Stockbrokers Limited, + 44 (0)20 7071 5234 Date of Notification 18 November 2009 This information is provided by RNS The company news service from the London Stock Exchange END RDSILFLELRLALIA More
13-11-09	Greystar Resources - 3rd Quarter Results	RNS
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2009) - Greystar Resources Ltd. (TSX:GSL)(AIM:GSL) - Management's Comments on Unaudited Interim Consolidated Financial Statements For the Three and Nine Months Ended September 30, 2009 The accompanying unaudited interim consolidated financial statements of Greystar Resources Ltd., for the three and nine months ended September 30, 2009, have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company. These statements have not been reviewed by the Company's external auditors. GREYSTAR RESOURCES LTD. Consolidated Balance Sheets (Unaudited - Prepared by Management) --------------------------------------------------------------------------- `September 30 December 31` 2009 2008 --------------------------------------------------------------------------- ASSETS Current assets: `Cash and cash equivalents $ 83,922,990 $ 27,262,146` `Accounts receivable and prepaids 531,869 449,090` Deposit on mineral properties `(note 4) 89,120 -` --------------------------------------------------------------------------- `84,543,979 27,711,236` `Equipment (note 3) 1,037,413 1,126,477` `Mineral properties (note 4) 17,493,415 14,418,247` --------------------------------------------------------------------------- `$ 103,074,807 $ 43,255,960` --------------------------------------------------------------------------- --------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued `liabilities $ 3,509,564 $ 1,280,801` Amounts payable on mineral `property acquisition (note 4) 600,660 -` `Asset retirement obligation (note 5) 118,579 390,000` --------------------------------------------------------------------------- `4,228,803 1,670,801` Amounts payable on mineral `property acquisition (note 4) 469,483 -` `Asset retirement obligation (note 5) 200,999 190,000` --------------------------------------------------------------------------- `4,899,285 1,860,801` --------------------------------------------------------------------------- Shareholders' equity: `Common shares (note 6(b)) 202,810,387 143,434,989` `Warrants (note 6(c)) 13,665,613 384,800` `Contributed surplus (note 6(e)) 12,418,425 10,772,031` `Deficit (130,718,903) (113,196,661)` --------------------------------------------------------------------------- `98,175,522 41,395,159` --------------------------------------------------------------------------- `$ 103,074,807 $ 43,255,960` --------------------------------------------------------------------------- --------------------------------------------------------------------------- See accompanying notes to unaudited interim consolidated financial statements. Approved on behalf of the Board: `Signed: "David B. Rovig" Director` --------------------------------- `Signed: "Brian E. Bayley" Director` --------------------------------- GREYSTAR RESOURCES LTD. Consolidated Statements of Operations and Deficit (Unaudited - Prepared by Management) --------------------------------------------------------------------------- `Three months ended Nine months ended` `September 30 September 30` 2009 2008 2009 2008 --------------------------------------------------------------------------- Exploration expenditures `(note 4) $ 6,348,885 $ 5,524,291 $ 13,779,109 $ 14,901,738` General and administrative expenses: `Amortization 65,253 39,231 193,221 96,094` Audit, legal and other professional `fees 275,089 57,662 532,925 145,112` `Investor relations 32,080 33,327 93,011 121,655` Management and `consulting fees 89,162 10,328 251,680 132,117` Office facilities and administrative `services 57,371 41,222 151,523 133,529` Salaries and `benefits 130,272 33,613 288,560 103,392` Stock-based compensation `(note 6(d)) 407,883 250,220 1,917,256 1,220,275` Transfer agent, listing and filing `fees 33,144 42,410 131,398 179,429` `Travel 58,321 18,081 172,942 97,801` ---------------------------------------------------------------------------- `1,148,575 526,094 3,732,516 2,229,404` ---------------------------------------------------------------------------- Loss before other `items (7,497,460) (6,050,385) (17,511,625) (17,131,142)` Other items: `Interest income (37,511) (271,498) (145,451) (1,130,248)` Foreign exchange `loss (gain) 368,324 (1,648) 156,068 989` ---------------------------------------------------------------------------- `330,813 (273,146) 10,617 (1,129,259)` ---------------------------------------------------------------------------- Loss and comprehensive `loss for the period (7,828,273) (5,777,239) (17,522,242) (16,001,883)` Deficit, beginning of `period (122,890,630) (101,476,160) (113,196,661) (91,251,516)` ---------------------------------------------------------------------------- Deficit, end of period $(130,718,903) $(107,253,399) $(130,718,903) $(107,253,399) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Basic and diluted loss per common `share $ (0.15) $ (0.13) $ (0.34) $ (0.35)` ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Weighted-average number of common `shares outstanding 53,153,949 46,063,798 50,965,120 46,007,030` ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- See accompanying notes to unaudited interim consolidated financial statements. GREYSTAR RESOURCES LTD. Consolidated Statements of Cash Flows (Unaudited - Prepared by Management) --------------------------------------------------------------------------- `Three months ended Nine months ended` `September 30 September 30` 2009 2008 2009 2008 --------------------------------------------------------------------------- Cash provided by (used in): Operating activities: Loss for the `period $ (7,828,272) $ (5,777,239) $ (17,522,241) $ (16,001,883)` Asset retirement `expenditures (90,953) - (260,422) -` Items not involving cash: `Amortization 65,253 39,231 193,221 96,094` Interest accretion `on amounts payable` `on mineral property` `acquisition 35,126 - 35,126 -` Stock-based `compensation 407,883 250,220 1,917,256 1,220,275` Unrealized foreign `exchange loss 25,033 - 13,235 -` Changes in non-cash working capital: Amounts receivable `and prepaids (356,512) (79,703) (82,779) (343,147)` Accounts payable `and accrued` `liabilities 1,918,714 697,539 2,228,763 1,432,642` --------------------------------------------------------------------------- `(5,823,726) (4,869,952) (13,477,841) (13,596,019)` --------------------------------------------------------------------------- Investing activities: Mineral property `acquisition costs (323,049) (31,313) (1,082,555) (1,802,667)` Purchase of `equipment (43,598) (130,367) (104,157) (319,829)` Deposit on property `acquisition - - (86,736) -` --------------------------------------------------------------------------- `(366,647) (161,680) (1,273,448) (2,122,496)` --------------------------------------------------------------------------- Financing activities: Common shares and warrants issued on `public offering 63,250,002 - 63,250,002 -` Common shares and warrants issued on `private placement - - 12,039,865 -` Issue costs related `to equity issuance (3,745,786) - (3,949,534) -` Common shares issued on exercise of `stock options - - 71,800 294,375` --------------------------------------------------------------------------- `59,504,216 - 71,412,133 294,375` --------------------------------------------------------------------------- Increase (decrease) in cash and cash `equivalents 53,313,843 (5,031,632) 56,660,844 (15,424,140)` Cash and cash equivalents, beginning of `period 30,609,147 38,228,545 27,262,146 48,621,053` --------------------------------------------------------------------------- Cash and cash equivalents, `end of period $ 83,922,990 $ 33,196,913 $ 83,922,990 $ 33,196,913` --------------------------------------------------------------------------- --------------------------------------------------------------------------- Supplementary cash flow information (note 7) See accompanying notes to unaudited interim consolidated financial statements. GREYSTAR RESOURCES LTD. Notes to Interim Consolidated Financial Statements For the three and nine months ended September 30, 2009 (Unaudited - Prepared by Management) --------------------------------------------------------------------------- 1. Basis of Presentation These unaudited interim consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles ("GAAP") for interim financial statements. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for annual financial statements. In the opinion of management, all adjustments (consisting of normal and recurring accruals) considered necessary for fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2009 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2009. The interim financial statements have been prepared by management in accordance with the accounting policies described in the Company's annual financial statements for the year ended December 31, 2008. For further information, refer to the Company's consolidated financial statements and notes thereto for the year ended December 31, 2008. At September 30, 2009, the Company had working capital of $80,315,177 but had not yet achieved profitable operations and expects to incur further losses in the development of its business. For the three and nine month periods ended September 30, 2009, the Company reported net losses of $7,828,272 and $17,522,241, respectively, and as at September 30, 2009, has an accumulated deficit of $130,718,903. The ability of the Company to continue as a going concern is dependent upon the Company's ability to arrange additional funds to complete the development of its property and upon future profitable production. 2. Accounting Policy Changes Goodwill and intangible assets Effective January 1, 2009, the Company adopted the new Canadian Institute of Chartered Accountants ("CICA") Handbook Section 3064, Goodwill and Intangible Assets. This section replaces CICA Handbook Section 3062, Goodwill and Intangible Assets, and establishes revised standards for the recognition, measurement, presentation and disclosure of goodwill and intangible assets. The new standard also provides guidance for the treatment of various pre-production and start-up costs and requires that these costs be expensed as incurred, with the concurrent withdrawal of CICA Emerging Issues Committee Abstract 27, "EIC 27 - Revenues and Expenditures during the Pre-operating Period". The Company does not have goodwill or intangible assets and therefore the adoption of this new standard does not have any impact on the Company's consolidated financial statements. Future pronouncements International Financial Reporting Standards ("IFRS") In February 2008, Canada's Accounting Standards Board ("AcSB") confirmed the date of changeover from GAAP to International Financial Reporting Standards ("IFRS"). Canadian publicly accountable enterprises must adopt IFRS for their interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. While IFRS uses a conceptual framework similar to Canadian GAAP, there are significant differences in recognition, measurement and disclosures. The Company, with the assistance of an external advisor, has begun a high-level review of major differences between Canadian GAAP and IFRS. While the Company has begun assessing the adoption of IFRS, the financial reporting impact of the transition to IFRS cannot be reasonably estimated at this time. Business combinations In January 2009, the CICA issued new recommendations for Section 1582, Business Combinations, to replace Section 1581, Business Combinations. Section 1582 provides the Canadian equivalent to the IFRS standard, IFRS 3 (revised), Business Combinations, and specifies a number of changes, including: an expanded definition of a business, a requirement to measure all business acquisitions at fair value, a requirement to measure non-controlling interests at fair value, and a requirement to recognize acquisition related costs as expenses. The section applies prospectively to business combinations for which the acquisition date is on or after January 1, 2011, however, early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements. Consolidated financial statements and non-controlling interests In January 2009, the CICA also issued new recommendations for Section 1601, Consolidated Financial Statements and Section 1602, Non-Controlling Interests, which together replace Section 1600, Consolidated Financial Statements, and provide the Canadian equivalent to the corresponding provisions of IFRS standard, IAS 27 (revised), Consolidated and Separate Financial Statements. Section 1601 establishes standards for the preparation of consolidated financial statements. Section 1602 specifies that non-controlling interests be treated as a separate component of equity, instead of a liability or other item outside of equity. These new standards are effective for interim and annual consolidated financial statements relating to fiscal years beginning on or after January 1, 2011 however, early adoption is permitted as of the beginning of a fiscal year. The Company is currently evaluating the impact of these new standards on its consolidated financial statements. 3. Equipment --------------------------------------------------------------------------- `As at September 30, 2009 Cost Accumulated Net book` `amortization value` --------------------------------------------------------------------------- `Buildings $ 556,021 $ (136,585) $ 419,436` `Field equipment 804,637 (640,856) 163,781` `Office equipment 545,245 (266,557) 278,688` `Transport 309,727 (134,219) 175,508` --------------------------------------------------------------------------- `$ 2,215,630 $ (1,178,217) $ 1,037,413` --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- `As at December 31, 2008 Cost Accumulated Net book` `amortization value` --------------------------------------------------------------------------- `Buildings $ 556,021 $ (119,349) $ 436,672` `Field equipment 785,688 (610,479) 175,209` `Office equipment 460,038 (158,987) 301,051` `Transport 309,727 (96,182) 213,545` --------------------------------------------------------------------------- `$ 2,111,474 $ (984,997) $ 1,126,477` --------------------------------------------------------------------------- --------------------------------------------------------------------------- 4. Mineral Properties --------------------------------------------------------------------------- `Amount` --------------------------------------------------------------------------- `Balance, December 31, 2008 $ 14,418,247` `Acquisition cost - cash consideration 2,101,953` `Acquisition cost - warrants issued 973,215` --------------------------------------------------------------------------- `Balance, September 30, 2009 $ 17,493,415` --------------------------------------------------------------------------- --------------------------------------------------------------------------- In January 2009, the Company entered into an agreement to acquire the "Los Robles" land parcel with an area of 14.6 hectares. The property was acquired for cash payment of $58,794. The Company also issued 30,000 common share purchase warrants exercisable into common shares at a price of $2.05 per share, exercisable until January 22, 2013. The value of these share purchase warrants was estimated to be $59,374 using the Black-Scholes valuation model. In June 2009, the Company acquired the "Las Puentes" land parcel with an area of 1,034 hectares. The property was acquired for approximately $2,194,000, including cash payments made in June and July 2009 totaling approximately $996,000, and future cash payments to be made in Colombian pesos totaling approximately $1,198,000 and payable in varying amounts in April 2010 and April 2011. The future obligations have been recorded as amounts payable on mineral property acquisition on the consolidated balance sheet and have been discounted to reflect the non-interest bearing feature of this obligation. The Company also issued 300,000 share purchase warrants exercisable into common shares at a price of $2.30 per share, exercisable until June 29, 2013. The value of these share purchase warrants was estimated to be $650,451 using the Black-Scholes valuation model. In June 2009, the Company also entered into a term sheet to acquire the "Laguna de la Virgen" land parcel comprised of approximately 189 hectares. The Company has made a cash deposit of approximately $89,000 and has agreed to make further payments of approximately $217,000 and to issue 60,000 share purchase warrants having an exercise price of $2.30 expiring four years following the closing of the transaction. This transaction had not closed as at September 30, 2009, but is expected to close in the fourth quarter of 2009. In June 2009, the Company issued 123,500 share purchase warrants relating to the El Bosque, El Carbon and El Salbial land parcel acquisitions that were completed in previous reporting periods. The issuance of these share purchase warrants received regulatory approval during April and May 2009. The value of the share purchase warrants was estimated to be $263,390 using the Black-Scholes valuation model. The following table is a summary of these warrants issued in connection with these transactions: -------------------------------------------------------------------------- `Warrants Exercise price Expiry Date` -------------------------------------------------------------------------- `El Bosque 3,700 $6.75 January14, 2012` `El Salbial 19,800 $5.65 February 18, 2012` `El Carbon 100,000 $4.89 June 29, 2013` -------------------------------------------------------------------------- -------------------------------------------------------------------------- The valuation of share purchase warrants issued in relation to the above land acquisitions were estimated using the Black-Scholes valuation model applying the following assumptions: -------------------------------------------------------------------------- `Risk-free interest rate 1.39% to 3.45%` `Expected life Full term of the warrant` `Volatility 48.4% to 80.3%` `Expected dividends Nil` -------------------------------------------------------------------------- The details of exploration expenditures incurred and expensed on the Company's Colombian mineral properties during the three and nine month periods ended September 30, 2009 and 2008 are as follows: -------------------------------------------------------------------------- `Three months ended Nine months ended` `September 30 September 30` 2009 2008 2009 2008 -------------------------------------------------------------------------- Exploration expenditures: `Administration $ 589,994 $ 237,513 $ 1,606,004 $ 740,893` `Assay and metallurgy 312,895 719,436 1,031,176 1,079,266` `Consulting and geology 28,134 289,490 90,933 531,825` Drilling and field `costs 719,076 2,657,975 1,902,896 8,667,129` `Environmental - 79,608 - 191,753` Equipment rentals, repairs, maintenance `and supplies 17,781 245,940 74,177 619,516` Field and office `supplies 6,717 18,304 32,524 57,388` Community projects, social programs `and security 364,278 235,912 1,088,923 639,435` Feasibility and pre-feasibility `studies 3,902,531 472,270 6,798,129 65,455` Taxes and surface `rights 393,295 476,890 1,102,727 1,385,269` `Travel 14,184 90,953 51,620 223,809` -------------------------------------------------------------------------- `6,348,885 5,524,291 13,779,109 14,901,738` -------------------------------------------------------------------------- Cumulative exploration expenditures, `beginning of period 94,811,722 76,328,203 87,381,498 66,950,756` -------------------------------------------------------------------------- Cumulative exploration expenditures, `end of period $ 101,160,607 $81,852,494 $101,160,607 $ 81,852,494` -------------------------------------------------------------------------- -------------------------------------------------------------------------- 5. Asset Retirement Obligation -------------------------------------------------------------------------- `Amount` -------------------------------------------------------------------------- `Balance, December 31, 2008, current and long-term $ 580,000` `Remediation work performed (260,422)` `Liabilities incurred during the year -` -------------------------------------------------------------------------- `Balance, September 30, 2009 319,578` `Less: Current portion (118,579)` -------------------------------------------------------------------------- `$ 200,999` -------------------------------------------------------------------------- -------------------------------------------------------------------------- 6. Share Capital (a) Authorized: Unlimited number of common shares without par value (b) Common shares issued: The continuity of common shares is as follows: -------------------------------------------------------------------------- `Number of` `Shares Amount` -------------------------------------------------------------------------- `46,063,798 $ 143,434,989` Balance, December 31, 2008 `Private placement 6,579,161 12,039,864` `Public offering (net of warrants) 18,071,429 51,385,586` `Issue costs - (4,392,715)` `Exercise of options 113,816 342,663` -------------------------------------------------------------------------- `Balance, September 30, 2009 70,828,204 $ 202,810,387` -------------------------------------------------------------------------- -------------------------------------------------------------------------- During the period ended March 31, 2009, the Company completed a private placement of 6,579,161 units at a price of $1.83 per unit for gross proceeds of $12,039,864. Each unit consisted of one common share and three-quarters of a transferable common share purchase warrant. A total of 6,579,161 common shares and 4,934,371 warrants were issued on closing. Each whole warrant entitles the holder to purchase one common share at a price of $2.47 per share during the five-year period ending March 20, 2014. If at any time following six months from March 20, 2009, the closing price of the Company's common shares is above $3.70 for 30 or more consecutive trading days, the Company can give notice to accelerate the expiry date of up to 2,467,185 warrants to 60 days following the date of such notice. Additionally, if at any time following two months from the completion and delivery of a bankable feasibility study with respect to the Company's Angostura gold-silver project, the closing price of the Company's common shares is above $3.70 for 30 or more consecutive trading days, the Company can give notice to accelerate the expiry of the remaining 2,467,186 warrants (or less) to 60 days following the date of such notice. This private placement was considered valued at market, with the full amount of the value assigned to the common shares and no value assigned to the warrant component. On September 29, 2009, the Company closed a public offering of 18,071,429 units at a price of $3.50 per unit for gross proceeds of $63,250,002. Each unit consisted of one common share and one-half of a transferable common share purchase warrant. A total of 18,071,429 common shares and 9,939,285 warrants were issued on closing, including 903,571 warrants issued as compensation to the agents assisting with the offering. These warrants are registered to trade on the Toronto Stock Exchange under the symbol GSL.WT. The 9,035,714 warrants subscribed to in this offering entitle the holder to purchase one common share at a price of $4.30 per share during the one-year period ending September 29, 2010. If at any time, the closing price of the Company's common shares on the Toronto Stock Exchange is greater than $5.00 for 20 or more consecutive trading days, the Company can give notice to accelerate the expiry date of the warrants to 20 days following the date of such notice. The value of these share purchase warrants was estimated to be $11,864,415 using the Black-Scholes valuation model. The 903,571 agents' warrants entitle the holder to purchase one unit at a price of $3.50 per unit during the one- year period ending September 29, 2010, with each unit comprised of one common share and one-half of a transferable common share purchase warrant and having the same terms as the units subscribed to as part of the September 29, 2009 offering. The value of the agents' warrants was estimated to be $1,425,293 using the Black-Scholes valuation model and has been recorded as an issue cost of this transaction. The valuation of the warrants issued as part of this public offering was estimated using the Black-Scholes valuation model applying the following assumptions: -------------------------------------------------------------------------- `Risk-free interest rate 1.20%` `Expected life Full term of the warrant` `Volatility 119%` `Expected dividends Nil` -------------------------------------------------------------------------- (c) Share purchase warrants: The continuity of warrants is as follows: -------------------------------------------------------------------------- `Number of` `Warrants Amount` -------------------------------------------------------------------------- `149,178 $ 384,800` Balance, December 31, 2008 `Issued on private placement 4,934,371 -` `Issued on public offering 9,035,714 11,864,415` `Issued as agents' compensation 903,571 1,425,293` `Issue costs - (982,110)` `Issued on land acquisition 453,500 973,215` -------------------------------------------------------------------------- `Balance, September 30, 2009 15,476,334 $ 13,665,613` -------------------------------------------------------------------------- -------------------------------------------------------------------------- A discussion of warrants issued during the reporting period in connection with land transactions is included under note 4 "mineral properties", and a discussion of warrants issued in connection with the private placement and public offering is included under note 6(b) "common shares issued". Details of share purchase warrants outstanding at September 30, 2009 are as follows: ------------------------------------------------------------------ `Expiry Date Number of Exercise price` `Warrants` ------------------------------------------------------------------ `October 3, 2009 9,178 $ 10.10` `September 29, 2010 9,035,714 $ 4.30` `September 29, 2010 903,571 $ 3.50` `January 11, 2012 40,000 $ 7.10` `January 14, 2012 3,700 $ 6.75` `February 18, 2012 19,800 $ 5.65` `January 10, 2013 100,000 $ 6.30` `June 29, 2013 100,000 $ 4.89` `June 29, 2013 300,000 $ 2.30` `June 29, 2013 30,000 $ 2.05` `March 20, 2014 4,934,371 $ 2.47` ------------------------------------------------------------------ `15,476,334 $ 3.66` ------------------------------------------------------------------ ------------------------------------------------------------------ (d) Share purchase options: The continuity of share purchase options is as follows: ------------------------------------------------------------------------- `Balance, Balance,` `December September` `Exercise 31 30` `Expiry Date Price 2008 Granted Exercised* Cancelled 2009` ------------------------------------------------------------------------- `June 7, 2009 $ 2.10 195,000 - (195,000) - -` October 13, `2009 $ 2.55 4,400 - - - 4,400` November 23, `2009 $ 4.00 699,000 - - - 699,000` April 29, `2010 $ 4.10 99,450 - - - 99,450` July 25, `2010 $ 5.90 2,750 - - - 2,750` August 22, `2010 $ 6.00 14,000 - - - 14,000` September 6, `2010 $ 7.10 608,600 - - - 608,600` January 20, `2011 $ 8.01 471,000 - - - 471,000` `March 1, 2011 $ 6.60 50,000 - - - 50,000` March 31, `2011 $11.00 9,500 - - - 9,500` `May 26, 2011 $10.20 13,400 - - - 13,400` October 2, `2011 $10.30 406,500 - - - 406,500` September 20, `2012 $ 6.60 642,250 - - - 642,250` `May 15, 2013 $ 4.71 629,750 - - - 629,750` `June 23, 2013 $ 4.46 150,000 - - - 150,000` October 20, `2011 $ 0.88 10,000 - (10,000) - -` November 17, `2013 $ 0.98 50,000 - - (50,000) -` `June 23, 2013 $ 0.85 20,000 - - - 20,000` `May 18, 2014 $ 3.60 - 1,285,000 - - 1,285,000` `July 16, 2014 $ 3.26 - 75,000 - - 75,000` August 6, `2014 $ 4.10 - 35,000 - - 35,000` August 11, `2014 $ 4.00 - 25,000 - - 25,000` August 17, `2014 $ 4.05 - 30,000 - - 30,000` September 14, `2014 $ 3.61 - 25,000 - - 25,000` ------------------------------------------------------------------------- `Total 4,075,600 1,475,000 (205,000) (50,000) 5,295,600` Weighted-average `exercise price $ 6.02 $ 3.61 $ 2.04 $ - $ 5.55` ------------------------------------------------------------------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- `Expiry Date Balance, Balance,` `December 31 September 30` 2008 2009 ------------------------------------------------------------------------- `Exercisable 3,284,588 3,841,826` `Weighted-average exercise price $ 6.28 $ 6.12` ------------------------------------------------------------------------- ------------------------------------------------------------------------- Of the 205,000 options exercised, 165,000 were exercised using the cashless exercise option, resulting in the issuance of 73,816 shares. There were 1,475,000 new stock option awards issued during the nine months ended September 30, 2009. The fair value of the stock options granted were calculated using the Black-Scholes option pricing model and the following weighted-average assumptions: ------------------------------------------------------------------------- `Risk free interest rate 1.63%` `Expected life 5 years` `Volatility 72.5%` `Expected dividends -` ------------------------------------------------------------------------- For the options that vested during the period and will vest in future periods, the Company has recorded a stock-based compensation expense of $1,917,256 in the nine month period ended September 30, 2009. The Company will record additional stock-based expense of $2,722,951 in future reporting periods as options unvested as at September 30, 2009 continue to vest. (e) Contributed surplus: The continuity of contributed surplus is as follows: ------------------------------------------------------------------------- `Number of` `Options Amount` ------------------------------------------------------------------------- `4,075,600 $ 10,772,031` Balance, December 31, 2008 `Options issued in period 1,475,000 -` `Options exercised in period (205,000) (270,863)` `Options cancelled in period (50,000) -` `Amortization of stock-based compensation - 1,917,256` ------------------------------------------------------------------------- `Balance, September 30, 2009 5,295,600 $ 12,418,424` ------------------------------------------------------------------------- ------------------------------------------------------------------------- 7. Supplementary Cash Flow Information -------------------------------------------------------------------------- `Three months ended Nine months ended` `September 30 September 30` 2009 2008 2009 2008 -------------------------------------------------------------------------- Cash amount of payments received: `Interest received $ 37,511 $ 271,498 $ 145,451 $ 1,130,248` Non-cash investing and financing activities: Fair value of stock options transferred to share capital from contributed surplus on `exercise of options $ - $ - $ 270,817 $ -` Mineral property acquisition with `future amounts payable $ - $ - $ 1,298,400 $ -` Fair value of share purchase warrants issued on mineral `property acquisition $ - $ - $ 973,215 $ 361,680` -------------------------------------------------------------------------- Cash and cash equivalents are comprised of: -------------------------------------------------------------------------- `September 30 December 31` 2009 2008 `Cash $ 11,016,929 $ 27,262,146` `Cash equivalents 72,906,061 -` -------------------------------------------------------------------------- `$ 83,922,990 $ 27,262,146` -------------------------------------------------------------------------- -------------------------------------------------------------------------- Cash equivalents consist of highly liquid investments issued by Canadian financial institutions that have original terms to maturity of 90 days or less when acquired. 8. Related Party Transactions Related party transactions not otherwise disclosed in these financial statements for the nine month period ended September 30, 2009, consist of payments for: (a) Office facilities and administrative services for $49,500, consulting fees for $25,400, and fees for assistance with a public offering for $25,000 to a company with a director and two officers in common; (b) Rent and administrative services for $41,032 and consulting fees for $152,407 to a company owned by the president; (c) Investor relations services for $14,167 to a company owned by a former director who is now an officer of the Company; and (d) Accounts payable as at September 30, 2009 of: $32,793 to a company with a director and two officers in common; $37,847 to a company owned by the president; and $14,167 to a company owned by an officer. The above transactions were in the normal course of business and were measured at the exchange amount which is the amount agreed to by the related parties. 9. Segment Disclosures The Company considers itself to operate in a single segment, being resource exploration and development. Geographic financial information is as follows: -------------------------------------------------------------------------- `Canada Colombia Total` September 30, 2009: `Loss from operations $ 8,496,301 $ 9,025,941 $ 17,522,241` `Interest income $ 139,022 $ 6,429 $ 145,451` `Identifiable assets $ 91,419,482 $ 11,655,325 $ 103,074,807` September 30, 2008: `Loss from operations $ 1,100,145 $ 14,901,738 $ 16,001,883` `Interest income $ 1,130,248 $ - $ 1,130,248` `Identifiable assets $ 33,524,876 $ 13,752,208 $ 47,277,084` -------------------------------------------------------------------------- 10. Management of Financial Risk The Company's financial instruments are exposed to certain financial risks, including currency risk, credit risk, liquidity risk, interest risk and price risk. (a) Currency risk The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company operates in Canada and Colombia and a large portion of its expenses are incurred in Columbian pesos and United States dollars. A significant change in the currency exchange rates between the Canadian dollar relative to the Columbian peso or the United States dollar could have an effect on the Company's results of operations, financial position or cash flows. The Company has not hedged its exposure to currency fluctuations. The following represents the Canadian equivalent of Colombian peso financial instruments translated as at September 30, 2009: -------------------------------------------------------------------------- `September 30` 2009 -------------------------------------------------------------------------- `$ 169,215` Cash and cash equivalents `Accounts receivable and prepaids 308,515` `Deposits on mineral properties 89,120` `Accounts payable and accrued liabilities (1,742,190)` `Amounts payable on land acquisition (1,070,143)` -------------------------------------------------------------------------- `Net exposure $ (2,245,483)` -------------------------------------------------------------------------- -------------------------------------------------------------------------- The following represents the Canadian equivalent of United States dollar financial instruments translated as at September 30, 2009: -------------------------------------------------------------------------- `September 30` 2009 -------------------------------------------------------------------------- `Cash and cash equivalents $ 3,873,943` `Accounts receivable and prepaids 142,975` `Accounts payable and accrued liabilities (1,116,965)` -------------------------------------------------------------------------- `Net exposure $ 2,899,953` -------------------------------------------------------------------------- -------------------------------------------------------------------------- The net exposures in financial instruments as at September 30, 2009 is not material and therefore a 10% depreciation or appreciation of the Canadian dollar against the Columbian peso or United States dollar would not result in a material change in to the Company's loss reported for the period ended September 30, 2009. (b) Credit risk Credit risk is the risk of an unexpected loss if a third party to a financial instrument fails to meet its contractual obligations. The Company manages its credit risk through its counterparty ratings and credit limits. The Company's cash and cash equivalents and short term investments are held through large Canadian financial institutions. Short-term investments are composed of financial instruments issued by Canadian banks. These instruments mature at various dates over the current operating period and are normally for periods three months or less. Amounts receivable primarily consist of goods and services tax receivable with expected payment from the Canadian government. (c) Liquidity risk The Company manages liquidity risk by adjusting planned expenditures so that it will have adequate cash balances in order to meet short and long term business requirements. The Company's planned expenditures for the upcoming twelve months will not exceed current resources. The Company completed a public offering in September 2009, the proceeds of which are anticipated to meet expenditures for the upcoming year. The Company's cash is invested in liquid investments with quality financial institutions and is available on demand for the Company's programs and is not invested in any asset-backed commercial paper. (d) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's bank accounts earn interest income at variable rates. The Company's future interest income is exposed to changes in short term rates. (e) Price risk Although the Company is not in production, the nature of the project potentially exposes the Company to price risk with respect to commodity prices. The Company monitors commodity prices to determine the appropriate course of action to be taken, if required. 11. Capital Management The Company's objective when managing capital is to maintain adequate levels of funding to support exploration and development of its Colombian project, and to maintain corporate and administrative functions. The Company considers shareholders' equity as capital. The Company is not subject to externally imposed capital requirements and the Company's overall strategy with respect to capital risk management remains unchanged from the year ended December 31, 2008. 12. Comparative Figures Certain of the comparative figures have been reclassified to conform with the financial statement presentation adopted in the current period. GREYSTAR RESOURCES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 INTRODUCTION The following information of Greystar Resources Ltd. (the "Company" or "Greystar"), prepared as of November 10, 2009, should be read in conjunction with the Company's unaudited interim consolidated financial statements for the three and nine month periods ended September 30, 2009 and the audited annual consolidated financial statements for the years ended December 31, 2008 and 2007, and the related notes attached thereto. These financial statements have been prepared in accordance with Canadian generally accepted accounting principles. All amounts in this management's discussion and analysis ("MD&A") are expressed in Canadian dollars unless otherwise indicated. Additional information relevant to the Company's activities, including the Company's Annual Information Form, can be found on SEDAR at www.sedar.com. The Company is a development stage company, engaged in the acquisition and exploration of resource properties. The Company's primary activity is the exploration and development of the Angostura Gold- Silver Project in Colombia. The Company's head office is located in Vancouver, British Columbia, Canada and its exploration and administrative office in Colombia is located in the city of Bucaramanga. The Angostura mineral property is located approximately 55 kilometres north-east of Bucaramanga. The Company is a reporting issuer in British Columbia and Ontario and trades on the Toronto Stock Exchange ("TSX") and on the AIM Market of the London Stock Exchange (the "AIM Market"), under the symbol GSL. The following discussion, analysis and financial review is comprised of the following sections: `1. THIRD QUARTER 2009 HIGHLIGHTS` `2. ANGOSTURA GOLD-SILVER PROJECT UPDATE, COLOMBIA` `3. RESULTS OF OPERATIONS` `4. QUARTERLY INFORMATION` `5. FINANCIAL POSITION` `6. TRANSACTIONS WITH RELATED PARTIES` `7. CRITICAL ACCOUNTING ESTIMATES` `8. NEW ACCOUNTING POLICIES` `9. OFF-BALANCE SHEET ARRANGEMENTS` `10. OUTSTANDING SHARE DATA` `11. RISKS AND UNCERTAINTIES` `12. INTERNAL CONTROL OVER FINANCIAL REPORTING` 13. FORWARD-LOOKING STATEMENTS 1. THIRD QUARTER 2009 HIGHLIGHTS Public Offering On September 29, 2009, the Company closed a public offering of 18,071,429 units at $3.50 per unit for gross proceeds of $63,250,000. Each unit consisted of one common share and one-half of a transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $4.30 per share during the one-year period ending September 29, 2010. Management Changes During the quarter the Company has taken steps to strengthen its management team. The following new appointments have been made: Mr. Timothy Lallas, Chief Financial Officer and Vice President Finance and Administration; Mr. Geoff Chater, Vice President Corporate Development; Mr. Victor Guimaraes Aguilar, Mine Planning Superintendent; Mr Leonardo di Mare, Environment Superintendent; and Mr. Eduardo Enrique Mayorga Rojas, Human Resources Superintendent. Of further note, subsequent to the end of the quarter, the Company announced the pending retirement of its President and Chief Executive Officer, David Rovig. Mr. Rovig will be appointed to the new position of Chairman of the Board of Directors where he will continue a guiding role in the development of Greystar. The Company has engaged an international executive search firm to assist with the filling of this vacancy. Mr. Rovig will continue as President and Chief Executive Officer until a replacement has been secured. Secondary Listing on Colombia Stock Exchange During the third quarter of 2009, the Board of Directors approved a project to explore the listing of the Company's shares on the Bolsa de Valores de Colombia, Colombia's national stock exchange. This listing would qualify as a secondary listing, and the Company's primary exchange will remain the Toronto Stock Exchange (TSX). The Company would also retain its listing on the Alternative Investment Market (AIM). The Company does not anticipate making an offering in conjunction with this listing and therefore there would be no dilution to existing shareholders. The Company believes this new listing would expand its institutional and retail shareholder base in Colombia where it is developing its Angostura gold-silver deposit, and is optimistic that pension funds and individual investors in Colombia would see an investment in Greystar as an opportunity to support their own economy through the responsible development of the country's natural resources. 2. ANGOSTURA GOLD-SILVER PROJECT UPDATE, COLOMBIA Angostura Project Update The Angostura Definitive (Bankable) Feasibility Study (DFS) is underway. The DFS includes three well- defined stages: Optimization, Design and Financials, each looking to improve the technical and financial parameters defined in the Preliminary Feasibility Study (PFS) stage, but also to reduce risk on all fronts. The DFS will include basic engineering in all disciplines and is expected to have a level of accuracy of +/- 15%. The final DFS report will provide the basis for project financing. During the third quarter of 2009, approximately $4.2 million was spent on the various components of the Definitive Feasibility Study, including assay and metallurgical analysis. It is now anticipated that the DFS will be completed within approximately 6 to 8 months. Metallurgical work performed during the quarter was primarily focused on the optimization of recoveries. Metallurgical and recovery models and operational cost analyses were defined for Whittle software input and for the development of mine plans. Economic evaluations were undertaken under varied production scenarios, including alternative ore throughputs, metallurgical processes and ore transportation variables. Work continued on the preparation of the geological model and resource calculation for the final feasibility study. Analyses were conducted on crush and grind size, including agitated leach processing. Trade-off studies were completed with respect to truck haulage and the location of the primary crusher. Geotechnical and hydrogeological studies advanced during the quarter, including the evaluation of the pit design and the Mongora waste dump site and the evaluation of potential locations for the process plant and the primary crusher. In addition, condemnation studies were conducted for mine infrastructure areas. In addition, procurement specialists from GRD Minproc worked closely with Greystar Colombia personnel during the quarter to qualify local suppliers throughout Colombia. Progress achieved in metallurgical testing at McClelland Laboratories and SGS Lakefield during the quarter included: Cyanide Consumption Optimization-Column Testing Series (test in progress); Mineralogy - 27 sample results were reported, there are another 30 results pending; Pulp Agglomeration - strength and stability test results were received (test in progress); Heap Leach - bulk samples test is in progress in primary, secondary and tertiary crushing size and 12 gap samples (1% to 2% total sulfur content) (test in progress); and Mill/Flotation - follow-up testing has concluded, but assay results are still pending; mixed samples are being replaced. The Environmental and Social Impact Study (ESIS) is underway. Subject to final DFS design considerations, the ESIS will be completed and filed with the Colombian Environmental Ministry in 2010. Three meteorological stations were installed during the quarter to enhance the monitoring of weather conditions at the project site. Monitoring of water quality for environmental baseline purposes continued. Environmental reclamation activities completed during the quarter included five hectares of land reforestation. Subsequent to the end of the third quarter, the Company made the decision to initiate a program of metallurgical testing aimed at investigating the application of agitation leach and/or pre-oxidation as processing methods for intermediate sulphide ore at the Angostura gold-silver deposit. Initial testing from both processing methods have shown promising results and further testing is warranted. In the PFS published in May 2009, the intermediate sulphide ore (representing approximately 17% of the recovered gold in the mine plan) was designed to be heap leached which resulted in low recoveries of precious metals. Recent column testing using the intermediate sulphide ore to simulate heap leach conditions have returned recoveries that question the economic viability of only using heap leaching on this ore type. It is important to point out that column testing to simulate heap leach conditions on oxide and transitional ores continue to show very positive results. In addition, flotation testing for treatment of the higher grade sulphide ore to produce a gold bearing concentrate also continues to show excellent results. The PFS was based upon US$700 per ounce of gold during the first three years of operation and US$650 per ounce of gold for the remaining twelve years. These gold prices limited the options for processing the intermediate sulphide ore at Angostura. In the current gold environment, both agitated leach and pre-oxidation offer the potential to increase recoveries and improve the economics of this ore type and the project as a whole. If either process is adopted, design modifications such as the inclusion of a tailings impoundment would need to be incorporated into the DFS. Given the improvement in the long term outlook for gold, the Company believes that the intermediate sulphide ore may be able to support a more robust processing method which may lead to higher economic returns for this ore type. The agitation leach and pre-oxidation testing programs will take approximately six months to complete, and as such, the DFS is now expected to be completed in the second half of 2010. The Company will continue with the design of the heap leach facilities for treating oxide and transitional ore, as well as the design of the grinding and flotation circuit for the higher-grade sulphide ore. Furthermore, the Company will continue to move forward with all other aspects of the project, including geotechnical evaluations, social and environmental studies, permitting, infrastructure construction and project finance. Exploration Additional exploratory drilling results were reported for the Mongora prospect during the quarter, indicating continued intersection with near surface, gold-bearing oxide mineralization. The delineation of oxide gold mineralization at the Mongora area could be very important for the Angostura project. The potential to identify a new oxide resource that could be added to the 2.26 million ounce oxide resource (measured and indicated) already defined at the Angostura deposit could have favourable implications for the overall economics of the entire Angostura Project. Drilling is expected to resume in the Mongora area in November 2009. 3. RESULTS OF OPERATIONS The following table sets forth selected financial data for the periods indicated: `Three Months Ended Nine Months Ended` `September 30 September 30` ----------------------------------------------------- 2009 2008 2009 2008 ----------------------------------------------------- Exploration expenditures: Feasibility and pre-feasibility costs: Feasibility and pre-feasibility `studies $ 3,902,531 $ 472,270 $ 6,798,129 $ 765,455` Assay and `metallurgy 312,895 719,436 1,031,176 1,079,266` -------------------------------------------------------------------------- `4,215,426 1,191,706 7,829,305 1,844,721` Other exploration `expenditures 2,133,459 4,332,585 5,949,804 13,057,017` -------------------------------------------------------------------------- `6,348,885 5,524,291 13,779,109 14,901,738` General and administrative expenses: `Amortization 65,253 39,231 193,221 96,094` Other administrative `expenditures 675,439 236,643 1,622,039 913,035` Stock-based `compensation 407,883 250,220 1,917,256 1,220,275` -------------------------------------------------------------------------- `1,148,575 526,094 3,732,516 2,229,404` `Interest income (37,511) (271,498) (145,451) (1,130,248)` Foreign exchange `loss (gain) 368,324 (1,648) 156,068 989` -------------------------------------------------------------------------- Loss for the period $ 7,828,273 $ 5,777,239 $ 17,522,242 $16,001,883 -------------------------------------------------------------------------- `Loss per share $ 0.15 $ 0.13 $ 0.34 $ 0.35` -------------------------------------------------------------------------- -------------------------------------------------------------------------- Total exploration expenditures in Colombia were $6,348,885 for the three months ended September 30, 2009 compared to $5,524,291 for the three months ended September 30, 2008. Costs related to feasibility and pre- feasibility studies, including assay and metallurgy costs, were $4,215,426 for the three months ended September 30, 2009 compared to $1,191,706 for the comparative period in 2008. This increase is due to a shift in the Company's primary activities, from drilling and exploration in 2008 to completing the definitive feasibility study in 2009. The increase in study costs has been offset by a decrease in other exploration expenditures, which were $2,133,459 for the three months ended September 30, 2009 compared to $4,332,585 for the comparative period in 2008. Total exploration expenditures in Colombia were $13,779,109 for the nine months ended September 30, 2009 compared to $14,901,738 for the nine months ended September 30, 2008. Costs related to feasibility and pre- feasibility studies, including assay and metallurgy costs, were $7,829,305 for the nine months ended September 30, 2009 compared to $1,844,721 for the comparative period in 2008. Other exploration expenditures were $5,949,804 for the nine months ended September 30, 2009, down from $13,057,017 in the comparative period of 2008. The variances in these costs can be attributed to the same factors identified for the third quarter variances discussed above. General and administrative expenses have increased in the current year due to a number of factors: Amortization was up $26,022 for the three months ended and up $96,094 for the nine months ended September 30, 2009, compared to the same periods in 2008 due to capital additions throughout 2008 and in the current nine-month period. Other administrative expenditures were up $438,795 for the three months ended and up $709,003 for the nine months ended September 30, 2009 compared to the same periods in the prior year primarily due to the following: -- Professional fees were up $217,427 for the three months ended and up $387,813 for the nine months ended September 30, 2009, compared to the same periods in 2008. These increases are primarily due to: management's tax planning initiatives involving the engagement of Canadian and Colombian tax advisors; the hiring of advisors relating to the Company's review of internal controls and the remediation of internal control deficiencies; and the engagement of advisors to explore a listing on the Colombian stock exchange. -- Salaries and benefits were up $96,659 for the three months ended and up $185,168 for the nine months ended September 30, 2009, compared to the same periods last year, due primarily to the hiring of a full-time CFO in November 2008 and to hiring additional corporate finance department staff during the third quarter of 2009. -- Management and consulting fees were up $78,834 for the three months ended and up $185,168 for the nine months ended September 30, 2009, compared to the same periods in 2008, due primarily to the engagement of consultants to assist with corporate accounting in the current year periods. -- Transfer agent listing and filing fees were down by $9,266 for the three months ended and down $48,031 for the nine months ended September 30, 2009, compared to the same period last year, due to reduced sustaining and filing fees payable to the Toronto Stock Exchange and the Ontario Securities Commission. Adverse market conditions in the fourth quarter of 2008 caused the market capitalization of the Company to decrease which resulted in a reduction in the listing and filing fees to September 30, 2009. Stock-based compensation increased by $157,663 for the three months ended and increased by $696,981 for the nine months ended September 30, 2009 due to the issuance of stock options to directors, officers and certain employees during the year and to the amortization of the cost of prior period awards that vested during the period. Interest income in the current year periods is down considerably from the comparative periods in 2008, with an 86% decrease reported for the three months ended September 30, 2009 and an 87% decrease reported for nine months ended September 30, 2008. This decrease is due to a combination of lower interest rates prevailing in 2009 and to reduced cash levels during the first two quarters of 2009. The Company reported a foreign exchange loss of $368,324 for the three months ended and a loss of $156,068 for the nine months ended September 30, 2009, compared to a gain of $1,648 and a loss of $989 for the respective periods in 2008. Losses recorded in the current year periods can primarily be attributed to the effect of the Canadian dollar's strengthening against the US dollar on US dollar denominated assets. The Canadian dollar strengthened by approximately 8% during the third quarter of 2009 and by over 12% since the end of 2008. 4. QUARTERLY INFORMATION `Administrative Basic` `Expenses and` `------------------- Di-` `Explora- General Stock- luted` `tion and based Loss` `Expendi- Amortiza- Compensa- Interest per` `tures tion tion Income Net Loss Share` ---------- --------- ---------- --------- ----------- ----- Q3-September 30, `2009 $6,348,885 $ 740,692 $ 407,883 $ (37,511) $7,828,273 $0.15` Q2-June 30, `2009 $4,320,471 $ 605,644 $1,311,757 $ (28,104) $6,049,978 $0.11` Q1-March 31, `2009 $3,109,753 $ 468,924 $ 197,616 $ (76,836) $3,643,991 $0.08` Q4-December 31, `2008 $5,529,004 $ 508,920 $ 181,810 $(276,536) $5,943,262 $0.13` Q3-September 30, `2008 $5,524,291 $ 275,874 $ 250,220 $(271,498) $5,777,239 $0.13` Q2-June 30, `2008 $5,046,420 $ 302,499 $ 99,887 $(345,114) $5,804,074 $0.13` Q1-March 31, `2008 $4,331,027 $ 430,756 $ 170,168 $(513,636) $4,420,570 $0.09` Q4-December 31, `2007 $3,274,862 $ 317,851 $ 116,572 $(581,923) $3,132,581 $0.07` Notes and Factors Affecting Comparability of Quarters: 1. The Company is a mineral exploration and development company and has no operating revenue. Interest is from funds on deposit. The amount of interest is determined by the amount of funds on deposit and interest rates paid. Interest rates were higher in 2007 than in 2008 and 2009 but the main cause for increases reported in the third and fourth quarters of 2007 was higher levels of cash due to the receipt of $37.1 million (net) from an equity financing completed in July 2007. Interest rates on term deposits dropped significantly in 2008 and 2009. This, combined with reduced levels of cash, contributed to decreasing levels of interest income in 2008 and 2009. 2. Stock-based compensation costs are a non-cash expense and represent an estimate of the fair value of stock options granted determined using the Black-Scholes option pricing model. 3. Exploration and other project-related activities in Colombia shut down each year for a Christmas break which extends into January. As a result of this shut-down, exploration and project-related expenditures for the December 31 quarter and the March 31 quarter tend to be lower than the preceding September 30 quarter. For the quarter ended December 31, 2008, the reduction in costs for the Christmas break was partially offset by increased costs for the PFS which commenced in August 2008. For the quarters ended March 31, 2009 and June 30, 2009, the reduction of costs can be attributed to the time lag between the completion of the PFS and the start of the DFS in late June 2009. For the quarter ended September 30, 2009, costs increased significantly due to efforts being placed on the DFS. 4. There Has Been a General Trend for Increased Administrative General Costs Over the Eight Quarters. This Can Be Attributed to Increased Compliance and Reporting Costs, Inflation, and a Significant Increase In Staffing at the Senior Management Level During the Third Quarter of 2009. 5. FINANCIAL POSITION, INCLUDING CASH FLOWS, LIQUIDITY AND CAPITAL RESOURCES At September 30, 2009, cash and cash equivalents were $83,922,990, up from $27,262,146 at December 31, 2008. Working capital at September 30, 2009 was $80,315,777. The increase in cash and cash equivalents can primarily be attributed to the receipt of gross proceeds of $75,289,867 from equity issuances completed in the nine month period ended September 30, 2009, including: - $12,039,864 in gross proceeds from a private placement of 6,579,161 units completed on March 20, 2009. Each unit consisted of one common share and three-quarters of a transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $2.47 per share at any time during a five-year period ending March 20, 2014. Upon certain conditions being met, the Company can give notice to accelerate the expiry date of 2,467,185 warrants (or less) to 60 days following the date of such notice; and - $63,250,002 in gross proceeds from a public offering of 18,071,429 units completed on September 29, 2009. Each unit consisted of one common share and one-half of a transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $4.30 per share during the one-year period ending September 29, 2010. These warrants are registered and trade on the Toronto Stock Exchange under the symbol GSL.WT. If at any time, the closing price of the Company's common shares on the Toronto Stock Exchange is greater than $5.00 for 20 or more consecutive trading days, the Company can give notice to accelerate the expiry date of the warrants to 20 days following the date of such notice. In addition, the Company issued 903,571 agents' warrants as compensation to agents assisting with the offering that entitle the holder to purchase one unit at a price of $3.50 per unit during the one-year period ending September 29, 2010, with each unit comprised of one common share and one-half of a transferable common share purchase warrant and having the same terms as the units subscribed to as part of the September 29, 2009 offering. The Company's cash resources are invested in short term (ninety days or less) financial instruments issued by major Canadian chartered banks. The Company does not invest in asset-backed commercial paper. For the nine months ended September 30, 2009, exploration-related expenditures, including scoping and feasibility study costs, were $13,779,109 and represent the major use of corporate funds for the period. Additionally, $1,082.555 of cash payments were made for mineral property acquisition costs with smaller amounts paid for purchases of fixed assets ($104,157) and deposits on land ($86,736). There were no new land transactions in the third quarter of 2009. The Company made scheduled payments of approximately $323,000 in July 2009 in connection with a land transaction that closed in the second quarter of 2009. The Company is required to make two further payments on this transaction, one in April 2010 for approximately $640,000 and another in April 2011 for approximately $560,000. As these amounts are non-interest bearing, they have been recorded at their discounted value in the accounts of the Company at September 30, 2009. In the second quarter of 2009, the Company made a deposit of approximately $89,000 on another property transaction that is expected to close in the fourth quarter of 2009. On closing, the Company will be required to make an additional payment of approximately $217,000 and to issue 60,000 share purchase warrants with an exercise price of $2.30 per share and expiring four years from the closing date of the transaction. Due to the low interest rates currently being paid by financial institutions, interest income is not expected to be a significant source of income. Management intends to monitor spending and assess results on an ongoing basis and will make appropriate changes as required and in response to results from financing efforts. As of November 10, 2009, there were 20,569,856 options and warrants outstanding, of which 16,991,639 are vested and "in-the-money". If all of the vested and "in-the-money" warrants and options were exercised for cash, the proceeds to the Company would be approximately $62,847,000. While it is probable that some of these warrants and options will be exercised, it is not possible to predict the timing or the amount of funds which might be received. Management of the Company believes that with the proceeds from the March 20, 2009 private placement and the September 29, 2009 public offering, there are sufficient funds to pay for anticipated project and administrative costs to the end of 2010. However, additional financing will be required to fund equipment acquisitions and early-phase construction anticipated for late 2010. Management intends to continue exploring alternative financing alternatives; however, the current economic uncertainty and financial market volatility make it difficult to predict success. Risk factors potentially influencing the Company's ability to raise equity or debt financing include: mineral prices, the results and recommendations of the feasibility studies, the political risk of operating in a foreign country, and the buoyancy of the credit and equity markets. For a more detailed list of risk factors, refer to the Company's Annual Information Form for the year ended December 31, 2008 which is filed on SEDAR. Management intends to continue discussions with potential equity investors. 6. TRANSACTIONS WITH RELATED PARTIES The Company pays Rovig Minerals, Inc., a company owned by the Company's president for services provided in relation to this role. Amounts paid include reimbursement for certain personal insurance expenses and costs for office facilities in Billings, Montana. The service agreement presently in place expires December 31, 2009. The Company pays Ionic Management Corp. ("Ionic"), a company related by virtue of a director and two officers in common, for accounting, corporate secretarial, regulatory services and other office services in Vancouver, BC. In addition, Ionic bills the Company for consulting services provided by a staff geologist. These services are provided on a month-to-month basis and may be cancelled by either party on one month's notice. In the third quarter of 2009, the Company paid Namron Advisors, a company owned by a former director of the Company, for investor relations advisory services. This was an interim arrangement that concluded when this former director assumed the role of Vice President, Corporate Development with the Company in early October 2009. These transactions were in the normal course of operations and are measured at an exchange amount established and agreed to by the related parties. In addition to the above, the Company reimburses Rovig Minerals, Inc. and Ionic for out-of-pocket direct costs incurred on behalf of the Company. Such costs include travel, postage, courier charges, printing and long distance telephone charges. Related party expenditures recorded for the three and nine month periods ended September 30, 2009 and 2008 were: `Three Months ended Nine Months ended` `September 30 September 30` ------------------------------------------ 2009 2008 2009 2008 ------------------------------------------ `Rovig Minerals Inc. $ 60,563 $ 57,596 $ 193,439 $ 162,429` Ionic Management Corp. administration $ 41,500 $ 16,500 $ 74,500 $ 49,500 consulting $ 6,200 $ - $ 25,400 $ 4,000 `Namron Advisors $ 14,167 $ - $ 14,167 $ -` 7. CRITICAL ACCOUNTING ESTIMATES Mineral Property and Land Costs It is the Company's accounting policy that exploration and development expenditures incurred prior to the determination of the feasibility of mining operations are charged to operations as incurred. The Company's mineral property account on the balance sheet reflects actual costs incurred by it on acquisition costs of its properties. The realization of the Company's investment in these exploration projects is dependent upon various factors, including the discovery of economically recoverable reserves of minerals, the ability to obtain necessary financings to develop the project's potential, upon future profitable operations, or alternatively upon the disposal of interests on an advantageous basis. The Company reviews the carrying values of its projects on a quarterly basis and if required, makes an adjustment to reflect the project's realizable value. Capitalized costs will be amortized over the estimated useful life of the properties following the commencement of production. As at September 30, 2009, amounts capitalized to mineral properties total approximately $17.5 million. Asset Retirement Obligations Amounts recorded for asset retirement costs are based on engineering estimates of the work that is required by environmental laws. Actual results could differ from these estimates. 8. NEW ACCOUNTING POLICIES Goodwill and intangible assets Effective January 1, 2009, the Company adopted the new Canadian Institute of Chartered Accountants ("CICA") Handbook Section 3064, Goodwill and Intangible Assets. This section replaces CICA Handbook Section 3062, Goodwill and Intangible Assets, and establishes revised standards for the recognition, measurement, presentation and disclosure of goodwill and intangible assets. The new standard also provides guidance for the treatment of various preproduction and start-up costs and requires that these costs be expensed as incurred, with the concurrent withdrawal of CICA Emerging Issues Committee Abstract 27, "EIC 27 -- Revenues and Expenditures during the Pre-operating Period". The Company does not have goodwill or intangible assets and therefore the adoption of this new standard does not have any impact on the Company's consolidated financial statements. Future pronouncements International Financial Reporting Standards ("IFRS") In February 2008, Canada's Accounting Standards Board ("AcSB") confirmed the date of changeover from GAAP to International Financial Reporting Standards ("IFRS"). Canadian publicly accountable enterprises must adopt IFRS for their interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. While IFRS uses a conceptual framework similar to Canadian GAAP, there are significant differences in recognition, measurement and disclosures. The Company, with the assistance of an external advisor, has begun a high-level review of major differences between Canadian GAAP and IFRS. While the Company has begun assessing the adoption of IFRS, the financial reporting impact of the transition to IFRS cannot be reasonably estimated at this time. Business Combinations In January 2009, the CICA issued new recommendations for Section 1582, Business Combinations, to replace Section 1581, Business Combinations. Section 1582 provides the Canadian equivalent to the IFRS standard, IFRS 3 (revised), Business Combinations, and specifies a number of changes, including: an expanded definition of a business, a requirement to measure all business acquisitions at fair value, a requirement to measure non-controlling interests at fair value, and a requirement to recognize acquisition related costs as expenses. The section applies prospectively to business combinations for which the acquisition date is on or after January 1, 2011, however, early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements. Consolidated Financial Statements and Non-controlling Interests In January 2009, the CICA also issued new recommendations for Section 1601, Consolidated Financial Statements and Section 1602, Non-Controlling Interests, which together replace Section 1600, Consolidated Financial Statements, and provide the Canadian equivalent to the corresponding provisions of IFRS standard, IAS 27 (revised), Consolidated and Separate Financial Statements. Section 1601 establishes standards for the preparation of consolidated financial statements. Section 1602 specifies that non-controlling interests be treated as a separate component of equity, instead of a liability or other item outside of equity. These new standards are effective for interim and annual consolidated financial statements relating to fiscal years beginning on or after January 1, 2011 however, early adoption is permitted as of the beginning of a fiscal year. The Company is currently evaluating the impact of these new standards on its consolidated financial statements. 9. OFF BALANCE SHEET ARRANGEMENTS The Company has no off-balance sheet arrangements. 10. OUTSTANDING SHARE DATA The Company has only one class of share capital, common shares without par value. The number of shares authorized is unlimited. The Company has issued warrants for the purchase of common shares and also has a stock option plan. The following are outstanding at November 10, 2009: `Common shares 71,157,854` `Shares issuable on the exercise of warrants 15,317,156` `Shares issuable on the exercise of outstanding stock options 5,252,700` 11. RISKS AND UNCERTAINTIES The Company competes with other mining companies, some of which have greater financial resources and technical facilities, for the acquisition of mineral concessions, claims and other interests, as well as for the recruitment and retention of qualified employees. The Company is in compliance in all material respects with regulations applicable to its exploration activities. Existing and possible future environmental legislation, regulations and actions could cause additional expense, capital expenditures, restrictions and delays in the activities of the Company, the extent of which cannot be predicted. Before production can commence on any properties, the Company must obtain regulatory and environmental approvals. There is no assurance that such approvals can be obtained on a timely basis or at all. The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of operations. The Company's mineral property is located in Colombia. The Company is subject to certain risks, including currency fluctuations and possible political or economic instability which may result in the impairment or loss of mining title or other mineral rights, and mineral exploration and mining activities may be affected in varying degrees by political stability and governmental regulations relating to the mining industry. The acquisition of mining title in Colombia is a very detailed and time-consuming process. In addition, title to mining rights may be disputed. The Company has incurred losses since its inception and will not achieve profitability until such time as the Angostura Project can be developed into a profitable operation. For additional information on risk factors, please refer to the Risk Factor section of the Company's Annual Information Form for the year ended December 31, 2008, which can be found on SEDAR. 12. DISCLOSURE CONTROLS AND PROCEDURES Disclosure Controls and Procedures As of December 15, 2008, National Instrument 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings ("NI 52-109"), accompanied by Companion Policy 52-109CP (the "Companion Policy") came into effect. NI 52-109 applies in respect of annual filings and interim filings for financial periods ending on or after December 15, 2008. According to securities regulators, the new certification rule is intended to increase management's focus on, and accountability for, the quality, reliability and transparency of financial reporting. Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by the Company under Canadian Securities laws is recorded, processed, summarized and reported within the time periods specified under those laws and include controls and procedures designed to ensure such information is accumulated and communicated to management, including the Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO"), to allow timely decisions regarding required disclosure. Internal Controls over Financial Reporting Management is responsible for the establishment, maintenance and testing of adequate internal controls over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the presentation of financial statements for external purposes in accordance with Canadian GAAP. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. The Company's management considers the remediation of the material weaknesses described below to be a priority. As of the date of this report, management believes that its efforts, when completed, will mitigate, but not eliminate the material weaknesses in internal control over financial reporting. The Company's management and the Board of Directors do not expect that its disclosure controls and procedures or internal controls over financial reporting will prevent all errors or all instances of fraud. A control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that the control system's objectives will be met. Further, the design, maintenance and testing of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control gaps and instances of fraud have been detected. These inherent limitations include the reality that judgment in decision-making can be faulty, and that simple errors or mistakes can occur. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design, maintenance and testing of any system of controls is based in part upon certain assumptions about the likelihood of future events, and any control system may not succeed in achieving its stated goals under all potential future conditions. As at the date of this management's discussion and analysis, significant progress has been made in remediating the material weaknesses previously identified at December 31, 2008. While the Company has been successful in its efforts, some significant deficiencies remain that management is working on to resolve by the end of the fiscal year. For a complete list of material weaknesses previously identified for internal control over financial reporting, refer to the Management's Discussion and Analysis for the year ended December 31, 2008. Changes in Internal Controls over Financial Reporting With specific reference to internal control over financial reporting, during the three months ended September 30, 2009, the Company implemented several changes in the financial reporting control environment that have materially affected, or may materially affect the Company's internal control over financial reporting. During the quarter ended September 30, 2009, the Company hired a permanent CFO to replace the interim CFO appointed upon the former CFO's resignation in June 2009. Additional financial capacity was added at the corporate level during the third quarter of 2009 with the addition of a corporate controller and an operations controller. Considerable effort was made during the third quarter on the design and implementation of controls over financial reporting at both the corporate and operations level. Code of Business Conduct and Ethics and Whistleblower Policy Since December 31, 2008, several remedial efforts have taken place, including the translation of the Code of Business Conduct and Ethics and the Whistleblower Policy into Spanish and the establishment of a new Spanish-language whistleblower telephone line which is readily accessible to Colombian employees. As at the date of this management's discussion and analysis, management has disseminated the Code of Business Conduct and Ethics to all employees. The Company's Whistleblower Policy, including information on the whistleblower telephone line, will be circulated to all employees before the end of the fiscal year. All current and future employees will be required to acknowledge their receipt and understanding of the Code of Business Conduct and Ethics and the Whistleblower Policy. Information and Communication As of the end of the third quarter 2009, the Company had made considerable progress in establishing a functional head-office and in defining the oversight role this office is to play. Continued progress has been made in collaborating with Colombian staff on the design and implementation of appropriate written policies and procedures at the branch level to address financial, operational and other informational requirements of the corporate office in Vancouver. These policies and procedures are expected to be finalized and fully implemented before the end of the fiscal year, mitigating the risks of internal inefficiencies and incomplete, and/or inaccurate disclosure in the Company's financial statements. Segregation of Duties As at the end of the third quarter of 2009, the Company had made considerable progress in establishing a corporate finance function in Vancouver, allowing for appropriate segregation of duties at this level. Management is continuing its efforts in reviewing opportunities to improve segregation of duties at the Colombia branch and hired a finance manager at this operation in July 2009. Where segregation of duties will not be practical, monitoring controls will be designed and implemented. Authorization and Approval There is lack of authorization and approval over financial information and financial statement preparation at the Colombian branch, as well as over business process-level activities. To remediate matters, management will issue a comprehensive document on corporate approval authorities before the end of the fiscal year. Reconciliation and Monitoring Controls The Company uses a variety of systems, including Excel spreadsheets, in the preparation of financial statements. Information is transferred and uploaded between these systems in order to compile the financial reporting package. For the third quarter of 2009, corporate-level procedures had been implemented that establish a defined process allowing for a cascading level of review of information transferred between systems and used in the compilation of the financial statements. In addition, management has involved the Colombian branch auditors in the process, whereby they have conducted a review engagement on the financial statements of the Colombian branch for the quarters ended March 31, June 30 and September 30, 2009. Taxes The Colombian branch has sufficient tax expertise to reasonably complete and review tax filings given the complexity of the Company's current operations. As the Company progresses through its development strategy and ultimately reaches production, the level of expertise required to fulfill this requirement will be revaluated. Accounts Payable The Colombian branch has a documented procurement process which is currently being implemented to mitigate the risk that assets/expenses and corresponding liabilities may be understated. Until implementation is complete, the accounts that are potentially affected by these deficiencies are accounts payable, accrued liabilities, payroll, exploration expenses, equipment costs, general and administrative costs and other expenses. 13. FORWARD LOOKING STATEMENTS Certain statements included or incorporated by reference in this MD&A, including information as to the future financial or operating performance of the Company, and its projects, constitute forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward- looking statements. Forward-looking statements include, among other things, statements regarding targets and results, expectations regarding gold/silver recovery rates, estimated mineral resources and anticipated grades. Forward-looking statements are based upon a number of estimates and assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Greystar believes are appropriate in the circumstances. While these estimates and assumptions are considered reasonable by the Company, they are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, discrepancies between actual and estimated resources, exploration, development and operating risks, limited experience with development-stage mining operations, dependence on one principal exploration stage property, political and foreign risk, uninsurable risks, competition, production risks, regulatory restrictions, including environmental regulation and liability, currency fluctuations, potential title disputes and dependence on key employees. These factors and others that could affect Greystar's forward-looking statements are discussed in greater detail in the section headed "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2008 which can be found on SEDAR. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Forward-looking statements are made as of the date of this MD&A, or in the case of documents incorporated by reference herein, as of the date of such document, and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise. Greystar Resources Ltd. More
09-11-09	Greystar Resources - Greystar Resources Announces Drill Results From the Los Laches Area at Angostura	RNS
FOR: GREYSTAR RESOURCES LTD. TSX, AIM SYMBOL: GSL November 9, 2009 Greystar Resources Announces Drill Results From the Los Laches Area at Angostura 107.6 Metres Grading 6.26 g/t Gold VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2009) - Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) is pleased to announce that the Company will initiate two exploration drill programs to investigate both the extensions of high grade mineralization at the Angostura gold-silver deposit and near surface oxide gold mineralization recently discovered at the Mongora prospect. High Grade Drill Program The high grade drill program will focus on targeting extensions of high grade shoots that exist within the Angostura deposit. In addition, the drill program will probe the unexplored potential for feeder mineralization underlying Angostura. The first drill holes will target the Los Laches area were previously drilled, but not published, core holes LL08-24 and QP08-03 returned excellent results. A cross section has been posted at Greystar Resources website www.greystarresources.com. /T/ ------------------------------------------------------------------------ `Los Laches Drill Intercept` ------------------------------------------------------------------------ `From To Interval Grade` `Drill Hole ID (metres) (metres) (metres) (grams/tonne gold)` ------------------------------------------------------------------------ ------------------------------------------------------------------------ `LL08--24 158.4 164.3 5.9 24.36` ------------------------------------------------------------------------ ------------------------------------------------------------------------ `QP08-03 184.0 291.6 107.6 6.26` ------------------------------------------------------------------------ `including 214.0 284.5 70.5 8.50` ------------------------------------------------------------------------ `including 221.5 236.5 15 17.84` ------------------------------------------------------------------------ `including 250.7 257.0 6.3 18.07` ------------------------------------------------------------------------ `Including 273.5 281.85 8.35 9.98` ------------------------------------------------------------------------ /T/ 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. Mongora Drill Program Similar to the Angostura deposit, the Mongora prospect hosts higher-grade gold mineralization including 16.3 grams gold per tonne over 1.05 metres and 12.35 grams over 1.6 metres within broader zones of lower-grade gold mineralization. The delineation of oxide gold mineralization at the Mongora area could be very important for the Angostura project. The potential of outlining a new oxide resource that could be added to the 2.26 million ounce oxide resource (measured and indicated) already defined at the Angostura deposit could have favorable implications for the overall economics of the entire Angostura project. Preliminary metallurgical evaluations are underway. 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. 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. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Greystar Resources Ltd. - Contact in North America Mr. Geoff Chater VP (604) 614-7830 www.greystarresources.com OR NCB Stockbrokers Limited - Contact in London 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. More
02-11-09	Greystar Resources - Recognizing Higher Long Term Gold Outlook, Greystar Resources to Consider Alternative Processing Methods to Boost Economic Returns From Intermediate Sulphide Ore at Angostura	RNS
FOR: GREYSTAR RESOURCES LTD. TSX, AIM SYMBOL: GSL November 2, 2009 Recognizing Higher Long Term Gold Outlook, Greystar Resources to Consider Alternative Processing Methods to Boost Economic Returns From Intermediate Sulphide Ore at Angostura VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - Greystar Resources Ltd. (TSX:GSL)(AIM:GSL) (the "Company") announced that the Company will initiate a program of metallurgical testing aimed at investigating the application of agitation leach and/or pre-oxidation as processing methods for intermediate sulphide ore at its 100% owned Angostura gold-silver deposit. Initial testing from both processing methods have shown promising results and further testing is warranted. In the Preliminary Feasibility Study published in May 2009, the intermediate sulphide ore (representing approximately 17% of the recovered gold in the mine plan) was designed to be heap leached which resulted in low recoveries of precious metals. Recent column testing using the intermediate sulphide ore to simulate heap leach conditions have returned recoveries that question the economic viability of only using heap leaching on this ore type. It is important to point out that column testing to simulate heap leach conditions on oxide and transitional ores continue to show very positive results. In addition, flotation testing for treatment of the higher grade sulphide ore to produce a gold bearing concentrate also continues to show excellent results. Given the improvement in the long term outlook for gold, the Company believes that the intermediate sulphide ore may be able to support a more robust processing method which may lead to higher economic returns for this ore type. The agitation leach and pre- oxidation testing programs will take approximately six months to complete, as such the Bankable Feasibility Study is now expected to be completed in the second half of 2010. The Company will continue with the design of the heap leach facilities for treating oxide and transitional ore as well as the grinding and flotation circuit for the higher grade sulphide ore. David Rovig, President & CEO commented, "Our Preliminary Feasibility Study was based upon $700 per ounce of gold during the first three years of operation and $650 per ounce of gold for the remaining twelve years. These gold prices limited our options for processing of the intermediate sulphide ore at Angostura which contains approximately 2 million ounces of gold. In the current gold environment, both agitated leach and pre - oxidation offer to increase recoveries and improve the economics of this ore type and the project as a whole. If either process is adopted, design modifications such as the inclusion of a tailings impoundment would need to be incorporated in the Bankable Feasibility Study. While this testing will delay the project, the Company will continue to move forward with all other aspects of the project including geotechnical evaluations, social and environmental studies, permitting, infrastructure construction and project finance." 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 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. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Greystar Resources Ltd. - Contact in North America Mr. Geoff Chater, VP (604) 614-7830 www.greystarresources.com OR NCB Stockbrokers Limited - Contact in London 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. -0- Greystar Resources Ltd. More
19-10-09	Greystar Resources - Greystar Resources Announces Intent to Apply for a Secondary Listing in Colombia	RNS
FOR: GREYSTAR RESOURCES LTD. TSX, AIM SYMBOL: GSL October 19, 2009 Greystar Resources Announces Intent to Apply for a Secondary Listing in Colombia VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 2009) - Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) is pleased to announce that it has appointed Citivalores S.A. Sociedad Comisionista de Bolsa in Colombia to advise the Company on the listing of its shares on the "RNVE", the Registro Nacional de Valores y Emisores in Colombia, as well as on the "BVC", the Bolsa de Valores de Colombia. Both listings will qualify as secondary listings, and the Company's primary exchange will remain the Toronto Stock Exchange. The Company shall also retain its listing on AIM. If these applications are accepted, the dual listings will enable the Company to expand its institutional and retail shareholder base in Colombia where it is developing its Angostura gold-silver deposit. The Company does not anticipate making an offering in conjunction with these listings and therefore there will be no dilution to existing shareholders. David Rovig, Chief Executive Officer, commented: "We believe that this listing is important, as it will allow Colombians to participate in the development of the multi-million ounce Angostura gold and silver deposit. It is our hope that pension funds and individual investors in Colombia will see an investment in Greystar as an opportunity to support their own economy through the responsible development of the country's natural resources." The listing on the BVC will be subject to the local regulations applicable to foreign issuers, issued by the Superintendencia Financiera de Colombia, BVC, Central Depository System (DECEVAL) as well as any other regulation or authority that should apply to this transaction. The application process is expected to take approximately three months, following the completion of all regulatory steps. All reporting and disclosure regulations, including corporate governance, voting rights and proxy voting will be in accordance with Canadian and Colombian regulations, as applicable to foreign investors. Greystar Resources will appoint a depository agent in Colombia to maintain shareholder records and this agent will be responsible for dividend payments, if any, and all other matters regarding shareholder rights, as determined by the company's shareholders. 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 press release are "forward-looking" within the meaning of Canadian securities legislation. They include statements regarding the intention to make application to list the Company's shares on the RNVE and BVC, the time required to complete such applications, the anticipated effect of such listings, anticipated 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, the Company's ability to meet listing requirements, 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. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Greystar Resources Ltd. - Contact in Canada Geoff Chater VP Corporate Development (604) 614-7830 OR Greystar Resources Ltd. - Contact in Canada Mr. Andreas Curkovic Investor Relations (416) 577-9927 www.greystarresources.com OR NCB Stockbrokers Limited - Contact in London 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. -0- Greystar Resources Ltd. More
13-10-09	BRIEF-David Rovig to retire as CEO of Greystar Resources	AFX UK Focus
Oct 13 (Reuters) - Greystar Resources Ltd: DAVID ROVIG TO RETIRE AS PRESIDENT AND CEO OF GREYSTAR RESOURCES SAYS ROVIG WILL CONTINUE AS PRESIDENT AND CEO UNTIL A REPLACEMENT HAS BEEN `secured` ((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
13-10-09	Greystar Resources - David Rovig to Retire as President and CEO of Greystar Resources	RNS
FOR: GREYSTAR RESOURCES LTD. TSX, AIM SYMBOL: GSL October 13, 2009 David Rovig to Retire as President and CEO of Greystar Resources Will Assume New Role as Chairman of the Board of Directors VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2009) - Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) announced that David Rovig will retire from the positions of President and Chief Executive Officer of the Company. Mr. Rovig will be appointed to the new position of Chairman of the Board of Directors where he will continue a guiding role in the development of Greystar Resources. Greystar has engaged an international executive search firm to identify a candidate to fill the vacancy. Mr. Rovig will continue as President and CEO until a replacement has been secured. David Rovig, commented, "I have served as President of Greystar for 15 years and I am very proud of the accomplishments that we have achieved during that time in Colombia. As Greystar moves from a developer to a producer, it is time to pass the leadership role on to a new generation who will move forward with the construction of the Angostura gold-silver project. I am committed to see Angostura developed in a responsible and sustainable manner. Angostura will provide an important economic engine for Colombia providing employment for the local people, support for local businesses as well as a solid tax base for the National and Provincial Governments. Development of Angostura and its environs also portends a bright future for Greystar and its shareholders. As Chairman, I look forward to working with the Board of Directors to realize the full potential of the Company." 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 press release are "forward-looking" within the meaning of Canadian securities legislation. They include statements regarding the use of proceeds of the financing 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. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Greystar Resources Ltd. - Canada Geoff Chater VP Corporate Development (604) 614-7830 OR Greystar Resources Ltd. - Canada Mr. Andreas Curkovic Investor Relations (416) 577-9927 www.greystarresources.com OR NCB Stockbrokers Limited - London 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. -0- Greystar Resources Ltd. More
08-10-09	Greystar Resources - Director/PDMR Shareholding	RNS
RNS Number : 4311A Greystar Resources Ltd 07 October 2009 SCHEDULE 5 NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS 1. Name of company Greystar Resources Ltd. 2. Name of director David B. Rovig 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's spouse or children under the age of 18 or in respect of a non-beneficial interest In respect of the holder in 2 above 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them (if notified) David B. Rovig 5. Please state whether notification relates to a person(s) connected with the director named in 2 above and identify the connected person(s) In respect of the holder in 2 above 6. Please state the nature of the transaction. For PEP transactions please indicate whether general/single co PEP and if discretionary/non discretionary Gifting of shares. 7. Number of shares / amount of stock acquired N/A 8. Percentage of issued class N/A 9. Number of shares/amount of stock disposed 15,000 10. Percentage of issued class 0.02% 11. Class of security Common shares 12. Price per share N/A 13. Date of transaction 5 October 2009 14. Date company informed 6 October 2009 15. Total holding following this notification 446,361 16. Total percentage holding of issued class following this notification 0.63% If a director has been granted options by the company please complete the following boxes. 17. Date of grant N/A 18. Period during which or date on which exercisable 19. Total amount paid (if any) for grant of the option n/a 20. Description of shares or debentures involved: class, number 21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of exercise 22. Total number of shares or debentures over which options held following this notification 23. Any additional information 24. Name of contact and telephone number for queries Sandra Lee, Corporate Secretary, +1 604-488-5427 25. Name and signature of authorised company official responsible for making this notification Christopher Caldwell, NCB Stockbrokers Limited, + 44 (0)20-7071-5234 Date of Notification 6 October 2009 This information is provided by RNS The company news service from the London Stock Exchange END RDSILFSDISLDIIA More
06-10-09	Greystar Resources - Greystar Resources Appoints Geoff Chater Vice President Corporate Development	RNS
FOR: GREYSTAR RESOURCES LTD. TSX, AIM SYMBOL: GSL October 6, 2009 Greystar Resources Appoints Geoff Chater Vice President Corporate Development VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2009) - Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) is pleased to announce the appointment of Geoff Chater as Vice President Corporate Development. Reporting to the CEO, Mr. Chater will have the primary mandate of developing and executing a communications strategy to increase awareness of the Company's plans and performance. Mr. Chater has been an Independent Director of Greystar since May, 2006. In accepting this position, Mr. Chater has stepped down from the Board of Directors. The Board will immediately initiate a search to fill the vacant position. David Rovig, President and CEO commented "Geoff is a welcome addition to the senior management team at Greystar. His experience in the mining industry as a liaison with the investment community will improve our efforts to effectively communicate with our stakeholders. Geoff will also be responsible for providing advice on strategic initiatives including corporate finance and business development. While we will miss his contributions as a Director, the Board believes that Geoff's previous experience with growth oriented mining companies will be an asset as Greystar transitions from explorer to producer." Mr. Chater holds a B.Sc. Degree in Geology from Texas Christian University and has over 22 years of experience in the mining industry. Mr. Chater is a Principal of Namron Advisors, a corporate communications consultancy and from 1999-2008, held the position of Manager of Corporate Relations for copper producer First Quantum Minerals Ltd. During his career, Mr. Chater held similar positions with Nevada Pacific Gold Ltd., Eldorado Gold Corporation, Fairbanks Gold Corporation and Ivanhoe Capital Corporation. Recently appointed Chief Financial Officer Mr. Timothy Lallas (news release August 18, 2009) has also been appointed to the new position of Vice President Finance, Administration and CFO. 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 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. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Greystar Resources Ltd. - North America Mr. Geoff Chater VP (604) 614-7830 OR Greystar Resources Ltd. - North America Mr. Andreas Curkovic Investor Relations (416) 577-9927 www.greystarresources.com OR NCB Stockbrokers Limited - London 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. More
29-09-09	Greystar Resources - Greystar Resources Ltd. Closes C$63,250,000 Public Offering	RNS
FOR: GREYSTAR RESOURCES LTD. TSX, AIM SYMBOL: GSL September 29, 2009 Greystar Resources Ltd. Closes C$63,250,000 Public Offering VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2009) - THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) is pleased to report that it has closed the previously announced best efforts public offering (the "Offering") of units of the Company (the "Units") at a price of C$3.50 per Unit. The Company filed a final short form prospectus with the securities regulatory authorities in the Provinces of British Columbia, Alberta, Ontario and Nova Scotia in connection with the Offering on September 22, 2009. With the exercise in full of the over- allotment option, a total of 18,071,429 units were issued for gross proceeds of C$63,250,001.50. Each Unit consists of one common share of the Company (a "Common Share") and one-half of one transferable common share purchase warrant (a "Warrant"). Subject to the acceleration right described below, each whole Warrant entitles the holder to purchase one Common Share on or before September 29, 2010 at a price of C$4.30 per share. If, at any time, the closing price of the Common Shares on the Toronto Stock Exchange is greater than C$5.00 for 20 or more consecutive trading days, the Company has the right, on notice to the warrant holders within five business days of such event, to accelerate the expiry date of the Warrants to 20 business days following the date of such notice. The Offering was led by Jennings Capital Inc. with a syndicate comprising Scotia Capital Inc. and GMP Securities L.P. (collectively, the "Agents") with Numis Securities Limited as special selling group member. The Agents' compensation consisted of a cash commission equal to 5% of the gross proceeds of the Offering and the issuance of 903,571 warrants. Each such warrant will entitle the Agents to acquire one Unit at a price of C$3.50 per Unit on or before September 29, 2010. The net proceeds of the Offering will be used to advance the Company's Angostura Gold-Silver Project, including completion of phase two of the definitive feasibility study, initial design, further exploration and for working capital purposes. 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. This press release is not an offer of securities for sale or solicitation of an offer of securities for sale in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The Company's securities have not been, nor will be, registered under the United States Securities Act of 1933, as amended, (the "US Securities Act") or state securities laws and may not be offered or sold in the United States or to US persons absent registration under the US Securities Act and state securities laws or applicable exemptions from the registration requirements of such laws. Forward-Looking Statements Certain statements in this press release are "forward-looking" within the meaning of Canadian securities legislation. They include statements regarding the use of proceeds of the financing 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. FOR FURTHER INFORMATION PLEASE CONTACT: Greystar Resources Ltd. - Canada Mr. David Rovig President (406) 245-9520 OR Greystar Resources Ltd. - Canada Mr. Andreas Curkovic Investor Relations (416) 577-9927 www.greystarresources.com OR NCB Stockbrokers Limited - London 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. More
18-09-09	Greystar Resources - Greystar Resources Ltd. Prices Previously Announced $55 Million Preliminary Short Form Prospectus Financing at C$3.50 Per Unit	RNS
This news article is displayed preformatted as it may contain results tables FOR: GREYSTAR RESOURCES LTD. TSX, AIM SYMBOL: GSL September 18, 2009 Greystar Resources Ltd. Prices Previously Announced $55 Million Preliminary Short Form Prospectus Financing at C$3.50 Per Unit VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18, 2009) - THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Greystar Resources Ltd. (TSX:GSL)(AIM:GSL) (the "Company") announced today that the Company and Jennings Capital Inc., as Lead Agent, together with Scotia Capital Inc. and GMP Securities L.P. (collectively, the "Agents") and Numis Securities Limited, as special selling group member, have priced the best efforts offering of units ("Units") of the Company (the "Offering") contemplated by the Company's short form prospectus dated August 31, 2009. Pursuant to the pricing set by the Company and the Agents, the Company will offer up to 15,714,286 Units at a price of C$3.50 per Unit for gross proceeds of up to C$55 million. Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one transferable common share purchase warrant (a "Warrant"). Subject to the acceleration right described below, each whole Warrant will entitle the holder to purchase one Common Share for a period of 12 months at a price of C$4.30 per share following the date of closing of the Offering. If, at any time, the closing price of the Common Shares on the Toronto Stock Exchange is greater than C$5.00 for 20 or more consecutive trading days, the Company has the right, on notice to the warrantholders, to accelerate the expiry date of the Warrants to 20 business days following the date of such notice. The Company anticipates filing the final prospectus in respect of the Offering shortly with closing expected to occur on or about September 29, 2009. The Company has granted the Agents an option (the "Over-Allotment Option"), exercisable by the Agents in whole or in part at their sole discretion at any time until 30 days following the date of closing of the Offering, to sell up to an additional 2,357,143 Units on the same terms as set out above to cover over-allotments, if any, and for market stabilization purposes. The net proceeds of the Offering will be used to advance the Company's Angostura Gold-Silver Project, including completion of phase two of the definitive feasibility study, initial design, further exploration and for working capital purposes. 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. This press release is not an offer of securities for sale or solicitation of an offer of securities for sale in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The Company's securities have not been, nor will be, registered under the United States Securities Act of 1933, as amended,( the "US Securities Act") or state securities laws and may not be offered or sold in the United States or to US persons absent registration under the US Securities Act and state securities laws or applicable exemptions from the registration requirements of such laws. Forward-Looking Statements Certain statements in this press release are "forward-looking" within the meaning of Canadian securities legislation. They include statements regarding completion of the Offering, exercise of the Over-Allotment Option the use of proceeds of the proposed financing, anticipated annual production, estimated net present value and internal rate of return 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 Preliminary Prospectus which is available on SEDAR at www.sedar.com. In addition, there is no assurance that the Offering will close on the proposed terms or at all or that the necessary approvals will be obtained, in which case the Company may be required to adjust its plans and/or seek financing from other sources. 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. David B. Rovig President (406) 245-9520 OR Greystar Resources Ltd. - Contact in Canada Mr. Andreas Curkovic Investor Relations (416) 577-9927 www.greystarresources.com OR NCB Stockbrokers Limited - Contact in London 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. -0- Greystar Resources Ltd. More
17-09-09	BRIEF-Greystar Resources announces pricing of unit offering	AFX UK Focus
Sept 17 (Reuters) - Greystar Resources Ltd: PRICES PREVIOUSLY ANNOUNCED $55 MILLION PRELIMINARY SHORT FORM PROSPECTUS `financing at C$3.50 per unit` SAYS WILL OFFER UP TO 15.7 MILLION UNITS AT A PRICE OF C$3.50 PER UNIT ((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
14-09-09	Greystar Resources - Blocklisting Interim Review	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 9662Y Greystar Resources Ltd 11 September 2009 GREYSTAR RESOURCES LTD. (the "Company") Block Admission Return 14 September 2009 The block admission return for the Company's block scheme covering the period from 13 March 2009 to 14 September 2009 to is stated below. Name of Scheme Common shares New Common shares Common shares issued Common shares Exerciseprice Common shares issuable under issuable during the during the period expired/cancelled issuable under scheme as at 14 period during the period scheme as at 14 March 2008 September 2008 Options under the Company's 997,850 0 103,816 91,184 N/A 802,850 Stock Option Plan Options under the Company's 241,750 0 0 0 N/A 241,750 Stock Option Plan Options under the Company's 683,600 0 0 0 N/A 683,600 Stock Option Plan Options under the Company's 471,000 0 0 0 N/A 471,000 Stock Option Plan Options under the Company's 22,900 0 0 0 N/A 22,900 Stock Option Plan Options under the Company's 406,500 0 0 0 N/A 406,500 Stock Option Plan Warrants 9,178 0 0 0 N/A 9,178 Options under the Company's 832,250 0 0 0 N/A 832,250 Stock Option Plan and Warrants Options under the Company's 779,750 0 0 0 N/A 779,750 Stock Option Plan Options under the Company's 80,000 0 10,000 50,000 N/A 20,000 Stock Option Plan Warrants (IFC) 4,934,371 0 0 0 N/A 4,934,371 Options Under the Company's 0 1,903,500 0 0 N/A 1,903,500 Stock Option Plan and Warrants (land acquisitions) TOTAL 9,459,149 1,903,500 113,816 141,184 N/A 11,107,649 Application has been made to AIM to increase the Company's Block Scheme by an aggregate of 1,903,500 common shares and it is anticipated that the increase will become effective on * September, 2009. As of 14 September 2009, the number of common shares issuable under the Block Scheme will be 11,107,649 common shares of no par value in the Company. As at the date of this announcement the Company has 52,756,775 common shares in issue. As at 22 July 2004, the date of the Company's admission to AIM, the Company had an issued share capital of 20,265,762 common shares with no par value admitted to trading on AIM. Company Contact: Sandra Lee Corporate Secretary Suite 1028, 550 Burrard Street Vancouver, B.C. V6C 2B5 Tel: + 1 604-689-1428 Nominated Adviser: Christopher Caldwell NCB Stockbrokers Limited 51 Moorgate London, EC2R 6BH United Kingdom Tel: + 44 20 7071 5200 This information is provided by RNS The company news service from the London Stock Exchange END BLRQFLFFKKBZBBL More
01-09-09	Greystar Resources - Greystar Resources Ltd. Files Preliminary Short Form Prospectus	RNS
This news article is displayed preformatted as it may contain results tables FOR: GREYSTAR RESOURCES LTD. TSX, AIM SYMBOL: GSL August 31, 2009 Greystar Resources Ltd. Files Preliminary Short Form Prospectus VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2009) - THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Greystar Resources Ltd. (the "Company") (TSX:GSL)(AIM:GSL) announced today that it has filed a preliminary short form prospectus (the "Preliminary Prospectus") with the securities regulatory authorities in the Provinces of British Columbia, Alberta, Ontario and Nova Scotia in connection with a best efforts offering of units ("Units") of the Company (the "Offering") for gross proceeds of up to $55 million subject to a 15% over-allotment option. Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one transferable common share purchase warrant (a "Warrant"). Subject to the acceleration right described below, each whole Warrant will entitle the holder to purchase one Common Share for a period of 12 months following the date of closing of the Offering. If, at any time, the closing price of the Common Shares on the Toronto Stock Exchange is greater than a price to be determined on pricing of the Offering for 20 or more consecutive trading days, the Company has the right, on notice to the warrantholders, to accelerate the expiry date of the Warrants to 20 business days following the date of such notice. The net proceeds of the Offering will be used to advance the Company's Angostura Gold-Silver Project, including completion of phase two of the definitive feasibility study, initial design, further exploration and for working capital purposes. The Offering will be led by Jennings Capital Inc, with a syndicate comprising Scotia Capital Inc., and GMP Securities L.P. (collectively, the "Agents"). Final pricing and determination of the number of Units to be sold pursuant to the Offering will occur immediately prior to the filing of the final short form prospectus in respect of the Offering. The Offering is subject to certain conditions including, but not limited to, the execution of a definitive agency agreement with the Agents and the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities. 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. Using a base case gold price of US$700/oz in the first three years of operation and US$650/oz thereafter, the prefeasibility study estimates that the pre-tax after government royalty net present value (NPV) at a 6% discount is US$558 million generating an internal rate of return of 19.0%. Using a gold price of US$750/oz for the life of mine, the NPV at a 6% discount is US$942 million with an internal rate of return of 24.9%. Based on the December 2008, resource update estimation, the Angostura deposit hosts a measured resource of 148.9 million tonnes grading 0.78 gram gold for 3.736 million contained ounces of gold; an indicated resource of 182 million tonnes grading 1.34 grams gold for 7.813 million contained ounces of gold. Combined, the measured and indicated resources host 11.5 million ounces of gold in 330.9 million tonnes of material grading 1.09 grams gold per tonne, plus an inferred resource of 3.472 million ounces of gold in 90.8 million tonnes grading 1.11 grams gold per tonne. Resource estimation was undertaken in compliance with CIM mineral resource and mineral reserve definitions that are referred to in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. A location map of the Angostura drilling, along with a map of the underground tunnel work and an updated concession map, can be accessed from the Company's home page link at Greystar's website. This press release is not an offer of securities for sale or solicitation of an offer of securities for sale in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The Company's securities have not been, nor will be, registered under the United States Securities Act of 1933, as amended,( the "US Securities Act") or state securities laws and may not be offered or sold in the United States or to US persons absent registration under the US Securities Act and state securities laws or applicable exemptions from the registration requirements of such laws. Forward-Looking Statements Certain statements in this press release are "forward-looking" within the meaning of Canadian securities legislation. They include statements regarding completion of the Offering, the use of proceeds of the proposed financing, anticipated annual production, estimated net present value and internal rate of return 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 Preliminary Prospectus which is available on SEDAR at www.sedar.com. In addition, there is no assurance that the Offering will close on the proposed terms or at all or that the necessary approvals will be obtained, in which case the Company may be required to adjust its plans and/or seek financing from other sources. 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. - Contact in Canada David B. Rovig President (406) 245-9520 OR Greystar Resources Ltd. - Contact in Canada Mr. Andreas Curkovic Investor Relations (416) 577-9927 www.greystarresources.com OR NCB Stockbrokers Limited - Contact in London 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. -0- Greystar Resources Ltd. More
25-08-09	Greystar Resources - Greystar Hits More Gold-Bearing Oxide Mineralization at Mongora	RNS
FOR: GREYSTAR RESOURCES LTD. TSX, AIM SYMBOL: GSL August 25, 2009 Greystar Hits More Gold-Bearing Oxide Mineralization at Mongora VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 25, 2009) - Greystar Resources Ltd. ("Greystar" or the "Company") (TSX:GSL)(AIM:GSL) reports that exploratory drilling three kilometres south of its multi-million ounce Angostura gold-silver resource in northeastern Colombia continues to intersect near surface, gold-bearing oxide mineralization. The latest drill results from the Mongora area of the Angostura property included 31 metres grading 0.96 gram gold per tonne starting from surface in one hole and 13.1 metres grading 0.54 gram gold per tonne starting from 21.9 metres in another drill hole. Higher-grade gold values like 9.77 grams gold per tonne over 2 metres also continued to be encountered at depth. "The delineation of oxide gold mineralization at the Mongora area is very exciting for the Angostura project," said Greystar's Executive Vice President, Frederick Felder, P.Geo. "The potential of outlining a new oxide resource that could be added to the 2.26 million ounce oxide resource (measured and indicated) already defined at the Angostura deposit has very favourable implications for the overall economics of the entire Angostura project. We will be ramping up exploration efforts in this area once the drilling for the hydrogeological and geotechnical programs on the Angostura deposit is completed." Highlights of the additional drilling results from the Mongora area include: /T/ ------------------------------------------------------------------------- `From To Interval Gold Silver` `Hole Intercept (m) (m) (m(i)) (gm/t) (gm/t)` ------------------------------------------------------------------------- `MO09-10 21.9 35.0 13.1 0.54 1.4` -------------------------------------------------------------- `208.0 216.0 8.0 0.62 1.1` -------------------------------------------------------------- `253.0 264.0 11.0 0.47 0.7` -------------------------------------------------------------- `281.0 283.0 2.0 9.77 3.8` -------------------------------------------------------------- `325.0 333.0 8.0 1.33 2.0` ------------------------------------------------------------------------- `MO09-11 6.5 9.0 2.5 1.41 9.5` -------------------------------------------------------------- `126.5 131.0 4.5 1.0 2.6` -------------------------------------------------------------- `144.0 147.5 3.5 2.83 4.6` -------------------------------------------------------------- `215.0 224.0 9.0 0.54 0.1` -------------------------------------------------------------- `239.0 246.0 7.0 0.78 1.4` ------------------------------------------------------------------------- `MO09-12 67.0 72.85 5.85 0.57 2.6` -------------------------------------------------------------- `113.0 120.5 7.5 0.6 1.2` -------------------------------------------------------------- `161.0 176.3 15.3 0.47 1.6` -------------------------------------------------------------- `239.5 242.0 2.5 3.08 4.2` ------------------------------------------------------------------------- `MO09-13 0.0 31.0 31.0 0.96 0.8` ------------------------------------------------------------------------- Note: m(i) - Downhole width, not corrected but based on drill holes and `structural dip of the mineralization, the interval is` `considered to be close to true width.` /T/ The exploration drill program at Mongora was halted in May when all the diamond drills were dedicated to the Angostura feasibility study work. A total of eight machines are currently working on hydrogeological and geotechnical programs, which are now over 70% complete. Drilling is expected to resume at Mongora in September. The Current Status of the Angostura Geotechnical and Hydrogeological program is as follows: /T/ ------------------------------------------------------------------ COMPLETED PLANNED ------------------------------------------------- `PROGRAM Drill Holes Metres Drill Holes Metres` ------------------------------------------------------------------ `Geotechnical 35 2,316 48 3,005` ------------------------------------------------------------------ `Hydrogeology 13 1,758 16 2,829` ------------------------------------------------------------------ `TOTAL 48 4,074 64 5,834` ------------------------------------------------------------------ /T/ Based on the December 2008, resource update estimation, the Angostura deposit hosts a measured resource of 148.9 million tonnes grading 0.78 gram gold for 3.736 million contained ounces of gold; an indicated resource of 182 million tonnes grading 1.34 grams gold for 7.813 million contained ounces of gold. Combined, the measured and indicated resources host 11.5 million ounces of gold in 330.9 million tonnes of material grading 1.09 grams gold per tonne, plus an inferred resource of 3.472 million ounces of gold in 90.8 million tonnes grading 1.11 grams gold per tonne. Resource estimation was undertaken in compliance with CIM mineral resource and mineral reserve definitions that are referred to in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. A location map of the Angostura drilling, along with a map of the underground tunnel work and an updated concession map, can be accessed from the Company's home page link at Greystar's website. www.greystarresources.com. REVIEW BY QUALIFIED PERSON, QUALITY CONTROL AND REPORTS The results of the Company's drilling program have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological staff (which includes a qualified person, Frederick Felder, P.Geo., for the purpose of 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). Frederick Felder, P.Geo., has over 30 years of mineral exploration experience, is a member in good standing with the Association of Professional Engineers and Geoscientists of British Columbia and is the qualified person responsible for this release. The Company has implemented 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. Forward-Looking Statements Certain statements included in this release are "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold prices, results, mineral resources and anticipated grades. 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 contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, resource estimates, exploration, development and operating risks, limited experience with development-stage mining operations, dependence on one principal exploration stage property, political and foreign risk, uninsurable risks, competition, production risks, environmental regulation and liability, government regulation, currency fluctuations, potential title disputes and dependence on key employees as set out under the heading "Risk Factors" in the Annual Information Form of the Company dated March 31, 2009 which is available in SEDAR. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. The Company disclaims any intention or obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Greystar Resources Ltd. - Contact in Canada David B. Rovig President (406) 245-9520 OR Greystar Resources Ltd. - Contact in Canada Mr. Andreas Curkovic Investor Relations (416) 577-9927 www.greystarresources.com OR NCB Stockbrokers Limited - Contact in London Christopher Caldwell +44 (0) 20 7071 5200 Christopher.Caldwell@ncb.ie Greystar Resources Ltd. More

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