Greystar Begins Drill Program at La Plata

 

VANCOUVER, BC - Greystar Resources Ltd. reported that the Company has commenced a drilling program with one drill rig at the Company's La Plata Property located in the California mining district of Colombia. La Plata comprises 78 hectares of mineral rights contiguous on the majority of its borders with existing Greystar holdings.

The La Plata property lies within a mineralized belt related to the northeast-southwest trending La Baja Fault, which has given rise to a number mineralized occurrences. This mineralization, which has traditionally been mined by local artisanal miners, is now the focus of more modern exploration methods. Within the La Baja structural domain, gold and silver mineralization is associated with flexures along the main fault.

Exploration carried out by Greystar during the second quarter of 2009 identified vein and stockwork mineralization associated with strong alteration hosted in a dacite porphyry. Rock samples from mine tunnels on site returned gold assays ranging from no significant gold up to 9.66 grams per tonne gold and silver assays ranging from no significant silver up to 94.3 grams per tonne silver.

Greystar Resources Ltd. 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.

The company’s address is Suite 1430, 333 Seymour Street, Vancouver BC V6B 5A6, (604) 682-8212, fax: (604) 682-3708.