Greystar increases Angostura gold resource

Vancouver – Greystar Resources (GSL-T) released a significant increase in gold and silver resources at its wholly owned Angostura project in northeastern Colombia.

Completed under the supervision of Strathcona Minerals Services, the indicated resource estimate at Angostura now stands at 41.1 million tonnes grading 1.6 grams gold per tonne and 6 grams silver per tonne, outlining 2.1 million oz. gold and 7 million oz. silver contained. An inferred resource of 94.9 million tonnes grading 1.4 grams gold and 4 grams silver has also been outlined, containing a further 4.1 million oz. gold and 13 million oz. silver.

Greystar has been exploring Angostura since 1995, having spent more than US$19 million and drilled more than 66,000 metres. In June 2003, a 2-year, 3-phase, US$14-million program was initiated to further define the resource and advance the project to feasibility stage.

The company is now undertaking a definition drilling program. About 40,000 metres are planned, to upgrade inferred resources to indicated.

Gold and silver mineralization at Angostura occurs in multiple vein-like structures, breccia, and fault zones over an area exceeding 1 sq. km and to a depth of up to 1,000 metres.

Greystar has 19 million shares outstanding and trades in the range of $2.50.

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