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.

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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.

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Greystar Resources Ltd.