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.

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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.

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Greystar Resources Ltd.