FOR:  GREYSTAR RESOURCES LTD.

TSX, AIM SYMBOL:  GSL

December 14, 2009

Greystar Resources and The International Finance Corporation Initiate Royalty Education Program in Angostura
Communities

BUCARAMANGA, COLOMBIA--(Marketwire - Dec. 14, 2009) - The International Finance Corporation (IFC), a member of
the World Bank, and Greystar Resources Ltd. (TSX:GSL)(AIM:GSL) have initiated a program to support the
Municipality of California in establishing effective strategies for management of royalty revenue to be
generated from the Angostura gold-silver project. The program will also advise the Vetas and Surata
Municipalities in an effort to attract Government resources for the purpose of improving the living conditions
of each of the communities.

It is hoped that this US$330,000 initiative (Greystar US$224,000 contribution) will result in an increase of
community involvement and public management of Angostura royalties, providing opportunities for all local
stakeholders. The two and a half year program will be measured by the adoption of "best practices" in municipal
investment and the increase in the number of residents with access to better education, health and potable
water supplies.

"This IFC/Greystar initiative is part of an ongoing social responsibility effort within the communities
surrounding the Angostura gold-silver project. The goal is to achieve growth and sustainable development within
the region by implementing programs that build community participation.", stated Frederick Felder, the
Executive Vice President of Greystar, "This program, combined with others which are currently being designed
with both the IFC and the Canadian International Development Agency (CIDA), have as their objective to mitigate
the social and environmental impacts of the Angostura project on the local communities."

Roberto Albisetti, IFC Manager for Colombia, Ecuador, Peru and Venezuela, highlighted the IFC's commitment to
support initiatives focused on improving the living conditions of communities where natural resources are
extracted. "This project has the potential to determine new social and environmental standards for Colombia, as
well as increasing employment opportunities in the country and additional benefits for the local communities."

Greystar Resources Ltd. is currently completing a Bankable Feasibility Study and Environmental Impact Study of
the Angostura gold-silver project. Subject to a positive Bankable Feasibility Study, permitting approval and
successful project finance, Angostura is expected to begin production in 2012. Upon commercial production
Angostura will generate estimated royalties for the Municipality of California of US$10-$15 million annually.

About The International Finance Corporation (IFC)

The IFC, a member of the World Bank Group, creates opportunity for people to reduce poverty and improve the
lives of the population. The IFC fosters sustainable economic growth in emerging countries by supporting
private sector development, mobilizing private capital and providing risk mitigation services and advisory
services to businesses and governments. IFC new investments totaled US$14.5 billion in fiscal year 2009,
helping to play a prominent role during the recent financial crisis. For more information, visit www.ifc.org/.

About Greystar Resources Ltd.

Greystar Resources Ltd. is a precious metals exploration and development company that is currently completing a
bankable 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 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 news release are "forward-looking" within the meaning of Canadian securities
legislation. They include statements regarding the intended use of proceeds of the Warrant exercises. 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:

IFC International Finance Corporation
Natalie Halich
Contact in Washington
(202) 473-1902
NHalich@ifc.org
www.ifc.org

OR

Greystar Resources Ltd.
Mr. Geoff Chater, VP
Contact in North America
(604) 614-7830
geoffchater@shaw.ca
www.greystarresources.com

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.