GEOPOLITICAL RISK GOLD CRUDE OIL

[Ed Monton]

Greystar is sending 25 people to Angostura. 2 Geologists and 23 bodyguards??



Greystar Commences 2003-04 Exploration Campaign

VANCOUVER, BRITISH COLUMBIA--Greystar Resources Ltd. ("Greystar")
is pleased to announce the commencement of its 2003-04
exploration campaign at its wholly owned Angostura Gold-Silver
Project in Colombia.

Following several months of extensive and intensive preparation,
discussions and interaction with Colombian government officials,
Greystar has determined that sufficient safety and security
measures have been undertaken and implemented in the regional
area surrounding the Angostura property to facilitate Greystar's
commencing its planned campaign.

Greystar has deployed a team of 25 people to the site, including
2 geologists. An underground contractor has been retained and is
preparing to drive 1800 meters of underground access.

"The main objective of this phase of the campaign is to drill
high grade gold shoots. The shoots are localized along the
intercept axes occurring at the loci of vein-vein and
vein-fault/fracture intercepts," states David Rovig, President,
Greystar Resources. "Given that 40% of the gold found by our
earlier diamond drilling (52,000 meters in 181 holes) was
contained in the high grade shoots within the tabular vein like
structures, a closer look at determining the predictability of
these shoots is deemed prudent."

The high grade shoots are characterized by some very high grade
drill intercepts, having grades greater than 30 g/t. Ground
truthing with previous sampling of workings and surface sampling
carried out in 2000 have confirmed conceptual models for defining
new high grade targets within tabular structures.

The Angostura project is a major gold-silver deposit which
Greystar has been actively exploring since 1995. To date, a
resource base encompassing 96,200,000 tonnes containing 4.9
million ounces of gold (1.6 g/t) and 18 million ounces of silver
(6 g/t) have been defined. (See news release November 23, 1999.)
The project has great additional exploration potential both
within the confines of the known deposit and in the adjacent
areas.

CONTINUING PROGRAM

The project as it is now understood appears to be economic.
However, interpretive work has shown that there is a good
potential to increase both the grade and the contained ounces of
the deposit within the confines of the present resource. A
continuous 20 month, three phase program budgeted at US$14
million has been proposed to further define the resource and take
the Angostura project through full feasibility.

EXPLORATION PROGRAM - Phase 1

In 2000, Greystar carried out a limited program of surface
testing of potential targets defined by study of structural data.
The field truthing was very successful, and it showed that the
target definition process works.

A program of 20,000 meters of drilling is proposed for testing
in-fill and high grade targets. The precise location of the
drilling as well as the sequencing will be influenced by the
results from the surface and underground geological work.
Development work on the 2800 meter level will be started to allow
testing of many of the down dip extensions of high grade
structures in three prolific veins (#29, 12, and 13) on the
Angostura project. A total of 1800 meters of drifting and
crosscutting is planned.

The cost of Phase 1 is estimated at US $3.5 million.

DEFINITION PROGRAM - Phase 2

All the work done to date suggests that there is good potential
for discovery of additional high grade. This was apparent in the
1999 program as targeted drilling using 41 drill holes gave rise
to a 7% increase of grade to the known resource base, thus
supporting the expectation that drilling of selected targets will
have a significant positive impact on the grade and increase the
gold resource.

The definition program will follow completion of phase 1 scoping
work. A total of 42,000 meters of diamond drilling is projected
for the Phase 2 Program. This program will provide the necessary
sample density to advance the resources into a reserve category.

During this phase of the program the underground workings will
provide samples for the metallurgical program.

Phase 2 is estimated to cost US$7.3 million.

FEASIBILITY STUDY - Phase 3

The feasibility study will be primarily carried out in months 16
to 20 of the program. In order to be in a position to complete
the study on time, data collection will start at the beginning of
the program. Base line studies are proposed to begin in month 3
of the program, and metallurgical work in month 7.

The cost of the feasibility study is estimated at US$3.2 million.


REGIONAL POTENTIAL

The deposit is open to depth and in all directions. The depth
potential is especially significant for underground targets.
Drilling limitations restrict the evaluation of structures to two
to three hundred meters from surface. The exploration work in the
area to date has shown that mineralization occurs over a vertical
distance of over 1000 meters. Surface sampling has shown
identical structures for over one kilometre in the north-east
direction and a similar distance to the southwest.

There is also a large copper/molybdenum anomaly and two
occurrences similar to Angostura within the project boundaries.

FINANCING

Greystar Resources, which has no debt, completed a $5 million
financing in 2002. Current cash available stands at approximately
$3.0 million. Greystar can realize a further $5 million in
proceeds if outstanding warrants are exercised in the fourth
quarter 2003. A significant portion of these proceeds has been
allocated for Phase 1. Additional financing will be required to
complete phases 2 and 3.

All dollar amounts are in Canadian dollars, unless otherwise
stated.

Forward Looking Statement

Some statements in this report contain forward-looking
information. These statements address future events and
conditions and, as such, involve inherent risks and
uncertainties. Actual results could be significantly different
from those projected.

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FOR FURTHER INFORMATION PLEASE CONTACT:
Greystar Resources Ltd.
Ed Baer
Investor Relations
[phone]
or
Greystar Resources Ltd.
Dave Rovig
President
[phone]
Email: [e-mail]
Website: www.greystarresources.com