Greystar Share Discussion Threads

[gardenboy] 27/4/2006 07:56

drilling going well,

April 27, 2006

Greystar Reports: Step-Out Drilling Strikes More Gold



........."The on-going diamond drill program is continuing to define and significantly extend the eastern boundary of this very large gold-silver system," states Greystar's Executive Vice-President, Frederick Felder. "The latest results continue to show higher-grade shoots within broader zones of lower-grade mineralization which are so indicative of the Angostura deposit."..........

[flagon] 18/4/2006 12:07

John Embry was on robtv.com yesterday evening. He is a precious metals investment
strategist and confirmed gold bull. Whilst Greystar wasn't mentioned it does make interesting listening whilst we await the next RNS ...

Good luck,


Flagon

[gardenboy] 17/4/2006 18:05

just checking the Gold price,

[rambutan2] 13/4/2006 01:50

so, new resource estimate in mid may.

with plenty more to come after it.

[wayoutwest] 12/4/2006 22:52

recovery will be down to that article - lots of canadians read ri

[gardenboy] 12/4/2006 22:50

12 drill rigs in action - they must be keen

...nice recovery in Canada

[gardenboy] 12/4/2006 20:34

yeah, just hope they're right though !

[wayoutwest] 12/4/2006 19:25

snappy title on that piece too

[wayoutwest] 12/4/2006 19:23

yes gardenboy, I always keep an eye on RI - but its worth it i think

[bionicdog] 12/4/2006 19:21

Yup , as long as the news keeps coming we will be more than OK.

[gardenboy] 12/4/2006 19:18

wayoutwest,

thanks, excellent monitoring of that site as usual !

nice reassuring piece - "continued resource increases, completion of a scoping study on Angostura and movement towards a full feasibility study can add value to Greystar shares in the coming months"

ps. added to header

[wayoutwest] 12/4/2006 19:09

new piece on Greystar

[rambutan2] 05/4/2006 00:58

up nearly 6% on tsx to close at 11.50 ie £5.70.

[gardenboy] 04/4/2006 20:33

plenty of cash in the kitty then -looks like they can easily afford this year's plans,

Plans for 2006 include a scoping study, scheduled to begin in May followed by a
feasibility study, expected to start in the fourth quarter. These studies were
originally scheduled to start in 2005, but were delayed to accommodate the
discovery of new structures. The Company plans to continue drilling while the
scoping and feasibility studies are being carried out. Costs to carry out this
work in Colombia are estimated to cost approximately $1.2 million per month

........new resource calculation to come too :~)

[Abuse team] 04/4/2006 01:36

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[rambutan2] 04/4/2006 01:32

so, how are the finances?

Financial Review

The Company incurred a loss of $15,503,971 or $0.45 per share for the year ended December 31, 2005 as compared to a loss of $12,503,610 or $0.55 per share for 2004 and a loss of $3,550,638 or $0.42 per share for 2003.

Greystar is a development stage mineral exploration company without operating
revenues. The Company's head office is located in Vancouver Canada and its
mineral property is located near Buccaramanga in Colombia. The magnitude of the
loss in each of the three years is primarily an indication of spending on the
Company's mineral property in Colombia. It is the Company's accounting policy
that exploration and development expenditures incurred prior to the
determination of the feasibility of mining operations are charged to operations
as incurred. Mineral property acquisition costs, which include option payments,
are capitalized to the property.

Equity financing activities are the major source of cash inflows, as the Company is a development stage company. The Company seeks equity financing as needs dictate and market conditions permit. The increase in assets over the three year term is due to receipt of funds from equity financings and the exercise of warrants and options. At December 31, 2005 cash and cash equivalents represented approximately $36.6 million out of the $45.8 million of total assets.

Terms for a $2.0 million loan payable, classified as a current liability in
2003, were extended and amended in 2004. The loan was exchanged for a
convertible debenture and the term for repayment was extended from June 2004 to
June 2006. Consequently, this obligation was classified as a current liability
as of December 31, 2005.

Stock-based compensation costs, primarily stock options to directors and
employees of the Company, were the largest component of administrative expenses
and represented between 74% and 77% of administrative costs during the period
2003 to 2005.

In 2004, the Company listed on the AIM Market in London. Substantial
professional fees associated with the listing were incurred in 2004 and
accordingly, increased listing, filing, regulatory and compliance costs
associated with maintaining the listing were reflected in higher administrative
costs in 2004 and 2005.

In July 2003, Greystar commenced phase 1 of a planned three phase exploration,
development and economic evaluation program for its Angostura Project. Phase 1
was completed and phase 2 commenced in July 2004. In 2005, the decision was made to expand the drilling program and to delay commencement of a scoping and
feasibility study, due to favourable drilling results. The progressive increase
in exploration expenditures from 2003 through 2005 reflect the commencement and
expansion of this program.

In 2003 the company wrote-off the cost of its US based oil and gas properties as revenue received from these wells was nominal in relation to original cost.
Amounts shown as recoveries in 2004 and 2005 represent amounts recovered from
the disposition of these properties.

Accounting and legal costs were significantly higher for the year ended December 31, 2004 due to costs for professional services incurred in connection with the August 2004 listing on the Alternative Investment Market ('AIM') of the London Stock Exchange plc. During the final quarter of 2004 the Company incurred additional listing and filing fees related to private placements and the AIM listing. These additional costs are reflected in administrative costs-other for the three months and the year ended December 31, 2004.

Interest expense relates to a $2.0 million convertible debenture which is due
for repayment on June 15, 2006.

Stock-based compensation costs are a non-cash cost and are computed using the
Black-Scholes option pricing model to estimate the fair value of stock options
granted.

Foreign exchange gains and losses are a function of exchange rate fluctuations
between the Canadian and US dollar and are also a function of the Company's
holdings of US funds. In 2004, proceeds from the July private placement of
3,415,000 shares issued at GB £1 per share were converted to U.S. dollars at the time, as U.S. funds were required for the exploration program in Colombia.
Between July and the end of the year, the US dollar declined approximately 10%
against the Canadian dollar. This contributed to the foreign exchange losses of
$225,437 and $538,731, respectively, recorded for the fourth quarter and for the year ended December 31, 2004, respectively. In 2005, the Company reduced its exposure to foreign exchange fluctuations by reducing the amount of US funds on hand and by buying US funds on an as required basis to fund exploration activities. The Company recorded a modest net foreign exchange gain of $52,369 for the year ended December 31, 2005.

Increases in interest income for the fourth quarter and for the year to date for 2005 are a direct result of the Company's improved working capital position and the increase in amounts in interest bearing accounts.

Exploration expenditures on the Company's Angostura mineral property have
increased for both the three months and year ended December 31, 2005 compared
with the same periods in 2004. The drilling program, originally scheduled to be
completed in 2005, was expanded and extended due to favourable drilling results.

Cash Flows, Liquidity and Capital Resources

At December 31, 2005, cash and cash equivalents were $36,637,592, up from
$32,498,735 at December 31, 2004. Working capital at December 31, 2005 was
$34,330,916. During 2005, a total of 4,803,238 options and warrants were
exercised which yielded cash of $17,202,705 to the Company.

Exploration expenditures of $12,550,122 for 2005 on the Angostura mineral
property represent the Company's largest use of funds. The monthly rate of
expenditure accelerated during the year and the Company continues to compile
data before commencing a feasibility study. Phase 1 and 2 of the exploration
program, which began in July 2003, originally called for a 62,000 meter drill
program. The drilling program was expanded and as of December 31, 2005, 91,800
meters of drilling was completed, a 48% increase. Drilling is continuing and is
expected to continue throughout 2006. The feasibility study, originally
scheduled to commence in 2005, is now anticipated to begin in the fourth quarter of 2006. Monthly costs for Colombian operations are expected to be approximately $1,200,000 per month for 2006.

Administrative costs of $846,095 for the year, (which excludes non-cash
stock-based compensation), were largely offset by interest earned from funds on
deposit ($841,125). Interest income can be expected to decline in 2006 as
interest bearing funds are spent on the continuing exploration program in
Colombia. Also, as the Company grows, administrative costs can be expected to
increase.

The Company does not have plans for any equity financing, at this time. However, as of March 24, 2006, there are approximately 4.6 million options and warrants outstanding, excluding convertible debt impact, all of which are 'in the money'. If all these warrants and options were exercised the proceeds to the Company would be approximately $19.5 million. In addition, a $2,000,000 convertible debenture may, at the option of the debenture holder, be converted into common shares at a price of $2.50 per share. While it is probable that some of these warrants and options will be exercised, it is not possible to predict the timing or the amount of funds which might be received.At present, the Company has sufficient funds to meet its ongoing obligations.

Contractual and Other Obligations

A $2,000,000 convertible debenture with Belle Isle Investments Ltd. is due for
repayment on June 15, 2006. Belle Isle has the right to convert all or part of
the loan into the Company's common shares at a price of $2.50 per share.

[rambutan2] 04/4/2006 01:26

from results out yesterday...

The Company has only one class of share capital, common shares without par
value. The number of shares authorized is unlimited. The Company also has a
stock option plan and has issued warrants for the purchase of common shares. In
addition, a $2,000,000 debenture is convertible, at the option of the debenture
holder, into common shares.

The following are outstanding at March 24, 2006:
Common shares 37,694,056

Shares issuable on the exercise of warrants 436,762

Shares issuable on the exercise of outstanding stock options 4,238,800

Shares issuable on conversion of convertible debenture 800,000

[lasata] 31/3/2006 16:40

Quiet movers are often the best - all time high

[dak] 30/3/2006 15:55

6.6% up on opening in Canada!!

[lasata] 27/3/2006 08:54

Blue sky territory. Persistent buying in Canada has taken share price to all time high.

Minesite:

Over to the golds, Greystar, which is also listed on AIM hit yet another new 52-week high after the company reported that drilling continues to hit the goods on its eastern expansion program on its wholly-owned plus 10 million ounce Angostura gold deposit in Colombia. Greystar ended the week up C$1.15, to C$11, even.

[mikkydhu] 24/3/2006 23:47

gardenboy,

HMB is new to me. But I've just had a quick look at the thread here and like the ounces they have. I see you've done a lot of research on them. Very useful. I would like to know more about country risk. And I see that drilling results are awaited. Could be good. Will look further tomorrow. Thanks for pointing them out.

[Abuse team] 24/3/2006 23:28

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[Abuse team] 24/3/2006 23:26

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[gardenboy] 24/3/2006 23:21

Mikkydhu,

thanks, a bidding war that would be nice.

as you are a goldbug, could I ask you what you think of HMB ?