Mr. Samuel Rubin of Amber reports

AMBER CAPITAL LP: PRESS RELEASE AND EARLY WARNING REPORT

On March 31, 2011, Amber Capital LP, on behalf of Amber Global Opportunities Master Fund Ltd. and PM Manager Fund SPC, on behalf of and for the account of Segregated Portfolio 22 and Amber Latin America LLC, and on behalf of and for the account of Series One and Series Three, which are investment funds managed by it, acquired ownership and control of 1,684,400 common shares of Greystar Resources Ltd. The acquired shares represent approximately 2.00 per cent of the issued and outstanding common shares of the company (based upon the 84,222,987 common shares stated to be outstanding as of March 25, 2011, by the company in the company's management's discussion and analysis for the year ended Dec. 31, 2010, filed with Canadian securities regulators on March 25, 2011).

The offeror beneficially owns and controls 15,160,143 common shares in the capital of the company, representing in the aggregate approximately 18 per cent of the outstanding common shares of the company (based upon the 84,222,987 common shares stated by the company to be outstanding as of March 25, 2011).

After giving effect to the acquisition, the offeror beneficially owns and controls 15,160,143 common shares in the capital of the company, representing in the aggregate approximately 18 per cent of the outstanding common shares of the company (based upon the 84,222,987 common shares stated by the company to be outstanding as of March 25, 2011).

The acquired shares were purchased on the Toronto Stock Exchange at an average price of $2.625 per common share.

The offeror acquired the acquired shares for investment purposes and may or may not purchase or sell securities of the company in the future on the open market or in private transactions, depending on market conditions and other factors material to the offeror's investment decisions, and reserves the right to dispose of any or all of its securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the securities.

The offeror may seek to influence the strategic direction of the company, which may occur through discussions with representatives of the company or by influencing control of the company's board of directors.