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To: Veteran98 who wrote (194581)	11/19/2010 11:16:16 AM
From: Veteran98	Respond to of 313945

GSL... Cnaccord Daily Letter........ Greystar Resources Ltd. \| Nicholas Campbell, 1.604.643.7027 GSL : TSX : C$5.19 \| C$437.1M \| Speculative Buy , Target C$9.00 • Risk vs. reward: formal EIA hearing to take place Sunday; maintaining SPECULATIVE BUY and C$9.00 target Investment recommendation We maintain our SPECULATIVE BUY recommendation on the shares of Greystar Resources with a target price of C$9.00 per share. Investment highlights • The formal public hearing for the EIA process is set to take place this Sunday, November 21, in California, Santander, the town closest to the project site. • Once the formal public hearing is complete, an approval or rejection of Greystar’s EIA for the Angostura project could be received as early as December 2010; however, we believe a decision in H1/11 is more likely. • The recent bid for Ventana Gold by 63X Master Fund has highlighted Greystar and its Angostura project, resulting in a 17% lift in the share price over the past two trading days. Approval of the EIA for the Angostura project should spark renewed M&A interest in GSL. Valuation GSL is currently trading at a market value of C$36/oz of gold-equivalent resource vs. the junior gold weighted average of $97/oz. A positive decision from the Colombian MAVDT ministry on the EIA for Angostura should lead to a significant and immediate revaluation of the shares of GSL. We continue to value the shares of GSL based on a 0.6x multiple to our estimate of peak gold and silver NAVPS (10%, US$1500/oz Au and US$25/oz Ag).