Greystar Resources today recovered much of its recent decline, soaring more than 45% after winning an appeal to get its Environmental Impact Assessment (EIA) for the Angostura gold-silver deposit in Colombia reinstated.

"We believe that Angostura can be developed in a sustainable fashion that respects the integrity of the environment while delivering economic benefits to all stakeholders," said president and CEO Steve Kesler.

"We will continue to work closely with the Colombian Government and MAVDT to resolve all concerns related to the development of Angostura."

In April, the Ministry of the Environment, Housing and Territorial Development (MAVDT) told Greystar that any mining activity who have to take place below 3,200 metres to avoid disturbing the "Paramo" ecosystem.

All the projects facilities and infrastructure, and half the proposed open pit, are above that. If the appeal had failed, it would have "severely" impacted the projects schedule and may have had a "material" effect on its economic viability.

A Definitive Feasibility Study (DFS) on Angostura is expected to be published in the second half of 2010, and the firm has begun the process of securing $650m in project finance from international sources.

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