Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

August 19, 2010 08:30 ET

RETRANSMISSION: Salazar Announces $5 Million Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 19, 2010) - Salazar Resources Ltd. ("Salazar") (TSX VENTURE:SRL)(FRANKFURT:CCG) is pleased to announce a brokered private placement (the "Brokered Offering") with Canaccord Genuity Corp. ("Canaccord" or the "Agent") of 2,730,000 Units (the "Units") priced at $1.10 per Unit. Each Unit will consist of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole warrant will entitle the holder to subscribe for one additional common share (a "Warrant Share") for a period of two years from the date of closing at a price of $ 1.50 in the first year and $1.75 in the second year. Salazar will also be undertaking a non-brokered financing of 1,818,200 units on the same terms as the Brokered Offering.

As consideration for acting as Agent, Canaccord will be paid a cash and Agent's warrant ("Agent's Warrants") commission based on the total proceeds raised in the Brokered Offering. Each Agent's Warrant will be exercisable to acquire one common share for a period of 24 months from the closing at $1.10. In addition, the Agent will receive a corporate finance fee paid in Units. There will also be finders fees paid on the non-brokered financing.

The use of proceeds raised from this issue will be used to fund continued exploration at the company's assets and for general working capital purposes.

Completion of the placement is subject to the approval of the TSX Venture Exchange.

For more information please visit our website at: www.salazarresources.com

ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED

Fredy Salazar, President & CEO

Salazar Resources Limited

Salazar Resources Ltd. is a publicly-listed (TSX VENTURE:SRL)(FRANKFURT:CCG) mineral resource company engaged in the exploration and development of new highly prospective areas in Ecuador. Led by a senior Ecuadorian management team and most notably by its namesake Fredy Salazar, this team has been instrumental in other major discoveries throughout Ecuador. Being an Ecuadorian based company gives the company a strategic advantage enabling the company to complete exploration at a rapid pace. With an excellent property portfolio (3 projects - 42,900 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador and throughout South America.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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