Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

January 21, 2008 05:00 ET

Salazar Reports High Grade Assays From El Gallo With 4.57 m at 9.45 g/t Gold and 337 g/t Silver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2008) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) is pleased to announce further results from its initial diamond drill program at the Curipamba Project in Central West Ecuador.

The program continues progressing well with two diamond drill rigs operating 24 hour shifts. The first drill remains at Sesmo Sur testing the IP anomaly encountered during the ground geophysics program; the second drill rig remains at Las Naves Central testing the geochemical anomalies previously identified. The Company is currently on drill hole #25 of the Phase 1 10,500 metre drill program.

Highlights of the latest drill holes from the El Gallo Anomaly at Las Naves Central:

Drill holes 15, 16 and 17: the following drill holes successfully intersected a breccia zone with clasts of polysulphides plus barite in an argillic matrix (to see Figure 2, for all drill hole locations at Las Naves Central, please click on: http://www.ccnmatthews.com/docs/srl0121figure2.jpg).



------------------------------------------------------------------------
Length Au Ag Cu Pb Zn
Hole # From To (m) (g/t) (g/t) (%) (%) (%)
------------------------------------------------------------------------
CURI-07-015 8.05 15.00 6.95 4.51 157.0 0.12 0.06 0.04
------------------------------------------------------------------------
CURI-07-016 0.00 8.25 8.25 5.80 66.0 0.08 0.09 0.04
------------------------------------------------------------------------
Including: 2.00 7.00 5.00 9.12 104.0 0.09 0.10 0.04
------------------------------------------------------------------------
CURI-07-017 6.09 10.66 4.57 9.45 337.82 0.20 0.23 0.25
------------------------------------------------------------------------
Including: 6.09 9.00 2.91 14.42 512.1 0.28 0.27 0.29
------------------------------------------------------------------------


There were no significant values in drill hole 14.

Highlights of the drill holes from Sesmo Sur Anomaly:

Drill hole 9: This drill hole was re-drilled and successfully intersected hydrothermal breccias located near surface and coincident with the geochemical anomaly.



------------------------------------------------------------------------
Length Au Ag Cu Pb Zn
Hole # From To (m) (g/t) (g/t) (%) (%) (%)
------------------------------------------------------------------------
CURI-07-009 0.40 16.00 15.60 1.45 17.4 0.17 0.10 0.04
------------------------------------------------------------------------
16.00 51.72 35.72 0.30 3.9 0.11 - 0.08
------------------------------------------------------------------------
55.15 69.00 13.85 0.21 1.3 0.11 - 0.23
------------------------------------------------------------------------
CURI-07-012 16.76 44.19 27.43 0.18 1.6 0.10 - 0.36
------------------------------------------------------------------------
57.00 68.58 11.58 0.24 1.6 0.04 - 0.51
------------------------------------------------------------------------


Drill hole 12: Silicified andesite with moderate pyrite stockwork and local chalcopyrite and sphalerite.

Drill cores 6 through 8 were compromised due to the disruption in October. Drill holes 10, 11 and 13 reported no significant values (to see Figure 1, for all drill hole locations at Sesmo Sur, please click on: http://www.ccnmatthews.com/docs/srl0121figure1.jpg).

Mr. Fredy Salazar states, "We are encouraged with the initial drill results we are seeing at Las Naves Central. The grades intersected we believe are significant and with focused follow-up exploration the potential at this Project remains excellent. We are also encouraged that we are experiencing no more interruptions to our program and that our team is drilling efficiently and completing holes at a rapid pace. More drill results are pending from the Roble and Roble Uno anomalies at Las Naves Central and will be released shortly."

Dr. Howard Lahti, P. Geo, the qualified person for the company, has reviewed this news release for its accuracy.

A QC program was used whereby 5% of all samples sent to the laboratory were standard samples with known silver and gold values. Sample preparation was performed by BSI Inspectorate Quito, Ecuador, using standard industry practices (sample prep minus 32). Analytical work was carried out at the BSI Inspectorate Laboratory in Lima, Peru, using fire assay methods for gold (Au-25 procedure). Standard samples, blanks and duplicate check samples were randomly inserted to the sample batch to ensure quality control.

To view maps and photos related to the Curipamba Project please visit:

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) mineral resource company engaged in the exploration and development of new highly prospective areas of 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, including Aurelian's Fruta del Norte discovery, IAMGOLD's Quimsacocha Deposit, Mozo Deposit, Ex Newmont's Cangrejos Project and International Minerals Rio Blanco and Gaby Deposit. Being an Ecuadorian based company gives us a strategic advantage enabling us to complete exploration at a rapid pace, with over sixty personnel on the ground, including twelve geologists. With an excellent property portfolio (4 projects - 131,300 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

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