Salazar Resources Limited

Salazar Resources Limited

May 08, 2008 12:33 ET

Salazar Abides by Mining Mandate Issued in Ecuador

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 08, 2008) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) -

The mining mandate issued by the National Constituent Assembly, effective April 18, 2008, ordered a halt to mining activities on all concessions, including drilling, exploration and development. Salazar has now scaled back its operations and workforce on all of its properties in Ecuador. Salazar will carry out maintenance activities and control of its properties until the status of concessions is clarified and the new proposed mining law is enacted and put into effect.

As a result of this obligatory reduction of activities, Salazar has terminated 90% of its work force in Ecuador. According to the Mining Mandate, mining will remain on hold for 180 days from the effective date of the mandate, when the Government proposes to issue a new Mining Law.

Salazar looks forward to collaborating with the Government in helping formulate the new law with the objective of creating a law allowing for the development of mining in Ecuador with favorable terms for mining companies, communities, and the country as a whole.

Fredy Salazar stated, "We have notified our employees of the suspension of activities, who like us, are extremely negatively impacted by this decision of the Assembly. We regret the effect the mining mandate will have on our employees and their families."

Salazar Resources is well financed and has assembled a strong exploration team. While operations and expenditures in Ecuador will be curtailed and placed on a maintenance basis, the Company will focus its efforts on reviewing other opportunities to acquire resource properties outside of Ecuador.


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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