Salazar Announces Private Placement to Raise Up to $3 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2012) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) is pleased to announce that the Company has arranged a non-brokered private placement of up to 6,000,000 units, at a price of $0.50 per unit, to raise up to $3 million. Each unit comprises one common share and one-half of a transferable share purchase warrant. Each whole warrant will entitle the holder to purchase an additional common share of the Company for a period of two years from closing at a price of $0.65 per share. Finders' fees may be payable on all or a portion of this private placement. The proceeds of this financing will be used to fund the Company's exploration properties and for general working capital.

The above private placement is subject to TSX Venture Exchange approval.

ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED

Fredy Salazar, President & CEO

Salazar Resources Limited

About Salazar Resources: 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 Salazar Resources Ltd. a strategic advantage enabling it 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.

This press release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.