Salazar Resources Limited

Salazar Resources Limited

March 19, 2007 13:15 ET

Salazar Closes Short Form Offering

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 19, 2007) - Salazar Resources Limited (TSX VENTURE:SRL)(FRANKFURT:SRL) (formerly Consolidated Kookaburra Resources Ltd.) (the "Company") is pleased to announce that it has closed its financing by way of Short Form Offering Document (the "Offering") with Canaccord Capital Corporation ("Canaccord"), announced on February 26, 2007, for total gross proceeds of $2,000,000. The Company issued an aggregate of 2,000,000 units (each a "Unit") at a purchase price of $1.00 per Unit. Each Unit consists of one common share and one-half of one transferable common share purchase warrant (each a "Warrant"). Each whole Warrant entitles the holder to acquire one additional common share at a purchase price of $1.50 per share until March 19, 2009. The Company has obtained conditional approval from the TSX Venture Exchange (the "Exchange") to list and post the Warrants for trading on the Exchange, and the Company will be applying to the Exchange for final approval.

In consideration for its services with respect to the closing of the Offering, Canaccord received a cash commission equal to 8% of the gross proceeds of the sale of Units and agent's units ("Agent's Units") equal to 10% of the aggregate number of Units sold in the Offering. Each Agent's Unit consists of one common share and one-half of one common share purchase warrant ("Agent's Warrant"). Each whole Agent's Warrant will be exercisable to acquire a common share at a price of $1.00 per share until March 19, 2009. Canaccord was also paid an administration fee of $5,000 and a corporate finance fee of 125,000 units (the "Corporate Finance Units") having the same terms as the Agent's Units.

The securities comprising the Agent's Units and the Corporate Finance Units are subject to a four month hold period expiring on July 20, 2007.


Nick DeMare, Secretary and Director

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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