Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

November 03, 2011 06:00 ET

Salazar High Grade Intercepts

9.70 Meters of 6.23 g/t Gold, 183.43 g/t Silver, 1.36% Copper, 6.93% Zinc and 1.13% Lead

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 3, 2011) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) reports new high grade intersections from the ongoing diamond drill program on its 100% owned (30,327 ha), precious metals' rich, Curipamba volcanogenic massive sulphide (VMS) project in Ecuador. The eight holes reported here are part of the on-going diamond drilling program on the El Domo VMS deposit (Tables 1 & 2; Figure 1). The VMS intersections in holes CURI-128, CURI-132 and CURI-135 demonstrate the potential for significant extensions to the El Domo deposit, to the south and beneath the andesite sill to the east.

  • CURI-128 intersected 4.55 meters grading 5.21 g/t gold, 321.95 g/t silver, 0.63% copper and 3.59% zinc in massive sulphide mineralization. This is a new area of high grade massive sulphide mineralization at the southern end of the deposit (Figure 1). The mineralization is open to the southwest (Figure 1).
  • CURI-132 intersected 15.94 meters grading 0.97 g/t gold, 14.84 g/t silver and 1.85% copper in massive to semi-massive sulphide mineralization under the andesite sill. This mineralization is open to the east (Figure 1).
  • CURI-135 intersected 9.66 meters grading 6.23 g/t gold, 183.43 g/t silver, 1.36% copper. 1.13% lead and 6.93% zinc in faulted massive sulphide under the andesite sill. This mineralization is open to the east (Figure 1).

CURI-129, 131, 133 and 134 intersected a massive to semi-massive sulphide mineralization under the andesite sill, several of these with faulted zones. This is encouraging as it demonstrates the preservation of the mineralization open to the East. This mineralization is open and additional drilling is required.

CURI-130 intersected a faulted sequence of grainstone, rhyolitic tuffs and stockwork. However, the grainstone horizon (the marker horizon for the massive sulphide mineralization), was intersected.

Table 1: Significant Intersections
Hole From To Width* Gold Silver Copper Lead Zinc
# (m) (m) (m) (g/t) (g/t) (%) (%) (%)
CURI-128 57.00 61.55 4.55 5.21 321.95 0.63 0.90 3.59
CURI-129 150.40 152.35 1.95 0.99 26.41 1.14 0.22 2.29
CURI-130 56.18 71.00 14.82 0.30 12.01 0.03 0.02 0.72
Incl 56.18 58.65 2.47 1.28 62.48 0.01 0.08 0.22
CURI-131 165.66 166.96 1.30 4.71 155.65 1.62 1.88 19.89
CURI-132 125.20 141.14 15.94 0.97 14.84 1.85 0.04 0.67
Incl 129.33 140.00 10.67 1.06 15.70 2.58 0.03 0.77
Incl 133.18 140.00 6.82 1.02 9.91 3.56 0.02 0.28
CURI-133 157.10 163.84 6.74 0.96 17.28 0.44 0.05 0.93
CURI-134 137.00 143.70 6.70 1.24 11.86 0.43 0.05 0.65
Incl 137.00 139.28 2.28 2.50 8.18 0.40 0.06 0.32
and 173.00 173.95 0.95 0.24 6.60 0.18 0.01 1.39
CURI-135 133.71 143.37 9.66 6.23 183.43 1.36 1.13 6.93
Incl 133.71 139.87 6.16 8.01 250.51 1.56 1.23 8.50
*Widths represent down hole core lengths.
Table 2: Drill Hole Specifications
Drill Hole Section Easting Northing Elev. (m) Azimuth Dip EOH (m)
CURI-128 4950 N 695031 9854950 884 90° -70° 119.95
CURI-129 5300 N 695120 9855303 950 90° -75° 185.95
CURI-130 4950 N 695100 9854945 902 90° -75° 137.95
CURI-131 5150 N 695137 9855150 928 90° -75° 269.80
CURI-132 5350 N 695240 9855351 946 233° -87° 191.95
CURI-133 5050 N 695187 9855050 956 90° -85° 270
CURI-134 5350 N 695243 9855353 942 53° -72° 198
CURI-135 5000 N 695223 9855000 951 90° -80° 185.95

Mr. Salazar commented, "We are pleased with these new results which convincingly demonstrate that the El Domo is still open to the east of the deposit and beneath the andesite sill. This untested area has the potential to deliver additional resources. As well, we believe it is appropriate that the existing NI 43-101 resource estimate for the El Dome deposit be updated. As announced on July 12, 2011, Roscoe Postle Associates Inc. has been retained to prepare an updated NI 43-101 compliant resource estimate."

QA/QC

Drill core samples are analyzed by ALS Chemex Labs Ltd. and IBS Inspectorate, ISO 9001:2000 certified laboratories. Salazar maintains a QAQC program whereby standard samples and blanks are inserted into each batch of samples to ensure quality control.

Kieran Downes, P.Geo., a qualified person as defined by National Instrument 43-101, is responsible for the technical information provided in this release.

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 based in Ecuador, thus having thorough knowledge of local human and environmental issues, gives the Company 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.

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