Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

May 24, 2011 06:00 ET

Salazar Hits New High Grade at Curipamba With 15.6 Meters of 1.59 g/t Gold & 1.07% Copper Including 5.89 Meters of 3.35 g/t Gold & 2.37% Copper

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 24, 2011) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) is pleased to report new assay results from the ongoing diamond drilling program on its 100% owned (30,327 ha), precious metals' rich Curipamba volcanogenic massive sulphide project in Ecuador. Hole 109 intersected 15.6 meters of mineralization grading 1.59 g/t gold, 25.64 g/t silver, 1.07% copper and 2.7% zinc, including 5.89 meters grading 3.35 g/t gold, 56.58 g/t silver, 2.37% copper and 7.0% zinc (Figure 1; Table 1). The intersection indicates copper and gold-rich mineralization extending to the west from hole 80.Salazar currently has two drills delineating and extending the deposit.

Mr. Salazar says, "The intersection in hole 109 indicates the possibility of another area of high grade mineralization in this locale, and to the west. Additional drilling is required to further explore this area."

Table 1 Significant Intersections
HoleFromToWidthGoldSilverCopperLeadZinc
#(m)(m)(m)(g/t)(g/t)(%)(%)(%)
CURI-109105.57121.1715.601.5925.641.070.082.70
incl105.57119.2813.711.7428.031.200.093.06
incl105.57111.465.893.3556.582.370.187.00
CURI-110125.95138.6412.690.8753.530.040.180.32
incl125.95134.558.601.2068.860.020.080.17
and148.00151.363.360.1711.750.080.071.24
CURI-11139.6550.7611.110.6911.440.710.081.29
incl39.6540.971.322.1813.600.060.310.73
incl46.5848.181.601.1549.383.720.207.81
CURI-11279.0079.870.870.9460.600.030.110.23
*Widths represent down hole core lengths.
Table 2 Hole locations and targets
Drill HoleSectionAzimuthDipElev. (m)EOH (m)Location of Nearby Significant Intersection
DDH 1095400 N-90˚949.99155.850 m north of DDH 10513.38 g/t Au; 97.99 g/t Ag; 2.88 % Cu and 3.24 % Zn over 4.83 meters
DDH 1105600 N90˚-75°959.9200.9550 m north of DDH 105
DDH 1115350 N90˚-75˚908.15137.9550m north of DDH 10714.1 g/t Au; 89 g/t Ag; 3.69 % Cu and 5.3 % Zn over 1.3 meters
DDH 1125900 N270˚-78°901.69155.35
1: News release of May 10, 2011

Hole 109, drilled approximately 50m west of hole 80, intersected the massive sulphide horizon. The mineralized horizon is thicker here than in hole 74, drilled ~50m to the north and hole 107 drilled ~50m to the south (Table 2).

The local structural disruption of the massive sulphide horizon noted in hole 107 does not appear to have affected hole 109.

Hole 110 was drilled at the NE end of the deposit near the Roble zone. It intersected a zone of silicified and locally faulted, dacitic hydrothermalbreccias and stockwork carrying trace to 3%pyrite + barite + sphalerite + galena + chalcopyrite + gypsum immediately beneath an andesite sillin volcanics that stratigraphically underlie the El Domo massive sulphide horizon.The hole was drilled ~ 50m north of hole 105 and close to the NE-trending El Domo Fault. The andesite intrusion appears to have cut out the massive sulphide horizon in this locale.

Hole 111 was drilled ~50m east of hole 107. It intersected both massive sulphide and stockwork mineralization, as well as dacitic hydrothermal breccias.

Hole 112 was drilled to test a chargeability anomaly 300m north of hole 110.

Drill core samples are analyzed by ALS Chemex Labs Ltd., an ISO 9001:2000 certified laboratory. Prospecting, soil and stream sediment samples are analyzed byBSI Inspectorate Services an ISO 9001:2000 certified laboratory which also has an accreditation of ISO 17025. Salazar maintains a QC program is used 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 an Ecuadorian based company gives the company a strategic advantage enabling the company 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.

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