Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

November 23, 2010 03:00 ET

Salazar Intersects 28.2 g/t Gold, 359.5 g/t Silver, 8.86% Copper and 20.45% Zinc

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2010) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) - Mr. Fredy Salazar, President and CEO, is pleased to announce that that the latest drilling results at its Curipamba Volcanic Hosted Massive Sulphide Project in Ecuador has expanded the El Domo deposit another 50 meters north to a total length of approximately 700 meters. The ore body remains open in several directions.

"The thickness and grades of the intersection in DDH 77 are extraordinary and have exceeded our expectations," says Fredy Salazar, President and CEO. "The cluster of recent holes at north end of this deposit has yielded massive sulphide intersections averaging close to 20 meters per hole. The resulting copper and zinc content of the zone in combination with the high grade precious metal values such as those found in the 4 m grading 28 g/t gold and 360 g/t silver in DDH 77 greatly enhances the potential of the El Domo deposit."

The pierce points of diamond drill holes (DDH) Curi-10-76 and Curi-10-77, located on section 5500N (see figure 1: http://media3.marketwire.com/docs/srl-map1.pdf) are approximately 50 meters north of DDH 60 where 32.36 m @ 3.8 g/t gold, 39.2 g/t silver, 3.67 % copper and 1.44 % zinc was previously encountered.

The pierce point of DDH 75 is located 150 m west of DDH 60 and was drilled at 270 degrees strike on section 5450 N with -60 degree dip and a length of 164.75 m. Curi-75 reported almost 5 m of mineralization but with no significant results.

DDH 76 is located 50 m north of DDH 60 and was drilled at 90 degrees strike on section 5500 N with -70 degree dip and a length of 195.60 m. DDH 77 is located 50 m west of DDH 76 and was drilled at 270 degrees strike on section 5500 N with -85 degree dip and a length of 128.80 m.

The following table provides a summary of the significant intersections of each drill hole:

Hole From To Width Gold Ag Cu Pb Zn
# (m) (m) (m) (g/t) (g/t) (%) (%) (%)
CURI-76 124.38 125.28 0.90 0.6 61.3 2.61 0.01 1.52
  and 132.25 137.30 5.05 0.5 15.5 0.75 0.04 0.71
  and 141.85 145.67 3.82 0.5 14.8 1.00 0.06 0.51
  and 165.70 168.70 3.00 0.0 0.0 0.11 0.00 1.55
CURI-77 85.54 97.07 11.53 10.1 129.6 8.51 0.50 8.00
  including 85.54 89.40 3.86 28.2 359.5 8.86 1.46 20.45
  and 102.80 104.50 1.70 0.1 4.5 1.16 0.00 0.02
  and 118.35 123.38 5.03 1.1 34.4 0.08 0.42 0.97
 
*widths reported are not true width

The above information has been prepared under the supervision of Tom Healy P.Eng. who is designated as a Qualified Person as defined by NI-43-101 with the ability and authority to verify the authenticity and validity of the data.

A QC program was used whereby 5% of all samples sent to the laboratory were standard samples with known silver and gold values. Sample preparation was performed by BSI Inspectorate Quito, Ecuador, using standard industry practices (sample prep minus 32). Analytical work was carried out at the BSI Inspectorate Laboratory in Lima, Peru, using fire assay methods for gold (Au-25 procedure). Standard samples, blanks and duplicate check samples were randomly inserted to the sample batch to ensure quality control.

ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED

Fredy Salazar, President & CEO

Salazar Resources Limited

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.

Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in the forward looking statements. Although we believe that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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