Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

September 24, 2010 06:00 ET

Salazar Intersects 8.85 Meters Averaging 5.83 g/t Gold, 179.62 g/t Silver, 8.07 % Copper, 0.85 % Lead and 6.33 % Zinc and Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2010) - Salazar Resources Limited (TSX VENTURE:SRL)(FRANKFURT:CCG) – As announced on September 13, 2010 the Company has retained Scott Wilson Roscoe Postle Associates Inc. ("SWRPA") to complete a new NI 43-101 mineral resource estimate (the "New Resource Estimate") and NI 43-101 compliant technical report (the "New Technical Report"). SWRPA and its dedicated Curipamba team have been advancing completion of the New Resource Estimate and the New Technical Report on an expedited basis. The New Resource Estimate is expected to be announced early next week.

Mr. Fredy Salazar, President and CEO, is pleased to announce the latest assay results from drilling at the El Domo deposit in the Las Naves Central area of its Curipamba Volcanic Hosted Massive Sulphide Project in Ecuador. The Company's work programs have not been scaled back and the drill program is ongoing. To date the Company has completed more than 2,400 m of drilling since its commencement in June, 2010 (See Figure 1). The Company has received and is pleased to announce drill results for diamond drill holes (DDH) Curi-10-61 through Curi-10-64:

  • Curi-10-64 intersected 8.85 meters at 5.83 g/t Gold, 179.62 g/t Silver, 8.07 % Copper, 0.85 % Lead and 6.33 % Zinc
  • Curi-10-63 intersected 4.91 meters at 1.25 g/t Gold, 30.32 g/t Silver, 2.88 % Copper and 6.24 % Zinc
  • Curi-10-62 intersected 6.04 meters at 5.50 g/t Gold, 102 g/t Silver, 1.22 % Copper, 0.69 % Lead and 6.73 % Zinc
  • Curi-10-61 intersected 4.50 meters at 2 g/t Gold, 15.90 g/t Silver, 5.24 % Copper and 0.17 % Zinc

"The recent results for the El Domo deposit demonstrate that significant copper, zinc and gold grades show continuity over a 450 m strike length and that the deposit remains open in all directions", says Fredy Salazar, President and CEO. "Additional drilling is underway to further extend the limits of the deposit".

The following is a detailed description of each DDH :

DDH Curi-10-61 (DDH 10-61):

DDH 10-61 is located 62 m southwest from DDH 08-50. The total length of the hole was 254.80 m with 90 degree strike and -75 degree dip. Significant intersections are as follows:

FROM TO LENGTH (m)* Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%)
146.77 155.80 9.03 1.4 13.0 3.6 0.2 0.3
Including:              
148.50 153.00 4.50 2.0 15.9 5.2 0.01 0.17

*widths reported are not true width

DDH Curi-10-62 (DDH 10-62):

DDH 10- 62 is located 100 m East from DDH 08- 48. The total length of the hole was 122.95m and was drilled with -90 degrees -0 degree dip. Significant intersections are as follows:

FROM TO LENGTH (m)* Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%)
68.42 71.95 3.53 3.12 84.43 0.90 0.51 4.20
and              
83.66 89.70 6.04 5.50 101.98 1.22 0.69 6.73
and              
110.83 117.35 6.52 2.07 88.07 0.57 0.67 4.53

*widths reported are not true width

DDH Curi-10-63 (DDH 10-63):

DDH 10– 63 is located 115m southeast from DDH 08-46. The total length of the hole was 161.85m with 90 degree strike and -0 degree dip. Significant intersections are as follows:

FROM TO LENGTH (m)* Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%)
47.10 77.63 30.53 0.56 14.82 0.73 0.05 1.71
including              
47.10 55.14 8.04 1.19 34.10 0.90 0.16 2.55
including              
50.60 52.02 1.42 2.03 109.0 2.06 0.47 11.18
and              
72.72 77.63 4.91 1.25 30.32 2.88 0.02 6.24

*widths reported are not true width

DH Curi-10-64 (DDH 10-64):

DDH 10-64 is located 130 m southeast from DDH 08-46. The total length of the hole was 203.75m with 90 degree strike and -75 degree dip. Significant intersections are as follows:

FROM TO LENGTH (m)* Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%)
68.15 77.00 8.85 5.83 179.62 8.07 0.85 6.33

*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) 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.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/srl_0924_fig_1.pdf

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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