Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

February 28, 2008 11:57 ET

Salazar Intersects Massive Sulphide Mineralization at New Anomaly at Las Naves; Provides Exploration Program Summary at Sesmo Sur

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2008) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) announces the intersection of 11 metres of massive sulphide mineralization at 115 metres depth (-55dip) at the Domo anomaly at Las Naves. The Domo anomaly was identified during the ground geophysics program and is located approximately 400 metres southeast from the Roble Anomaly. The drill program is continuing at Las Naves and assay results are pending. To view the core photos please view at: http://www.salazarresources.com/projects/curipamba/las_naves/roble.php

At this time the first phase of drilling and exploration at the Sesmo Sur area at the Curipamba Project, Ecuador has been completed and the Company wishes to provide this summary report of the program results. A total of 3,746 meters were drilled in 18 holes.

Drill Program

Location of the drill holes: (see Figure 3: http://media3.marketwire.com/docs/Figure%203.pdf)



-----------------------------------------------------------------------
HOLE NORTH EAST SECTION AZIMUT DIP DEPTH (m)
-----------------------------------------------------------------------
CURI-07-001 692775.00 9849299.00 49300 270 -45 217.93
-----------------------------------------------------------------------
CURI-07-002 69277900 9849299.00 49300 90 -45 141.73
-----------------------------------------------------------------------
CURI-07-003 692762.03 9849396.64 49400 270 -45 167.64
-----------------------------------------------------------------------
CURI-07-004 692713.47 9849500.63 49500 273 -47 214.88
-----------------------------------------------------------------------
CURI-07-005 692665.21 9849500.77 49500 273 -45 104.85
-----------------------------------------------------------------------
CURI-07-006 692823.32 9849402.63 49400 271 -47 208.48
-----------------------------------------------------------------------
CURI-07-007 692908.36 9849300.10 49300 270 -45 254.50
-----------------------------------------------------------------------
CURI-07-008 692700.59 9849599.79 49600 270 -45 185.62
-----------------------------------------------------------------------
CURI-07-009 692765.00 9849395.00 49400 180 -80 131.00
-----------------------------------------------------------------------
CURI-07-010 692302.00 9849497.00 49500 90 -50 295.96
-----------------------------------------------------------------------
CURI-07-011 692304.00 9849393.00 49400 90 -70 159.10
-----------------------------------------------------------------------
CURI-07-012 692651.00 9849298.00 49300 270 -50 272.79
-----------------------------------------------------------------------
CURI-07-013 692684.00 9849700.00 49700 270 -50 298.70
-----------------------------------------------------------------------
CURI-07-026 692670.00 9849998.00 50000 90 -50 140.50
-----------------------------------------------------------------------
CURI-08-027 692900.00 9849500.00 49500 90 -60 300.50
-----------------------------------------------------------------------
CURI-08-028 692475.00 9849400.00 49400 90 -70 326.70
-----------------------------------------------------------------------
CURI-08-031 692575.00 9849700.00 49700 270 -50 181.65
-----------------------------------------------------------------------
CURI-08-033 692775.00 9849437.50 49400 270 -50 143.55
-----------------------------------------------------------------------
TOTAL 3746.08
-----------------------------------------------------------------------


Drill Results

Please review past news releases for results from drill holes 1-12.

In spite of the presence of a hydrothermal breccia with strong silica-pyrite alteration, drill hole 13 reported no significant values.

Drill hole 26 is located 500 meters north from the hydrothermal breccias intersected in drill holes 01 and 03; geologically, it's a stockwork of sphalerite veinlets with traces of chalcopyrite in volcanic andesites. The most significant values reported are:



-----------------------------------------------------------------------
Length
Hole # From To (m) Au (g/t) Ag (g/t) Cu(%) Pb(%) Zn(%)
-----------------------------------------------------------------------
CURI-08-026 32.10 37.3 5.20 0.14 5.2 0.13 - 1.26


Drill hole 27 reported no significant values.

Results from drill holes 28, 31, and 33 will be released shortly.

Exploration Summary at Sesmo Sur

The first phase work program at Sesmo Sur was detailed and has generated an extensive data set. The Company is now analyzing all results of the phase 1 drill and exploration program and is in the planning stage for the Phase 2 drill program. The results of the first work program, along with new detailed mapping of the area and an interpretation of the ground geophysics induced polarization will assist the Company in targeting the focus of future work. Considering the results of the first phase program where the Company have intersected the mineralized body in several drill holes, the next phase will focus in following up on this initial success searching for the extension of these mineralized bodies.

Phase 1 work completed:

Ground geophysics grids have been cut every 100 meters and at a spacing of 50 meters totaling 55 linear kilometers (see figure 4, 5: http://media3.marketwire.com/docs/Figure%204%2c%205.pdf). In addition, 600 metres of trenches have been completed. A total of 325 rock chip samples were collected with lengths varying between 0.5 and 5 meters (101 trench samples, 90 outcrop samples, 24 float and 110 manual pit samples of 1 to 4 meters depth). Values ranged from 0.01 to 16.65 g/t gold and 0.01 to 1665 g/t silver.

Significant sample results include:

- 44 m at an average of 3.21 g/t gold and 15 g/t silver;

- 52 m at an average of 3.71 g/t gold and 162 g/t silver;

- 29 m at an average of 2.66 g/t gold and 14 g/t silver;

- 12 m at an average of 1.07 g/t gold and 183 g/t silver;

- Several float (sub outcrops) of hydrothermal breccia with barite and polysulphides; significant results: 1.5 g/t gold and 471 g/t silver, 1.64 g/t gold and 1665 g/t silver, 1.85 g/t gold and 415 g/t silver, among others.

Also, 593 soil samples were collected, 157 channel samples, and 378 auger samples with depths ranging from 1 m to 4 m. The soil sampling results has confirmed the presence of a hydrothermal breccia zone. The soil sampling also identified two gold and silver anomalies with coincident copper and lead (see figures 1 and 2: http://media3.marketwire.com/docs/Figure%201%2c%202.pdf).

At 350 meters north from the Sesmo Sur anomaly, the Company identified an outcrop 20 meters in diameter with high silicification and disseminated sphalerite. The sampling of this outcrop returned grades of 2.48 g/t gold and 2% zinc.

Lastly, the Company's "Aeromapa" completed the topographic restitution of a 12 000 hectare area at a scale of 1:5000.

Geophysics Summary at Sesmo Sur

Geofisica Consultores were contracted to complete a ground geophysics program at the Curipamba Property. They completed the data collection with geophysicist John Buckle providing the interpretation, conclusion and recommendations. A total of 55 linear kilometers of magnetometry was completed covering the following anomalies: Sesmo Sur, La Vaquera and Agua Santa. Also 7 line kilometres of induced polarization with stations spaced every 25m was completed on lines 9300, 9400, 9500 and 9600. The magnetometry survey covers an area 3.5 kilometers west to east and 2 kilometers north to south, with stations spaced every 12.5 meters (figure 4, 5: http://media3.marketwire.com/docs/Figure%204%2c%205.pdf).

Results indicate:

- A significant magnetic low corresponding with an identified zone of hydrothermal breccias; and areas with strong argillic-sericite-pyrite alteration; the flanking magnetic highs imply surrounding unaltered mafic rocks.

- A significant induced polarization anomaly on lines 9300 to 9500 has amplitudes consistent with very high chargeability values that are characteristic of semi-massive to massive sulphide bodies. Line 9600 appears to indicate the limit of the anomalous unit to the north; however it is open to the south of line 9300. The anomaly is clearly observed in the data over 300 meters in length by 150 meters in width with a shallow dip to the west. It appears to broaden at a depth of 120 meters with observed continuation below 200 meters. The anomalous zone strikes approximately N 20 E.

The geophysics program is ongoing and will include the completion of 50 linear kilometers of induced polarization between Sesmo Sur, La Vaquera and Agua Santa (see figure 1).

During the field exploration program at Sesmo Sur and surrounding areas, the Company successfully discovered two additional anomalous areas that require priority follow-up in the next phase of the exploration program. Descriptions are as follows:

La Vaquera Anomaly

During the exploration program performed at Gatuza Creek, within the area known as La Vaquera, various float samples were collected up to 5 meters in diameter consisting of quartz stockwork in strongly silicified rock and rock blocks and strong sericite- argillic-pyrite alteration. Results determined that the Company had discovered a significant geochemical anomaly. La Vaquera is located approximately 2000 meters west from the Sesmo Sur anomaly A total of 14 samples were collected (float and outcrop), values ranging from 0.01 to 16.3 g/t gold, from 0.1 to 136 g/t silver and from 7 to 5580 g/t copper. Results are presented in the following table:



---------------------------------------------------------------
Sample- With
ID Type (m) Au g/t Ag g/t Cu PPM Pb PPM Zn PPM
---------------------------------------------------------------
356 float 0.59 4.3 6240 9 1095
---------------------------------------------------------------
357 float 0.04 0.2 34 3 9
---------------------------------------------------------------
365 float 1.09 0.4 3810 127 298
---------------------------------------------------------------
366 float 0.08 0.5 490 5 44
---------------------------------------------------------------
367 float 0.01 0.1 35 14 3
---------------------------------------------------------------
368 float 2.49 1.8 2210 97 229
---------------------------------------------------------------
1000 float 1.81 18.4 212 661 321
---------------------------------------------------------------
1001 float 16.30 2.6 2190 64 182
---------------------------------------------------------------
1002 float 1.13 0.1 2180 45 251
---------------------------------------------------------------
1014 float 1.10 136.0 3460 15 90
---------------------------------------------------------------
1015 float 0.04 10.8 5580 5 2
---------------------------------------------------------------
1003 outcrop 2 0.01 0.1 7 5 111
---------------------------------------------------------------
1066 outcrop 3 0.02 0.3 278 7 39
---------------------------------------------------------------
1067 outcrop 2 1.58 0.7 2830 8 216
---------------------------------------------------------------


Also, a total of 256 soil samples were taken at La Vaquera by auger. The soil sample results have uncovered an important anomaly approximately 200 meters in length with concentrations higher than 100 ppb gold in a strongly altered zone of sericite - argillic - pyrite.

A ground geophysics induced polarization program is currently taking place and preliminary results indicate a high chargeability / low resistivity anomaly approximately 400 meters in length.

The next work phase will include completion of the ground geophysics program, interpretation of results, followed by a targeted drill program. The Company estimates that La Vaquera will be drill ready within three months.

Quebrada Agua Santa Anomaly

Three creeks localized near Guabito town were investigated during the regional prospecting program. Several metre size floats of jasper and hydrothermal breccias enriched in barite, pyrite and sphalerite were encountered. The Company collected 29 float samples and results returned values ranging from 0.03 to 4.99 g/t gold, 0.1 to 496 g/t silver, and 7 to 28900 g/t zinc; anomalous copper and lead values were also reported. These results determined that the Company had discovered another significant geochemical anomaly. This anomaly is located approximately 1500 meters northeast from the Sesmo Sur anomaly.

Results are listed in the following table:



---------------------------------------------------------------
Sample- With
ID Type (m) Au g/t Ag g/t Cu PPM Pb PPM Zn PPM
---------------------------------------------------------------
173 Float 0.10 2.8 88 80 27
---------------------------------------------------------------
174 Float 1.33 11.8 784 143 153
---------------------------------------------------------------
175 Float 0.16 5.5 489 336 250
---------------------------------------------------------------
176 Float 0.14 3.0 342 50 439
---------------------------------------------------------------
177 Float 0.23 5.8 262 240 798
---------------------------------------------------------------
178 Float 0.18 2.5 34 39 14
---------------------------------------------------------------
179 Float 4.99 496.0 2060 9910 18400
---------------------------------------------------------------
181 Float 0.14 3.9 97 50 94
---------------------------------------------------------------
314 Float 0.44 3.4 423 582 596
---------------------------------------------------------------
319 Float 1.79 30.7 895 1120 358
---------------------------------------------------------------
324 Float 0.23 9.0 991 28 112
---------------------------------------------------------------
325 Float 0.16 8.6 70 26 38
---------------------------------------------------------------
326 Float 0.10 1.2 174 92 37
---------------------------------------------------------------
327 Float 0.07 3.1 108 22 24
---------------------------------------------------------------
384 Float 1.33 42.9 1810 592 28900
---------------------------------------------------------------
385 Float 1.07 5.7 300 2390 1100
---------------------------------------------------------------
386 Float 0.03 1.6 14 15 46
---------------------------------------------------------------
387 Float 0.29 7.9 768 912 582
---------------------------------------------------------------
388 Float 0.06 0.7 10 27 145
---------------------------------------------------------------
389 Float 0.36 2.4 4170 54 28200
---------------------------------------------------------------
432 Float 0.24 2.5 1080 225 1680
---------------------------------------------------------------
433 Float 0.27 10.9 214 1850 3380
---------------------------------------------------------------
434 Float 0.13 2.5 266 18 912
---------------------------------------------------------------
459 Float 0.01 0.1 17 2 84
---------------------------------------------------------------
464 Float 0.04 0.2 3 7 16
---------------------------------------------------------------
465 Float 0.77 39.0 300 5600 8580
---------------------------------------------------------------
15084 Float 0.03 0.6 109 8 6
---------------------------------------------------------------
15143 Float 0.09 3.1 99 17 54
---------------------------------------------------------------
1049 outcrop 3 0.01 0.8 89 20 10
---------------------------------------------------------------
15141 outcrop 3 0.03 0.5 488 3 26
---------------------------------------------------------------
15142 outcrop 3 0.08 1.5 54 84 65
---------------------------------------------------------------


The next exploration phase at Quebrada Agua Santa anomaly includes the completion of a geochemical soils survey and a ground geophysics induced polarization program. This work phase will be implemented immediately.

Mr. Fredy Salazar, President, states, "We are pleased to have advanced our project at a rapid pace at Sesmo Sur, gathering a large amount of data from which we will be able to make clear targeted decisions for our next work phase at Sesmo Sur and the surrounding areas. We are also encouraged to discover two more anomalous areas near Sesmo Sur that will garner priority follow-up in the coming months.

The drilling at Las Naves is progressing well, and with the recent addition of a second drill rig on site, and an ongoing ground geophysics program complimenting our drilling and aiding in the discovery of new anomalies such as Domo, we are pleased that Las Naves' potential continues to develop."

Dr. Howard Lahti, P. Geo, the Qualified Person (QP) for the Company has reviewed this news release and is responsible for its accuracy.

Samples preparation was performed by ALS Chemex Quito, Ecuador, using standard industry practices (Sample prep -32). Analytical work was carried out at the ALS Chemex 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.

To view maps and photos related to the Curipamba Project please visit www.salazarresources.com.

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 of 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, including Aurelian's Fruta del Norte discovery, IAMGold's Quimsacocha Deposit, Mozo Deposit, Ex Newmont's Cangrejos Project and International Minerals Rio Blanco and Gaby Deposit. Being an Ecuadorian based company gives us a strategic advantage enabling us to complete exploration at a rapid pace, with over sixty personnel on the ground, including twelve geologists. With an excellent property portfolio (4 projects - 131,300 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information