Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

February 23, 2012 03:30 ET

Salazar Reports High Grade Gold & Silver from Santiago Project, Ecuador

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2012) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) (or "the Company") is pleased to provide an update on its Santiago project in Ecuador. In addition to the Curipamba Project the Company also holds a 100% interest in the Ruminahui, Mendez, and Santiago projects. While the focus of the Company's current exploration activities is on advancing the Curipamba project, the Company has conducted initial field visits to each of its other Projects and at this time is pleased to report on initial exploration results from the Santiago Project.

The 2,350 hectare Santiago property comprises a large mineralized hydrothermal system with the upper parts dominated by a rhyolite/dacite intrusive complex displaying intense quartz-alunite alteration. The veins and structures sampled and reported here occur in volcanic rocks adjacent to a felsic intrusive. Further exploration is required to determine the orientation(s) of the structures which control the development and distribution of the quartz veins/breccias. The project is located within Tertiary volcanics, in a geological setting similar to the Quimsacocha deposit (Iamgold Corp.) and the Rio Blanco deposit (International Minerals Corp.) Located 110 km west of the FDN gold deposit (Kinross Gold Corp.) and 60 km south from the Quimsacocha project.

Sulphide-bearing quartz veins/breccias in the northern part of the property were targeted for initial sampling (Figure 1). Reconnaissance chip sampling (52 samples) of five major vein/breccia systems returned significant (Table 1) anomalous gold, silver, and molybdenum values including:

Española Vein
2.0m @ 28.1 g/t Au and 231 g/t Ag
1.0m @ 26.0 g/t Au and 242 g/t Ag
1.0m @ 18.2 g/t Au and 252 g/t Ag
1.0m @ 4.8 g/t Au and 442 g/t Ag
Quartz-Tourmaline Vein
1.9m @ 1.19 g/t Au, 14.3 g/t Ag and 296 ppm Mo
3.3m @ 0.59 g/t Au, 36.6 g/t Ag and 390 ppm Mo
Ribs Zone and Ancha Vein
1m @ 1.29 g/t Au and >100 g/t Ag
1m @ 1.65 g/t Au and >100 g/t Ag
F.U. Structure
1.40m @ 4.8 g/t Au and 378 g/t Ag
1.20m @ 6.4 g/t Au and 136 g/t Ag
1.20m @ 4.2 g/t Au and 183 g/t Ag

To view the map associated with this press release, "Figure 1," please visit the following link: http://media3.marketwire.com/docs/2302SRLfigure1.pdf.

Anomalous values of mercury and antimony were also encountered which is indicative of a high level epithermal system with potential for the discovery of significant gold and silver mineralization.

Table 1: Analytical results


Sample

Estructura

Width
(m)

Au
(g/t)

Ag
(g/t)

As
(g/t)

Hg
(g/t)

Sb
(g/t)
150556 Veta Qz-Tourmaline 1,90 1,19 14,30 76 -1 -5
150557 Veta Qz-Tourmaline 3,30 0,59 36,60 31 -1 -5
150558 Española Vein 1,20 1,22 22,00 573 4 72
150559 Española Vein 1,00 0,39 6,00 866 1 47
150560 Española Vein 1,00 18,20 251,70 626 24 344
150561 Española Vein 1,00 0,25 4,90 1275 2 79
150562 Española Vein 1,00 1,19 13,00 640 2 45
150563 Española Vein 1,00 25,97 242,00 1035 38 511
150564 Española Vein 1,00 0,78 5,70 975 2 186
150565 Española Vein 0,50 4,85 442,00 906 13 1004
150566 Española Vein 0,50 8,30 79,30 803 20 372
150601 Española Vein 2,00 28,10 231,10 1412 19 825
150602 Española Vein 1,50 4,06 31,20 832 2 115
150603 Española Vein 1,50 18,15 148,00 1180 19 259
150604 Española Vein 1,50 0,46 8,20 652 2 130
150605 Española Vein 1,20 0,42 11,30 1574 2 72
150606 Española Vein 2,50 12,80 113,40 657 12 358
150607 Española Vein 1,20 1,11 20,80 476 5 144
150629 Española Vein 0,40 0,49 14,40 162 1 xx
2216 Ribs-Veta Ancha 1,00 1,29 >100 244 8 134
2217 Ribs-Veta Ancha 1,00 1,65 >100 301 11 103
150570 Ribs-Veta Ancha 3,00 0,17 69,20 1471 1 478
150571 Ribs-Veta Ancha 3,00 0,18 28,20 851 -1 165
150572 Ribs-Veta Ancha 4,00 0,06 2,40 314 -1 63
150573 Ribs-Veta Ancha 3,00 0,28 6,60 1391 -1 106
150574 Ribs-Veta Ancha 10,00 0,20 2,00 350 1 35
150608 Ribs-Veta Ancha 1,70 0,03 0,50 17 -1 8
150609 Ribs-Veta Ancha 1,20 0,02 0,20 51 -1 5
150610 Ribs-Veta Ancha 2,50 0,53 2,80 55 -1 17
150612 Ribs-Veta Ancha 2,50 0,91 3,60 156 -1 65
150613 Ribs-Veta Ancha 1,50 0,39 1,70 84 -1 14
150614 Ribs-Veta Ancha 1,50 0,47 3,60 150 -1 28
150615 Ribs-Veta Ancha 0,45 0,05 8,00 375 1 89
150622 Ribs-Veta Ancha 1,40 0,12 1,90 43 1 13
150623 Ribs-Veta Ancha 2,00 0,46 3,10 166 -1 15
150624 Ribs-Veta Ancha 2,00 0,21 2,30 149 1 15
150625 Ribs-Veta Ancha 1,00 0,04 2,60 187 1 21
150626 Ribs-Veta Ancha 1,60 0,11 17,80 684 1 211
150616 Estructura FU 1,40 4,81 378,00 764 12 351
150617 Estructura FU 1,00 1,94 82,60 528 2 152
150618 Estructura FU 1,20 4,22 183,30 325 4 217
150619 Estructura FU 1,50 1,08 48,90 245 3 76
150620 Estructura FU 1,20 6,40 135,90 666 12 276
150627 Estructura FU 1,50 0,65 55,90 418 3 175
150628 Estructura FU 1,50 0,49 14,40 162 1 45
150633 Salado 2,00 0,04 2,80 37 1 53
150634 Salado 2,00 0,10 0,50 151 1 129
150635 Salado 3,00 -0,01 0,70 46 -1 31
150636 Salado 1,80 -0,01 0,30 101 1 615
150637 Salado 1,80 -0,01 0,30 312 -1 1323
2214 Quartz -Alunite Breccia 1 0,57 2,7 248 3 831
2215 Quartz -Alunite Breccia 1 0,47 2,1 492 <1 20

Fredy Salazar, President and CEO commented: "This project was acquired in December 2010. The results obtained from initial reconnaissance exploration are very encouraging as they indicate the potential of the property to deliver significant discoveries."

Technical Highlights

The Española Vein varies in width from 1 to 2 meters with a strike length defined at surface of 200 meters. A total of 17 samples were collected (Table 1). Gold values ranged from 0.25 to 28.1 g/t and silver values from 26 to 442 g/t. Five samples contained greater than 12 g/t gold and more than 113 g/t silver.

The Quartz-Tourmaline Vein is approximately 3 meters wide with a strike length of 70 meters. Two samples returned anomalous gold and silver values (Table 1).

The Ribs Zone and Ancha Veins/structures are up to 5 meters wide and at least three have been traced over a minimum strike length of 500 meters at surface. The veins/structures display strong silicification and pyrite development. Nineteen chip samples were collected (Table 1).

The Fierro Urco (FU) structure is approximately 1.5 meters wide x 150m long. Seven chip samples were collected - three returned significant gold and silver values (Table 1).

Hydrothermal breccias displaying quartz-alunite alteration cover an area of approximately 1.5 X 0.5 kilometers. Two chip samples from the northern part of the breccias returned anomalous gold and silver values (Table 1).

Rock samples were analyzed by ALS Chemex Labs Ltd. (4 samples) and IBS Inspectorate (48 samples). Both are ISO 9001:2000 certified laboratories. ALS Chemex did not re-assay over limit silver with the result that two samples (Table 1) show as > 100 g/t silver. 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 DIRECTORS OF SALAZAR RESOURCES LIMITED

Fredy Salazar, President & CEO

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 have 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.

Neither the 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 news release.

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