Salazar Resources Limited
TSX VENTURE : SRL
FRANKFURT : CCG

Salazar Resources Limited

April 01, 2011 12:32 ET

Salazar Resources Ltd.: Kinross Gold to Invest $1.1 Billion in Fruta Del Norte Mine in Ecuador

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2011) - Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) - Mr. Fredy Salazar, President and CEO, is pleased to report news that further supports the Corporate Update released on March 28, 2011.

On March 30, 2011 the news agency Reuters reported from Quito, Ecuador that Kinross will invest $1.1 billion in its Fruta del Norte gold project by 2016 and could begin digging an underground mine next year.

Dominic Channer, a vice president of the Toronto-based firm, said gold production could begin at the site in 2014.

Kinross says Fruta del Norte has proven and probable mineral reserves estimated at 6.8 million ounces of gold and 9.1 million ounces of silver, and that it should produce 410,000 gold equivalent ounces on average each year during its life.

Ecuador, which is holding a mining conference in Quito, expects to draw investment worth $7 billion in gold and copper projects over the next seven years, and says five projects will be signed in the next few months.

The OPEC member has a nascent mining industry. Some larger projects were initially delayed as the government of President Rafael Correa hammered out new regulations for the sector.

Mr. Salazar says, "This is very exciting news as the Ecuadorian government is taking positive steps for developing Ecuador's mining industry."

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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