Salazar Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/14/10 -- Salazar Resources Ltd. (the 'Company') (TSX VENTURE: SRL)(FRANKFURT: CCG) - On October 12th the Company announced the filing with the British Columbia Securities Commission ('BCSC') of a National Instrument 43-101 technical report on the El Domo deposit at the Company's Curipamba project in Ecuador.

The BCSC advised the Company that it had no comments on the technical report and that the cease trade order ('CTO') would be revoked on or about October 14th.

Assuming the CTO is revoked on October 14th, the Company anticipates its common shares will resume trading on the TSX Venture Exchange on or about October 18th.

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 constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events, statements with respect to possible events, the future price of copper, lead, zinc, gold and silver, the estimation of mineral resources, the realization of mineral resource estimates and success of exploration activities. The words 'is expected' or 'estimates' or variations of such words and phrases or statements that certain actions, events or results 'may' or 'could' occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of the Company contained in this release which may prove to be incorrect, include, but are not limited to, (1) the discovery and expansion of mineral resources on the Curipamba Property being consistent with the Company's current expectations; (2) the implementation of Ecuador's new mining law and related regulations and policies being consistent with the Company's current expectations; (3) certain price assumptions for copper, lead, zinc, gold and silver; and (4) the accuracy of our current mineral resource estimates. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements.

Such factors include, but are not limited to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Ecuador or other countries in which the Company does business or may carry on business in the future; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements and those made in our other filings with the securities regulators in Canada. These factors are not intended to represent a complete list of the factors that could affect the Company. Although the Company believes 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.

Contacts:

First Canadian Capital

1.866.580.8891
info@salazarresources.com
www.salazarresources.com