Salazar Resources Ltd. Acquires Mariana and Its Gold Project in Loja Province, Ecuador
06.12.2010 | Marketwire
Vancouver, British Columbia -- (Marketwire) -- 12/06/10 -- Salazar Resources Ltd. (TSX VENTURE: SRL) (FRANKFURT: CCG) - Mr. Fredy Salazar, President and CEO, is pleased to announce that Salazar Resources Ltd. (the 'Company') has acquired 100% of the shares of Mariana S.A. Comador (Mariana) including its 100% ownership of the 2350 hectare Santiago concession located in the Province of Loja (southern Ecuador).To complete the acquisition the Company will pay all government tenure costs and make four cash payments of US $10,000 and issue 150,000 common shares of the Company. In addition the Company has agreed to a 1.5% NSR (Net Smelter Return); of which 50% can be purchased for a cash payment of US $850,000.
The area consists of primarily altered volcanic polymictic felsic, tuff-breccias with extensive zones of silica and alunite alteration for approximately 3 kilometres along the project road. The mineral assemblage of the quartz-alunite zone is well known to be associated with high sulphidation gold deposits. The property also contains a swarm of polymetallic bearing quartz veins, some of which were exploited as far back as the Spanish colonists.
The property is accessible year round by road and the Company will commence an initial exploration program in the near future.
The Mariana acquisition is subject to approval of the TSX Venture Exchange.
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.
Contacts:
First Canadian Capital
Daniel Boase
416-742-5600 or 1.866.580.8891
info@salazarresources.com
www.salazarresources.com