SALAZAR TO RESUME EXPLORATION PROGRAM AT THE CURIPAMBA PROJECT,
ECUADOR AND PROVIDES EXPLORATION UPDATE AT THE SESMO SUR ANOMALY
VANCOUVER, BRITISH COLUMBIA October 30, 2007 - Salazar Resources Ltd. (TSX VENTURE:
SRL.V)(FRANKFURT: CCG.F) is pleased to announce that the Company's work program will
resume on October 31st, 2007 with the return of work crews to the field to recommence the
Company's exploration program. The drill rig was demobilized to Cuenca and will be remobilized with drilling to resume on or about November 15th 2007.
This prompt resumption of work was a direct result of the meeting held this past weekend in
the city of Guaranda with the Vice Minister of Government, the Governor of the Province of
Bolivar and various politicians including, the Regional Director for the Minister of Mines.
Government officials held separate meetings with each group to inform them of the position of
the President of the Republic and the Vice Minister regarding mining activities in Ecuador. At
the meeting, the Vice Minister told each group that the policy of the President of the Republic
and of the Minister of Governance is that all mining projects which comply with legal
regulations and requirements will have total support of the Government. In the case of
Salazar’s Project, which has followed all applicable laws, the Government advised that they
will give Salazar total support so that Salazar can execute on its ongoing exploration plans.
All groups were instructed that they need to understand and abide by the position that the
Government outlined. In future, the Government will not tolerate what transpired at Salazar’s
site and any such violations will be investigated and pursued with the authority and force of
the law. There are no guarantees that other issues will not arise in the future, however the
strong support of the various government authorities is clearly on the record. The Government
stated that they will not allow this to happen again and assured Salazar that it will have full
judicial authority on a move forward basis.
To quote President Correa’s radio address to the country from this past weekend "Mining yes,
but with proper controls, with appropriate consultation with the community, respecting the
community, the environment and the State." President Correa indicated that if a company
complies with these four points, mining will be welcome in Ecuador.
In response to these developments, Mr. Salazar, President, stated, “I am very happy with the
outcome of the meeting and look forward to resuming our exploration activities; we are in the
very early stages of our program and there remains a lot of work to be done. We have a
significant exploration program planned to test the numerous exciting and high priority drill
targets we have identified. “
EXPLORATION UPDATE
Salazar also wishes to announce the results from the recently initiated geophysical survey on
the Sesmo Sur grid, at the Curipamba Project in Central West Ecuador. Work completed to
date includes a ground magnetic total field survey at 25 meter stations covering an area
approximately 3.5 kilometres west to east and 2 kilometres north to south and an induced
polarization survey at 25 meter stations covering 7 line kilometres.
Initial results indicate:

A significant magnetic low corresponding with an identified zone of hydrothermal
breccias; the flanking magnetometer highs imply unaltered surrounding mafic rocks.
(Figures 1,3)

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. (Figures 1,4,5,6,7) The
anomaly is clearly observed in the data over 300 meters in length, 150 meters in width
and shallowly dipping 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.
To summarize, the magnetic low corresponds with the hydrothermal breccias identified at
surface through channel sampling and from the first two drill hole results; the IP anomaly
indicates a semi-massive to massive sulphide body (one of our VMS targets) that is open to the
south, and is open and broadens at depth below 200 meters with a 300 meter x 150 meter
aerial extent identified to date. The data suggests that there will be an increase in aerial
extent. These results coincide with the theoretical geological model proposed from the outset
of the recent drill program that the Company believes that Sesmo Sur is an area that has
potential VMS targets within a regional epithermal vein system. The IP geophysical signatures
suggest the model is still intact.
“These results are very encouraging not only for their strong geophysical response but also as
supporting evidence for the geological model and the coincident geochemical anomalies”
confirmed John Buckle, P.Geo., P.Geoph., who has been hired to assist in interpreting the
geophysical survey.
Mr. Fredy Salazar, President, stated, “The IP results describe only one of nine main
geochemical anomalies discovered during the rock chip channel sampling program at the
Curipamba Project. The IP results covered only 7 linear kilometers of 100 linear kilometers
programmed and planned. This encourages us to continue exploring the enormous potential of
our Project”.
The recent drill holes completed have not tested these strong IP geophysical anomalies.
Instead, the initial small amount of data that the Company has gathered from the first two drill
holes successfully intersected the hydrothermal breccias corresponding with the magnetic low
and coincident geochemical anomalies. The first two drill holes were located to the south of
the strongest geochemical anomalies encountered to date at Sesmo Sur’s El Lobo geochemical
anomaly (Figure 1, 2). The drill plan was to start in the south and work north towards the
strongest geochemical channel samples (Figure 2); however, due to the recent disruption, no
results can be provided for the remaining drill holes. These drill holes will be re-drilled in
addition to drilling the significant IP anomalies recently identified.
Hole CURI-07-001, assay results include: 12 meters at an average grade of 2.25 g/t gold,
31 g/t silver and 0.60 % zinc; 3.9 meters at an average of 1.79 g/t gold, 8.4 g/t silver and
2.76 % zinc.
HOLE ID
FROM(m)
TO(m)
LENGTH(m)
Au (g/t)
Ag (g/t)
Cu (%)
Pb (%)
CURI-07-001
6,09
18,00
11,91
2,25
included:
12,00
16,00
4,00
2,21
56,10
60,00
3,90
104,00
110,00
6,00
Zn (%)
31
0,2
0,27
0,6
23
0,09
0,23
1,61
1,79
8,4
0,08
0,06
2,76
0,41
5,2
0,25
-
-
Hole CURI-07-002, assay results include: 3.9 meters at an average of 2.03 g/t gold, 23.1
g/t silver and 0.66 % zinc; 7.5 meters at an average of 1.31 g/t gold; 20 g/t silver and 1.7
% zinc.
HOLE_ID
FROM(m)
TO(m)
LENGTH(m)
Au (g/t)
Ag (g/t)
Cu (%)
Pb (%)
Zn (%)
CURI-07-002
1,80
5,68
3,88
2,03
23,1
0,09
0,21
0,66
15,24
22,86
7,48
1,31
20
0,11
0,11
1,7
Both drill holes encountered mineralization from near surface and confirmed the magnetic low.
Drill hole number two was collared at the same location as drill hole one and drilled in the
opposite direction to understand the potential eastern boundaries of the hydrothermal breccias
encountered in drill hole one explaining the shorter mineralized interval.
In sum, the drill program is just underway, providing the Company with important information
to understand and confirm our theoretical geological models. The phase 1 drill program has
completed 2 of 58 drill holes and the geophysical survey will be expanded significantly from
the results received to date.
Mr. Salazar, President, stated “These first assays clarify what we had first observed at surface
and encourages us to continue with the drill program along this and other anomalies. Having
positive results in the first holes, and considering that our anomalous area is extensive, we have
many promising opportunities to explore.”
Dr. Howard Lahti, P. Geo, the Qualified Person for the company as defined in Canadian
National Instrument 43-101, has reviewed this news release for 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
www.salazarresources.com
ON BEHALF OF THE BOARD OF
SALAZAR RESOURCES LIMITED
related
to
the
Curipamba
Project
please
visit
“Fredy Salazar”
Fredy Salazar,
President & CEO
Salazar Resources Limited
Salazar Resources Ltd. is a publicly-listed (TSX-V: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.
For further information,
please contact:
Fredy Salazar, President & CEO, Salazar Resources Limited
T. 593.22278975 or E: fsalazar@salazarresources.com
Nick DeMare, Director & Secretary, Salazar Resources Limited
T. 604.685.9316 or E: ndemare@chasemgt.com
Jeff Tindale, Investor Relations, Empire Communications Inc.
T: 604.484.0066 or E : info@salazarresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or the accuracy of this release.
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