Mr. Nick DeMare reports

SALAZAR RESOURCES ANNOUNCES INITIAL CLOSING OF PRIVATE PLACEMENT

Salazar Resources Ltd. has completed an initial closing of the non-brokered private placement financing previously announced. To date, the company has raised gross proceeds of $1,066,940 by issuing a total of 15,242,000 common shares, at a price of seven cents per share. Management expects the balance of the private placement totalling 9,758,000 shares for an additional $683,060, being fully subscribed, will be completed in the near future. Certain insiders are participating in the financing. There is no finder's fee payable, and proceeds will be used for working capital, tenure payments, including tenure payments on recently acquired properties, and exploration.

All securities issued in the private placement are subject to a four-month hold period and to all necessary regulatory approvals, including the final acceptance of the TSX Venture Exchange.

Nick DeMare, an insider of the company, participated in the initial closing through his privately owned company, DNG Capital Corp., by purchasing an aggregate of 200,000 shares. Participation of the insider in the offering constituted a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), but was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities issued to the insiders, nor the consideration paid by the insiders exceeded 25 per cent of the company's market capitalization. None of the company's directors expressed any contrary views or disagreements with respect to the foregoing. The company did not file a material change report 21 days prior to the closing of the offering as the details of the participation of the insiders of the company had not been confirmed at that time.

About Salazar Resources Ltd.

Salazar is focused on creating value and positive change through discovery, exploration and development in Ecuador. The team has an unrivalled understanding of the geology in country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines.

Salazar has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm out non-core assets. The company actively engages with Ecuadorean communities, and, together with the Salazar family, it co-founded the Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar has a 25-per-cent stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, Salazar has a 20-per-cent stake and is in the process of acquiring the rest of such projects from Silvercorp.