Salazar Announces Resignation of Director

VANCOUVER, Feb. 1, 2019 /CNW/ - SALAZAR RESOURCES LIMITED (TSX‑V: SRL) (Frankfurt: CCG.F) ("Salazar" or the "Company") Mr. Fredy Salazar, President and CEO, announces that Mr. Juan Carlos Ortiz has resigned as a director of the Company effective immediately.

The Board thanks Mr. Ortiz for his contributions during his tenure with the Company and we wish him the best in his future endeavours.

About Salazar Resources Limited

Salazar Resources Ltd. is a publicly listed (SRL) (Frankfurt: CCG) mineral resource company engaged in the exploration and development of mineral deposits in Ecuador. The company has a proven Ecuadorian discovery team led by ex-head of Newmont Ecuador, Fredy Salazar; a team of 40 people including 15 geologists; two drill rigs and an unrivalled Ecuadorian 'grass roots' network. The Salazar team has been involved with many discoveries in Ecuador, including Aurelian's Fruta Del Norte discovery, the Mozo deposit, ex-Newmont's Cangrejos Project and International Minerals' Rio Blanco and Gaby Deposit.

Salazar Resources aspires to be Ecuador's leading project generator with the right partners at the right time making the company self-funding.

Salazar Resources has a joint venture with Adventus on the Curipamba VMS discovery, whereby Adventus can earn 75% of the project by funding exploration and development expenditures of US$25 million before 2024. A feasibility study is expected to be completed during 2020, after which Adventus is required to fund 100% of the development and construction expenditures to commercial production. In addition, Salazar Resources has a funded exploration alliance with Adventus on two other projects, Pijili and Santiago, within a defined Area of Interest.

Salazar Resources is advancing its 100% owned Rumiñahui, Macara Mina, Bonanza and Tingo projects with the aim of making Ecuador's next significant copper-gold discovery.

ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED

"Fredy Salazar"
Fredy Salazar, President & CEO

Neither the 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 news release.

This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Salazar expect or anticipate will or may occur in the future, such as the expected timing of the feasibility study for the Curipamba VMS discovery. Although Salazar has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Salazar does not undertake to update any forward-looking information except in accordance with applicable securities laws.

SOURCE Salazar Resources Limited

For further information: Fredy Salazar, Tel: [phone], Salazar Resources (Chief Executive Officer), [e-mail]; Merlin Marr-Johnson, Tel: [phone], Salazar Resources (VP Corporate Development), [e-mail]; Salazar Resources, Investor Relations, [e-mail]

Related Links

www.salazarresources.com