Salazar Resources Announces Results of Annual General Meeting

Vancouver, British Columbia--(Newsfile Corp. - October 15, 2021) - SALAZAR RESOURCES LIMITED (TSXV: SRL) (OTCQX: SRLZF) (FSE: CCG) ("Salazar Resources" or the "Company") announces that at the annual general meeting of shareholders of the Company (the "Meeting") held on October 14^th, 2021, the shareholders elected Messrs. Fredy Salazar, Pablo Acosta, Nick DeMare, Etienne Walter, Merlin Marr-Johnson and Ms. Mary Gilzean as directors of the Company. The shareholders also passed all other resolutions including an ordinary resolution to ratify and approve the Company's existing stock option plan, pursuant to which the Company may grant stock options up to 10% of its issued and outstanding common shares at the time of the grant, subject to the number of common shares of the Company reserved for issuance pursuant to stock options and restricted share units being equal to or less than 10% of the number of common shares of the Company issued and outstanding on the applicable grant date.

Following the Meeting, the directors appointed Mr. Fredy Salazar as President and Chief Executive Officer of the Company, Mr. Pablo Acosta as Chief Financial Officer and Mr. Merlin Marr-Johnson as Executive Vice-President and Corporate Secretary. The Board also appointed Mr. Nick DeMare, Mr. Etienne Walter and Ms. Mary Gilzean to the audit committee.

About Salazar

Salazar Resources 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 Resources 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 Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organisation dedicated to sustainable progress through economic development.

The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. A feasibility study is underway and a 2019 PEA generated a base case NPV (8%) of US$288 million. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.

For further information from Salazar please contact Merlin Marr-Johnson, Executive Vice President and Corporate Secretary at [email protected] or [email protected].

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99782