(TSX: SRL | OTC: SRLZF)
Overview
"Salazar Resources Ltd. is a publicly-listed (TSX-V:SRL) 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, including Aurelian's Fruta del Norte discovery, IAM Gold'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 do exploration work cost effectively while at a rapid pace." - from the web site
Highlights- Four exploration projects located in Ecuador provide gold/silver, copper/gold and VMS opportunities
- At Curipamba, 175 holes have been drilled at the El Domo deposit for 33,400m (498,000 oz Au, indicated and 112,600 oz Au inferred)
- Strong technical team with a demonstrated record of exploration success
- Shareholders include Lundin Mining (13.5%) and Silvercorp (9%)
Share Structure - As of Feb 2012
Shares O/S: 46.075MM
Warrants: 5.6MM
Options: 3.9MM
Shares FD: 55.76MM
Working capital: ~$4.0MM
Resources
Salazar Resources web site
Fact Sheet
Salazar Resources corporate presentation (Feb 2012)
Company Profile at 24hGOLD site
Mining 101: What is a Massive Sulfide?
"Volcanoes of the Deep Sea" movie
Charts: Daily - Weekly - Monthly
Images
Ecuador - exploration projects
VMS deposits explained
Curipamba Project Hydrothermal Model
Sequential Development of the Los Naves Massive Sulphide
Curipamba Project map
Naves Central sample results
Los Naves Phase 2 Drill Program
Los Naves Phase 2 Drill Program - close-up
Sesmo Sur Phase 2 Drill Program
El Domo: Drill Location map - Drill Locations photo - Fault - 3-D View - Cross-section - Drill highlights
Santiago: Project Map - Regional Geological Map
12/03/13
SALAZAR PROVIDES UPDATE FROM THE PRESIDENT
Vancouver, British Columbia, December 3rd, 2013 - Salazar Resources Ltd. (TSX.V: SRL; FSE: CCG) (the "Company") is pleased to provide the following update from Fredy Salazar, President and CEO:
I want to express my many thanks to the Company's shareholders for their invaluable assistance and support to the Company in these complicated times for the mining industry. Without the continued support and loyalty of our shareholders we would not have been able to continue advancing Salazar from an exploration company to a mine development and production company.
Salazar has not been immune to the many difficulties which junior resource companies are facing in this current market environment, but fortunately despite these difficult circumstances, the Company has been able to continue working diligently towards achieving its objective of continuing to progress and develop its El Domo project towards a production decision.
Earlier this year the Company finalized a strategic investment agreement with Union Mining International BV, (a wholly owned subsidiary of Trafigura Beheer B.V.) to help advance the Curipamba project towards a mine development stage. The agreement, amongst other things, provided for the necessary funding for the completion of a Preliminary Economic Assessment ("PEA") at the El Domo deposit within the Curipamba project. The PEA is nearing completion and is expected to be finalized in January 2014.
As part of the completion of the PEA significant work is being completed on several aspects of the El Domo project, including:
- An update of the current resource estimate at El Domo incorporating the results of the most recent drilling campaign;
- Metallurgical studies to determine the best recovery methods for the existing metals at El Domo; and
- Design alternatives for both open pit and underground mining methods.
The Company looks forward to presenting the results of the PEA in the coming month to its shareholders. The Government of Ecuador in recent months presented changes to the Mining Law and has introduced a new medium-sized mining category. The government approval process for production capacity up to 1,000 tonnes of ore per day for underground operations, and up to 2,000 tonnes per day for open pit operations, has been significantly simplified, and will be governed by the Mining Law versus having to negotiate taxation and royalty terms with the Government as is the case for larger scale projects. This is of significant importance as these medium sized mining companies will no longer be required to sign a Production Contract with the State, and therefore will not be subject to windfall taxes but rather have a fixed 4 percent royalty rate. The El Domo scale of operations will fall within this range and therefore be classified as a medium sized mining company and significantly benefit from reduced tax rates. At the present time, the Ministry of Nonrenewable Natural Resources is drafting the regulations allowing for an immediate application of these reforms. We are confident the regulations will confirm the rules and provide encouragement for mining development in Ecuador.
We await the results of the updated resource estimates and more advanced metallurgical testing and once received, the Company will be providing a further update.
ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED
Fredy Salazar,
President & CEO
Salazar Resources Limited |
