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Gold/Mining/Energy : Salazar Resources (SRL.V)
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To: TheSlowLane who wrote (105)12/6/2010 9:40:09 AM
From: roymario  Read Replies (1) of 191
 
06/12/2010 12:34:00 AM - News Release

Mr. Fredy Salazar reports

Salazar Resources Ltd. has acquired 100 per cent of the shares of Mariana SA Comador including its 100-per-cent ownership of the 2,350-hectare Santiago concession located in the province of Loja (southern Ecuador).

To complete the acquisition the company will pay all government tenure costs and make four cash payments of $10,000 (U.S.) and issue 150,000 common shares of the company. In addition, the company has agreed to a 1.5-per-cent net smelter return (NSR) of which 50 per cent can be purchased for a cash payment of $850,000 (U.S.).

The area comprises primarily altered volcanic polymictic felsic, tuff-breccias with extensive zones of silica and alunite alteration for approximately three kilometres along the project road. The mineral assemblage of the quartz-alunite zone is well known to be associated with high-sulphidation gold deposits. The property also contains a swarm of polymetallic-bearing quartz veins, some of which were exploited as far back as the Spanish colonists.

The property is accessible year round by road, and the company will commence an initial exploration program in the near future.

The Mariana acquisition is subject to approval of the TSX Venture Exchange.

We seek Safe Harbor.
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