Salazar Announces Closing of $5 Million Financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, Sept. 10 /CNW/ - Salazar Resources Ltd. ("Salazar" or the "Company) is pleased to announce the closing of its brokered private placement announced on August 18, 2010 with Canaccord Genuity Corp. (the "Agent") of 3,639,100 Units (the "Units") at a price of $1.10 per Unit for proceeds of $4,003,010. Each Unit will consist of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to subscribe for one additional common share of the Company for a period of two years from the date of closing at a price of $1.50 in the first year and $1.75 in the second year. The securities issued are subject to a 4 month hold period expiring in January 2011.

In addition, the Company completed a non-brokered private placement, where the Company issued 909,100 Units at a price of $1.10 per Unit for proceeds of $1,000,010.

In connection with the sale of the Units the company paid a cash commission equal to 7% of the gross proceeds and issued non-transferable share purchase warrants ("Broker's Warrants") equal to 7% of the total securities offered. Each Broker's Warrant will be exercisable to acquire one common share of the Company for a period of 24 months from the closing at $1.10. The Agent will also receive a corporate finance fee of 25,000 Units.

The use of proceeds raised from this issue will be used to fund continued exploration at the Company's assets and for general working capital purposes.

For more information please visit our website at: www.salazarresources.com

    
    ON BEHALF OF THE BOARD OF
    SALAZAR RESOURCES LIMITED

    "Fredy Salazar"

    Fredy Salazar,
    President & CEO
    

Salazar Resources Limited

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. Being an Ecuadorian based company gives the company a strategic advantage enabling the company to complete exploration at a rapid pace. With an excellent property portfolio (3 projects - 42,900 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador and throughout South America.

"Neither 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 release."

For further information: Fredy Salazar, President & CEO, Salazar Resources Limited, T. 593.22278975 or E: [email protected]; Jeff Tindale, Investor Relations, Empire Communications Inc., T: 604.484.0066 or E: [email protected]