VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 15, 2017) – Salazar Resources Limited (TSX VENTURE:SRL)(FRANKFURT:CCG) (“Salazar” or the “Company”) is pleased to report results from the additional six holes (1,888 meters) of the phase V diamond drill program in progress on the Company’s 100-per-cent owned (21,500 ha) Curipamba volcanogenic massive sulphide (VMS) project in Ecuador. These holes represent new exploratory drilling and were not included in the latest El Domo resource estimate which was released on January 16th, 2015.

HIGHLIGHTS:

PROGRAM RESULTS

The Company has now drilled 5,251.05 meters as part of the Phase V drilling program which encompassed 40 holes (10,000 meters) designed to further expand the El Domo volcanogenic massive sulphide (“VMS”) deposit and explore its margins, as well as to test geophysical anomalies and surface showings (Figure 1). The latest six holes (1,888 metres) (Table 1) were drilled as part of this program. It is anticipated that the drill program will be completed by the third quarter of this year.

CURI-224 intersected 16.60 meters (15.60 meters true width) of massive and semi-massive chalcopyrite-sphalerite-pyrite grading 3.66 g/t gold, 117.40 g/t silver, 4.88% copper, 5.36% zinc beneath an andesite sill that occurs in the vicinity of the hole (Figure1). The intersection in CURI-224 is located approximately 120 meters east of the intersection in CURI-173 (2.74 meters averaging 0.677 g/t gold, 6.5 g/t silver, 0.39% copper and 0.37% zinc) and 75 meters south from CURI-198 (7.40 meters averaging 2.498 g/t gold, 74.61 g/t silver, 3.45% copper and 5.07% zinc; see News Release of August 27, 2012). The mineralization in CURI-187, CURI-198 and CURI-224 is currently interpreted to be part of a separate zone of mineralization. The intercept in CURI-224 is gold-rich; the top of the mineralization grades 7.72 g/t gold over 6.35m (225.40 – 231.75m). Further drilling is planned to test this area.

Fredy Salazar, President and CEO, commented: “We are thrilled with the recent results from hole CURI-224 located in the north east of the El Domo resource. The mineralization encountered is thicker and of better grade to the last hole drilled in this area: CURI-198. This new intersection indicates significant potential for finding thicker mineralization in the north-east area of El Domo resource which will increase the size and quality of the resource. So far we are very satisfied with the results to date from this Phase V drilling program and will continue working to expand the resource.“

The latest six holes (1,888 metres) (Table 1) were drilled as part of the planned 40-hole (10,000 meters) drill program that is designed to further expand the El Domo volcanogenic massive sulphide (“VMS”) deposit and explore its margins, as well as to test geophysical anomalies and surface showings (Figure 1). It is anticipated that the drill program will be complete by the third quarter of this year.

Holes CURI-219 and CURI-221 were drilled west of the El Domo deposit to further test the area of the CURI-213 (which intersected two zones of mineralization: 4.14 meters (true width) averaging 1.01 g/t gold, 16.78 g/t silver, 0.67% copper, 0.95% lead and 4.77% zinc, and 29.37 metres (true width) averaging 0.5 g/t gold, 77.93 g/t silver, 0.17% copper, 0.17% copper and 0.89% zinc (See News Release of March 23, 2017). CURI-219 and CURI- 221 were collared approximately 350 metres west of El Domo deposit and 50 meters north and south from the CURI-213 respectively. No significant mineralization was encountered and no further drilling is planned in this area.

Hole CURI-220 was drilled vertically from the same collar as the CURI-218 (See News Release of March 23, 2017). CURI-220 did not encounter significant mineralization, however, the horizontal separation between CURI-220 and the mineralization in CURI-218 is estimated to be approximately 138 metres. The eastern limit of the mineralization intersected in CURI-218 remains to be established. As well, the mineralization in CURI-218 remains open to the north and south.

Hole CURI-222, drilled steeply due east from the same platform as CURI-224, intersected 2.66 meters averaging 0.13 g/t gold, 5.56 g/t silver, 0.31% copper and 1.15% zinc.

Holes CURI-223 was drilled vertically 50 meters north from the historic hole CURI-155 which cut two mineralized zones with gold and silver values and anomalous zinc and copper values (see News Release of January 26, 2012). CURI-223 encountered similar lithology to that in CURI-155 with one interval grading 3.61 meters of 0.77 g/t gold, 37.54 g/t silver, 0.15% copper and 1.68% zinc.

TABLE 1

PSAD_1956_UTM_Zone_17S

To view Figure 1, El Domo Deposit – Pierce Point Map, please visit the following link: http://media3.marketwire.com/docs/srl0515fig1.pdf.

TABLE 2

SIGNIFICANT INTERSECTIONS

Widths presented in Table 2 are downhole core lengths. Where possible, true width estimates are noted in the text. A rigorous chain-of-custody and quality assurance/quality control program that included the insertion of certified standard control samples and blanks, and re-analysis of samples with high levels(overlimit) of gold, copper and zinc, was applied to the NQ-diameter, rock-sawn half-core samples. All samples were analyzed by Inspectorate Services Perú S.A.C. (Bureau Veritas), a certified ISO 17025 and ISO 9001:2000 laboratory.

As part of the program’s sample quality assurance, twin samples were taken on the CURI-224. The samples were part of a Brecciated Dacite and gave the following results:

The scientific and technical information contained in this news release has been reviewed and approved by Kieran Downes, Ph.D., P.Geo. a Qualified Person as defined by National Instrument 43-101.

ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED

Fredy Salazar, President & CEO

Salazar Resources Limited

Salazar Resources Ltd. is a publicly-listed (TSX VENTURE: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, IAMGold’s Quimsacocha Deposit, Mozo Deposit, Ex Newmont’s Cangrejos Project and International Minerals Rio Blanco and Gaby Deposit. 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 (4 projects – 36,269 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador.

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. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the execution of the Phase V drilling program. Such forward-looking information is based on a number of material factors and assumptions. Although the Company 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. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company’s disclosure documents on the SEDAR website at www.sedar.com. Accordingly, readers should not place undue reliance on forward -looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.