Board Appointment of Executive Director and V.P. Corporate Development
VANCOUVER, Jan. 25, 2019 /CNW/ - SALAZAR RESOURCES LIMITED (TSX‑V: SRL) (Frankfurt: CCG.F) ("Salazar" or the "Company") Mr. Fredy Salazar, President and CEO, is pleased to announce the appointment of Mr. Merlin Marr-Johnson to the Board and as Vice-President, Corporate Development of the Company, with immediate effect.
Mr. Marr-Johnson is a graduate in geology from Manchester University and holds a Master's Degree in Mineral Deposit Evaluation from the Royal School of Mines, Imperial College. He has 25 years' experience in the minerals sector, including work as an exploration geologist for Rio Tinto, an analyst for HSBC and a portfolio manager for Blakeney Management. Merlin has worked on projects in South America, Africa, Central Asia and Europe, and as CEO he has brought two companies to AiM, London. He speaks several languages, including Spanish.
Fredy Salazar, CEO of Salazar Resources, commented "I would like to take this opportunity to welcome Merlin as VP Corporate Development to the Company. Attracting someone of Merlin's calibre, with his sector and capital markets expertise will be a positive addition to the team. He has specialist knowledge, experience and a wealth of international industry contacts, which helps us to build value in Salazar Resources through the development of our asset portfolio and its strategy to become the premier Ecuadorian mine finder."
Options to purchase 1,000,000 shares for a term of five years at a price of $0.12 per share have been granted.
In addition to this board and officer appointment, the Company is pleased to announce that Arlington Group Asset Management Limited ("Arlington") has been retained as the Company's global capital finder and financial adviser for a term of 24 months. As compensation for services that Arlington has rendered to the Company to date, the Company has agreed, subject to acceptance of filings with TSX Venture Exchange, to issue to Arlington warrants to purchase 1,000,000 shares at a price of $0.12 for a term of five years. Arlington Group Asset Management is a merchant bank based in London offering advisory services and investing its own capital in a select group of its clients. Arlington has led and advised on capital raising's of over $1 billion in 2017 and 2018. Arlington has deep corporate finance and asset management experience, especially with regard to mining companies and special situations.
About Salazar Resources Limited
Salazar Resources Ltd. is a publicly listed (SRL) (Frankfurt: CCG) mineral resource company engaged in the exploration and development of mineral deposits in Ecuador. The company has a proven Ecuadorian discovery team led by ex-head of Newmont Ecuador, Fredy Salazar; a team of 40 people including 15 geologists; two drill rigs and an unrivalled Ecuadorian 'grass roots' network. The Salazar team has been involved with many discoveries in Ecuador, including Aurelian's Fruta Del Norte discovery, the Mozo deposit, ex-Newmont's Cangrejos Project and International Minerals' Rio Blanco and Gaby Deposit.
Salazar Resources aspires to be Ecuador's leading project generator with the right partners at the right time making the company self-funding.
Salazar Resources has a joint venture with Adventus on the Curipamba VMS discovery, whereby Adventus can earn 75% of the project by funding exploration and development expenditures of US$25 million before 2024. A feasibility study is expected to be completed during 2019, after which Adventus is required to fund 100% of the development and construction expenditures to commercial production. In addition, Salazar Resources has a funded exploration alliance with Adventus on two other projects, Pijili and Santiago, within a defined Area of Interest.
Salazar Resources is advancing its 100% owned Rumiñahui, Macara Mina, Bonanza and Tingo projects with the aim of making Ecuador's next significant copper-gold discovery.
ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED
"Fredy Salazar"
Fredy Salazar, President & CEO
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. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking information.
Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Salazar expect or anticipate will or may occur in the future, such as the expected timing of the feasibility study for the Curipamba VMS discovery. Although Salazar 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. Accordingly, readers should not place undue reliance on forward-looking information. Salazar does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Salazar Resources Limited
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