Salazar Resources Ltd. (TSX VENTURE:SRL)(FRANKFURT:CCG) - Mr. Fredy Salazar, President and CEO, has announced that Salazar Resources Ltd. has acquired 100% of the shares of Mariana S.A. Comador including its 100% ownership of the 2350 hectare Santiago concession located in the Province of Loja.
To complete the acquisition the Company will pay all government tenure costs and make four cash payments of US $10,000 and issue 150,000 common shares of the Company. In addition the Company has agreed to a 1.5% NSR (Net Smelter Return); of which 50% can be purchased for a cash payment of US $850,000.
The area consists of primarily altered volcanic polymictic felsic, tuff-breccias with extensive zones of silica and alunite alteration for approximately 3 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.
Source: Salazar Resources Ltd.