Favourable Court Ruling on Environmental License Issued for El Domo – Curipamba Project

Favourable Court Ruling on Environmental License Issued for El Domo –

Curipamba Project

VANCOUVER, BRITISH COLUMBIA, July 25th, 2024 -- SALAZAR RESOURCES LIMITED (TSXV: SRL, OTCQX:

SRLZF, Frankfurt: CCG.F) (“Salazar” or the " Company") provides the following update on the

constitutional protective action filed against Ministry of Environment, Water, and Ecological Transition of

Ecuador ("MATTE"), and the office of the Attorney General of Ecuador, on June 5, 2024, and accepted by

the Court on June 12, 2024 (the "Protective Action").

The Protective Action challenged an environmental license issued to , Curimining S.A. (" Curimining"), on

January 19, 2024, in relation to the El Domo – Curipamba Project (the "Project"). Curimining was named

as an interested third party in the Protective Action. The Company is in a joint venture with Adventus

Mining Corporation, which owns 75% of the Project and is the Operator. The Company owns 25% of the

Project.

The Protective Action did not raise allegations about the substance of the environmental permits issued

in connection with the Project. Instead, the Protective Action raised procedural allegations about the

sufficiency of the consultative process followed by MAATE in issuing the permits. The Protective Action

was not accompanied by a precautionary measure that sought to enjoin the continuing construction on

the Project while the Protective Action was outstanding.

After the Protective Action was accepted by the Ecuadorian Court, a group of community members

supporting the Project was added as an interested third party after the group submitted a petition with

close to 800 signatures.

The Court proceeding was carried out in the Judicial Unit of the Canton of Las Naves, in Bolívar province

of Ecuador, on July 23, 2024, and July 24, 2024. Following the conclusion of the hearing on July 24, 2024,

the Court issued a binding oral ruling, rej ecting the Protective Action. The Court concluded that the

consultative process followed by MAATE in issuing the permits complied with applicable legal

requirements. The Court will in due course issue a written ruling reflecting the oral ruling issued on July 24,

2024.

After the Court pronounced its ruling, the parties that filed the Protective Action advised the Court of their

intention to appeal the Court's decision. The appeal will be heard by the Provincial Court of Justice of

Bolívar in due course. No date for the appeal has been set.

As no precautionary measures were sought or granted, and as the Protective Action was rejected by the

Court, construction on the Project can continue.

Fredy E. Salazar, President and CEO of Salazar Resources said: " We are very pleased with the decision of

the Court and look forward to the continued development at El Domo."

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About Salazar

Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and

development in Ecuador. The team has an unrivalled understanding of the geology in- country and has played an

integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and

copper mines. Salazar Resources has a wholly owned pipelin e of copper -gold exploration projects across Ecuador

with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages

with Ecuadorian communities and together with the Salazar family it co -founded The Salazar Foundation, an

independent non- profit organization dedicated to sustainable progress through economic development. The

Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has

a 25% stake fully carr ied through to production. At two copper -gold porphyry projects, Pijili and Santiago, the

Company has a 20% stake fully carried through to a construction decision.

For further information from Salazar Resources, please contact Nick DeMare, Director, at [email protected]

or at 604-685-9316. Please also visit the Salazar Resources website at www.salazarresources.com.

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.

Forward-looking Statements

This news release includes certain "forward -looking information" ( “forward-looking statements") within the

meaning of applicable Canadian securities legislation, including: the consummation and timing of the Transaction;

and the anticipated benefits of the Transaction to Salazar and its shareholders .

All statements in this news release that address events or developments that we expect to occur in the future are

forward-looking statements. Forward -looking statements are statements that are not historical facts and are

generally, although not always, id entified by words such as "expect", "plan", "anticipate", "estimate", "intend" or

"believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may",

"could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of

management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond

Salazar’s control, including risks associated with or related to: the risks of not achieving all or any of the anticipated

benefits of the proposed Transaction, or the risk that the anticipated benefits of the proposed Transaction may not

be fully realized or take longer to realize than expected; the occurrence of any event, change or other circumstances

that could give rise to the termination of the agreement between Silvercorp and Adventus; the risk that the proposed

Transaction will not be consummated within the expected time period, or at all; the volatility of metal prices and

Salazar’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining

activities; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining

activities; environmental regulations or ha zards and compliance with complex regulations associated with mining

activities; the availability of financing; operations in Ecuador and the compliance with Ecuadorian laws, including

risks related to changes in such laws and changing policies related to mining and local ownership requirements or

resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in

price and availability of energy and other inputs neces sary for mining operations; shortages or cost increases in

necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of

terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges

to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the

risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; community support

for Salazar’s operations, including risks related to strikes and the halting of such operations from time to time;

conflicts with small scale miners; as well as other factors identified and as described in more detail in Salazar’s filings

with Canadian securities regulators, which may be viewed at www.sedarplus.ca.

Salazar’s forward-looking statements are based on the applicable assumptions and factors management considers

reasonable as of the date hereof, based on the information available to management at such time. These

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assumptions and factors include, but are not limited to, assumptions and factors related to: Silvercorp and

Adventus’s ability to achieve timely satisfaction of conditions precedent to the Transaction; development and

exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral

resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and

assessments; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation

levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the

ability to obtain timely financing on reasonable terms when required; the current and future social, economic and

political conditions; and other assumptions and factors generally associated with the mining industry.

Salazar’s forward-looking statements are based on the opinions and estimates of management and reflect their

current expectations regarding future events and operating performance and speak only as of the date hereof.

Salazar does not assume any obligation to update forward -looking statements if circumstances or management's

beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance

that forward-looking statements will p rove to be accurate, and actual results, performance or achievements could

differ materially from those expressed in, or implied by, these forward -looking statements. Accordingly, no

assurance can be given that any events anticipated by the forward- looking statements will transpire or occur, or if

any of them do, what benefits or liabilities Salazar will derive therefrom. For the reasons set forth above, undue

reliance should not be placed on forward-looking statements.