Salazar Provides Update on Wheaton Funding of El Domo Development

Vancouver, British Columbia--(Newsfile Corp. - December 5, 2022) - SALAZAR RESOURCES LIMITED (TSXV: SRL) (OTCQX: SRLZF) (FSE: CCG) ("Salazar" or the "Company") is pleased to announce that it has been advised by Adventus Mining Corporation that they have completed all conditions precedent to receive a US$13 million early deposit (the "Early Deposit") from Wheaton Precious Metals International Ltd. ("Wheaton"). The funds are part of the US$175.5 million precious metals stream commitment to the El Domo copper-gold project. The Early Deposit has no cost or fees for 18 months, after which it is expected to be consolidated into the full US$175.5 million partial precious metals stream. The Early Deposit is expected to cover ongoing pre-construction expenditures in the first half of 2023, including continuation of detailed engineering and early site works.

Said Mr. Fredy Salazar, President, and CEO: "We are pleased that Adventus and Wheaton have finalized conditions precedent for this Early Deposit and that funding will be in place to support the ongoing detailed engineering and pre-construction programs."

About Salazar Resources
Salazar Resources 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 pipeline 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 organisation dedicated to sustainable progress through economic development.

For further information about Salazar Resources, please contact Merlin Marr-Johnson, Executive Vice President and Corporate Secretary, at merlin@salazarresources.com or ir@salazarresources.com or at +1 604 685 9316.

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.

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