Salazar Announces Corporate Update - Strategic Reset

About this update from Salazar Resources Limited

[{"type":"text","content":"\n\n\n\nSalazar Announces Corporate Update - Strategic Reset\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 1, 2019\n\n\n\nVANCOUVER, March 1, 2019 /CNW/ - SALAZAR RESOURCES LIMITED (TSXV: SRL) (Frankfurt: CCG.F) (\"Salazar\" or the \"Company\") is pleased to provide the following corporate update:\n\n \n \n\n \nHighlights\nFocus on 100%-owned projects and then partner with mid-tier or major mining companies Sale of 3.8 million Adventus shares boosts cash position to CDN$5.1 million Third drill rig in Ecuador ready for contract service through its stand-alone drilling subsidiaryStrategy Update \nIn 2019 the Company will refocus on advancing its 100%-owned projects and then seek partnership with mid-tier or major mining companies contingent on initial exploration results: \nAt the Rumiñahui copper-gold porphyry community liaison is underway in preparation to drill at the property in H2 2019. Rumiñahui is a drill-ready target that lies on-trend from Llurimagua and Cascabel At the Macara Mina-Bonanza licences in southern Ecuador fieldwork (mapping, trenching, sampling) and permitting is underway with a view to drilling during 2019 targeting VMS and copper-gold porphyry deposits Preparations for fieldwork (mapping, trenching, and sampling) are underway on Alisales licence area in southern Colombia, targeting vein gold and copper-gold porphyry systemsHealthy Cash Position\nThe Company received approximately CDN$3.2 million from the sale of 3.8 million Adventus Mining Corporation (\"Adventus\") shares. On September 30, 2018, the Company had cash balance of approximately CDN$2.4 million, and has experienced positive net cash flow since then through advance royalty payments, management fees and drilling contracts. The current corporate cash position is approximately CDN$5.1 million. \nUnder the terms of the Joint Venture with Adventus on Curipamba, Salazar is fully-carried on a 25% stake in the project until production. The Company also receives advance payments of US$250,000 per annum until 2022; and exploration managemen...

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