Zaruma Resources reports on Second Quarter 2009



    (all financial figures expressed in US$)

    TORONTO, Aug. 13 /CNW/ - Zaruma Resources Inc., (TSX-ZMR), today reported
that the Consolidated Financial Statements and Management's Discussion and
Analysis report for the three and six months ended June 30, 2009 will be
available on SEDAR and will be posted on the Company's website, www.zaruma.com
later today.
    As previously reported (June 16, 2009), the Company filed a Technical
Report on SEDAR (www.sedar.com), on its gold and copper projects on its San
Antonio property in Sonora, Mexico in accordance with NI 43-101 reporting
standards. The Technical Report provides a resource estimate and preliminary
economic assessment of the Sapuchi Gold Project and updates the resource
estimate on the Luz del Cobre Copper Project. The Technical Report was
completed by P&E Mining Consultants Inc., ("P&E"), Brampton, Ontario.
Qualified Persons and Independent Consultants Eugene Puritch, P.Eng., Tracy
Armstrong, P.Geo., and Malcolm Buck, P.Eng., authored the resource estimates
and preliminary economic assessment. The operating plan and cost estimates for
the Sapuchi Gold Project were reviewed and reported on by Rolly Nice, AusIMM,
Independent Metallurgical Engineer, Sydney, Australia.
    At Sapuchi, within an optimized open pit shell, an oxide leachable
mineral resource of 98,400 ounces of contained gold was estimated, applying a
cut-off grade of 0.30 g/t and a 24 month trailing average gold price of
US$805/oz. The resulting estimated tonnes and grade for potentially mineable
oxides are:

    
    ------------------------------------------------------------
    Classification        Tonnes         Au (g/t)       Au (oz)
    ------------------------------------------------------------
    Indicated           2,220,000          1.04         74,300
    ------------------------------------------------------------
    Inferred              872,000          0.86         24,100
    ------------------------------------------------------------
    

    The mineral resources were estimated using the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and
Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on
Reserve Definitions and adopted by CIM Council December 11, 2005.
    The preliminary economic assessment is based on a mining rate of 3,000
tonnes per day, an overall average strip ratio of 1.55:1 and an 80% gold
recovery using heap leaching with cyanide. 79,000 ounces of gold are expected
to be produced over a period of 3 years, yielding an accumulated net operating
cash flow of US$28.8 million at a gold price of US$800/oz. The mineralization
is open on three sides.

    
    The Technical Report updated the estimated Luz del Cobre resources to be:

    -------------------------------------------------------------------------
                                                          Mixed Oxide/
                                 Oxide                Secondary Sulphides
                    ---------------------------------------------------------
    LUZ DEL COBRE                        Cu lbs                       Cu lbs
    RE

SOURCES Tonnes Cu% mil Tonnes Cu% mil ------------------------------------------------------------------------- MEASURED 387,000 0.89 7.6 1,654,000 1.40 51.0 INDICATED 521,000 0.71 8.2 2,000,000 0.96 42.3 ------------------------------------------------------------------------- TOTAL 908,000 0.79 15.7 3,654,000 1.16 93.4 ------------------------------------------------------------------------- INFERRED 33,000 0.62 0.50 156,000 0.61 2.1 ------------------------------------------------------------------------- -------------------------------------------- Total Measured and Indicated ---------------------------- LUZ DEL COBRE Cu lbs RE

SOURCES Tonnes Cu% mil -------------------------------------------- MEASURED 2,041,000 1.30 58.6 INDICATED 2,521,000 0.91 50.5 -------------------------------------------- -------------------------------------------- TOTAL 4,562,000 1.09 109.1 -------------------------------------------- -------------------------------------------- INFERRED 189,000 0.61 2.5 -------------------------------------------- Based on the additional resources now being reported, the estimated production is 80 million pounds over less than 6 years. The current cash production costs estimated by the Company are US$1.12 per pound of copper, assuming a sulphuric acid cost of $140 per tonne fob minesite. With a copper price of US$2.50 per pound this results in a projected cash flow before taxes and interest for the mine life of $69 million after recovery of the estimated US$37 million of capital cost. The Company suspended development of the Luz del Cobre copper project in October, 2008 due to lack of financing. This resulted in a default under the debt financing and the Company's Mexican subsidiary has received a demand for payment of the outstanding $25 million debt. A statement of objections will be filed to this demand, which will place the matter before the court in Mexico. The Company is currently in discussion with several interested parties concerning the financing required to address the debt financing, amounts owing to creditors and the funds required to complete the development and construction of the Luz del Cobre Copper Project in order to commence production. Terms and conditions have yet to be determined, but it would be a reasonable assumption that any new investor would require an equity interest in the project, the Mexican subsidiary, or the Company itself. The Project could be producing copper within four to six months of completing financing. Costs incurred on the Luz del Cobre Copper Project during the six months to June 30, 2009 totaled $776,000, $644,000 of which is interest on the debt, with the balance on site maintenance and costs incurred to secure the equipment and installations. Exploration, evaluation and administrative costs written off in Mexico were $894,000 for the six months, compared to $258,000 in the same period in 2008. Net loss for the six months was $1,191,000 or 1 cent per share compared to $1,048,000 (0.9 cent per share) in the first half of 2008. Toronto Stock Exchange has the Company under review for continued listing on TSX due to the Company's current financial condition. TSX has deferred a decision until August 28, 2009. This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions, including securing additional funding. Zaruma Resources Inc. is listed on The Toronto and Frankfurt Stock Exchanges, (symbol: ZMR). Common shares outstanding 117,608,747.

For further information:

For further information: Zaruma Resources Inc., 20 Toronto Street, 12th
Floor, Toronto, ON, M5C 2B8, Canada, Fax: (416) 367-3638, service@zaruma.com,
www.zaruma.com; Dr. Thomas Utter, President and CEO, Tel.: +1 521 662 222
0063, thomasutter@gmx.net; Frank van de Water, CFO and Secretary, Tel.: (416)
869-0772, fvandewater@on.aibn.com

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ZARUMA RESOURCES INC.

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