TORONTO, June 25 /CNW/ - Zaruma Resources Inc., (TSX-ZMR), (the
"Company") today reported that at the Company's Annual Meeting of Shareholders
on June 24, 2009, Messrs. Peter Lorange, Michael Power, Thomas Utter and Frank
van de Water were re-elected as directors of the Company. Over 21% of the
outstanding shares were represented in person or by proxy. At the meeting it
was announced that the Company was actively discussing the financial
involvement by different parties for the completion of construction of the Luz
del Cobre Copper Project and the commencement of the Sapuchi Gold Project.
The Company also announced that it has been advised by Toronto Stock
Exchange, ("TSX"), that after a hearing on the Company's submission requesting
a deferral of its delisting decision, TSX has determined to defer its decision
until August 28, 2009. The continued listing on TSX is of considerable
importance to those interested in the Company's Mexican Projects and the
Company expects to reach a satisfactory agreement on the required financial
assistance and participation in the Projects in the coming months, which could
resolve TSX's concerns about the Company's finances.
Since the March 26, 2009 decision by TSX to grant the first deferral, the
Company completed its internal study on the Sapuchi Gold Project leading up to
the Technical Report under NI 43-101 standards, (the "Report"), on the
Company's wholly owned San Antonio Property, Sonora, Mexico, which was filed
on SEDAR on June 15, 2009. The Report provides an independent resource
estimate and preliminary economic assessment on the Sapuchi Gold Project as
well as an updated resource estimate on the Luz del Cobre Copper Project.
The 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.
The Report confirmed the previously announced resources, both copper and gold,
and the preliminary economic assessment of the Sapuchi Gold Project, estimated
to produce 79,000 ounces in the first three years with a net operating cash
flow of US$28.8 million, assuming a gold price of US$800. The mineralization
is open at three ends.
Zaruma Resources Inc. is a pre-production stage company listed on The
Toronto and Frankfurt Stock Exchanges (symbol: ZMR). Common shares currently
outstanding: 117,608,747. 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 to continue its development programs.
For further information:
For further information: Zaruma Resources Inc., 20 Toronto Street, 12th
Floor, Toronto ON, M5C 2B8, Canada, Fax: (416) 367-3638, firstname.lastname@example.org,
www.zaruma.com; Dr. Thomas Utter, President and CEO, Tel: +1 52 662 210 5650,
email@example.com; Frank van de Water, CFO and Secretary, Tel.: (416)