Zaruma Resources Inc., (TSX-ZMR)
TORONTO, Oct. 9 /CNW/ - Zaruma Resources Inc. today provided an update on
the progress of the Luz del Cobre copper project in the State of Sonora,
Field activity started in November, 2007, with open pit mining commencing
in September, 2008 and the ore being stockpiled for expected crushing and
stacking on the leach pad starting at the end of November. Virtually all the
equipment to complete the electricity generating plant and the copper SX-EW
production plant has been ordered, has been received, or is ready for shipment
to the site.
Of the estimated US$37 million capital cost of the project, US$22 million
has been spent, the full amount provided under the Glencore International AG
Discussions are in progress with parties interested in financing the
completion of the project to production, but the outcome of these discussions
is not assured, and the time required to reach an agreement is not predictable
at the moment. The project timetable estimated the production of copper
cathodes in February, 2009, but the uncertainty regarding the timing of the
financing may well impact this date. In the meantime, the Company will take
steps to minimize expenditures on the project.
Zaruma Resources Inc. is listed on The Toronto and Frankfurt Stock
Exchanges, (symbol: ZMR). Common shares 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 2148808,
email@example.com; Frank van de Water, CFO and Secretary, Tel.: (416)