TORONTO, May 13 /CNW/ - Zaruma Resources Inc., (TSXV-ZMR.H), (the "Company") today announced that TSX Venture Exchange (the
"Exchange") has conditionally approved the listing of the Company as a
Tier 1 Mining Issuer. The proposed NEX re-activation is conditional
upon, among other requirements, the concurrent completion of the
previously announced US$25 million equity private placement and the
US$30 million debt financing.
The private placement and debt financing has involved the negotiation of
settlement agreements with the holder of the existing US$23.5 million
loan for the Luz del Cobre copper project, and creditors with either
liens on the mining concessions or ongoing litigation. The
documentation of all the financing and settlement agreements is nearing
completion, and the Company expects to announce that the financings
will close in escrow in the very near future. During the escrow period,
the completed documentation will be filed for approval with the courts
in Mexico. Final Exchange approval is subject to completion of the
financing and review of information requested by the Exchange.
Plans are underway to complete the development and construction of the
Luz del Cobre project this calendar year, with the production of copper
cathodes in the first quarter of 2012.
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 the completion of the proposed financing transactions.
Zaruma Resources Inc. is a pre-production stage company listed on the
TSX-V NEX Board (symbol ZMR.H) and the Frankfurt Stock Exchange
(symbol: ZMR). Common shares currently outstanding 123,608,747.
Neither TSXVenture 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 release.
SOURCE Zaruma Resources Inc.
For further information:
| Zaruma Resources Inc. |
| 20 Toronto Street,12th Floor, Toronto ON, M5C 2B8, Canada |
| Fax: 416 367 3638, website www.zaruma.com |
| Dr. Thomas Utter, President and CEO || || || || Frank van de Water, CFO and Secretary |
| Tel: +1 521 662 222 0063 || || || || Tel.: 416 869 0772 |
| firstname.lastname@example.org || || || || email@example.com |