Zaruma Resources Announces TSXV Conditional Approval of Listing and Financing Transactions

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
Dr. Thomas Utter, President and CEO       Frank van de Water, CFO and Secretary
Tel: +1 521 662 222 0063       Tel.: 416 869 0772


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Zaruma Resources Inc.

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