TORONTO, Nov. 21 /CNW/ - Zaruma Resources Inc., (TSX-ZMR), is pleased to
announce the appointment of David Kelly of Glencore International AG as a new
member to the Board of Directors of the Company. The appointment is subject to
the approval of the Toronto Stock Exchange.
Mr. Kelly is a Chartered Accountant with 9 years experience in finance
positions in Australia, the United Kingdom and Switzerland, including senior
roles with Chartered Accountants Deloitte Touche Tohmatsu, Royal & SunAlliance
Insurance Group and Glencore. Mr. Kelly joins Prof. Peter Lorange, Michael
Power and Mike Richings as the fourth independent director of the Company.
The President and CEO of Zaruma, Thomas Utter commented: "We are pleased
that David has joined the board and we very much welcome him and look forward
to his contribution as a director during this period of rapid growth of the
The Company also reported that at the Luz del Cobre copper project,
(Sonora, Mexico), Michael Carter, General Manager, is quickly putting together
an experienced staff for the management of mining, plant operations,
environmental control, logistics and administration.
Field activities regarding the mine, leach pad, and plant construction
are under way with the assistance of M3 Engineering and Construction, Inc.,
which was awarded the Engineering, Procurement, and Construction Management
services contract earlier this month. The sourcing of major equipment and
services for the project is proceeding well.
The operational mine plan estimates the production of 15 million pounds
of cathode copper per year for more than five years, through an open pit
mining, heap leach, solvent extraction, electro-winning operation. The current
estimate of first production is January, 2009. Current successful drilling on
the property is expected to add to the mine life.
Zaruma Resources Inc. is listed on The Toronto and Frankfurt Stock
Exchanges, (symbol: ZMR). Common shares outstanding: 111,458,271.
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 programmes.
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.: 521 662 222 0063,
521 662 210 5650, email@example.com; Frank van de Water, CFO and
Secretary, Tel.: (416) 869-0772, firstname.lastname@example.org