Zaruma Resources Reports on Corporate Developments and Gold Leach Project

    TORONTO, Jan. 28 /CNW/ - Zaruma Resources Inc., (TSX-ZMR), today
announced that it had received notification from Empresa Minera Los Quenualas
S.A., ("EMLQ"), a subsidiary of Glencore International AG, that on January 26,
2009 it exercised its right to vote the shares of Minerales Libertad, S.A. de
C.V.,("ML"), and passed a shareholder resolution replacing the directors of
ML, Thomas Utter and Frank van de Water, with newly appointed directors. EMLQ
claimed the voting rights for the ML shares when ML advised that it could no
longer pay its debts generally as they became due in October, 2008. ML is a
100% owned subsidiary of Zaruma and owns all Zaruma's assets in Mexico. EMLQ
provided partial financing for the Luz del Cobre copper project and is
currently owed US$24.3 million. ML suspended further onsite development of the
copper project in October, when it announced that it was not able to raise
additional financing.
    EMLQ was provided with a Preliminary Assessment Study (the "Study") on
Phase 1 of its open pit, gold leach project, (the "Project"), located at San
Antonio, Sonora, Mexico. The conclusion of the Study, which was completed by a
team of engineers from Zaruma's Mexican subsidiary, Minerales Libertad, S.A.
de C.V. under the supervision of Qualified Person and Geologist, Thomas Utter,
is that the proposed Project is economically viable and financially
    A review of historical data, assays from last year's blast hole drilling,
cost estimate updates, resource block models and metallurgical column leach
tests indicates that by using existing equipment and facilities in place at
Luz del Cobre, ("LdC"), and at a minor capital cost of US$2 million, Phase 1
would be a two year gold leaching project and could be operational within 4
months from funding. Metallurgical column leach tests have confirmed very
good, fast leach kinetics and a 90% recovery of gold with a reasonable
consumption of cyanide. At a gold price of US$800 per ounce and production of
31,000 ounces of gold, at a cost of US$312 per ounce, the net cash flow from
operations before financing costs, in the first 12 months of operations, using
the highest grade resources first, is estimated to be US$15 million. The
Inferred Mineral Resources within optimized open pit shells for Phase 1 are
estimated to be:

    Sapuchi Oxide Material (located 1,000 metres west of LdC) at 0.30 g/t
    -  1,060,000 tonnes at 1.11 g/t gold, to contain 38,000 ounces gold;
       strip ratio 1.33.

    Calvario/LdC (mainly overburden of the LdC copper deposit), at 0.27 g/t
    -  420,000 tonnes at 0.64 g/t gold to contain 8,600 ounces of gold; strip
       ratio 3.73.

    LdC Waste Rock:
    -  292,000 tonnes at 0.40 g/t gold to contain 3,800 ounces of gold

    Note: Not sufficient work has been done to date to conform to NI 43-101
    standards for Measured and Indicated Mineral Resources. Due to the
    uncertainty that may be attached to Inferred Mineral Resources, it cannot
    be assumed that the Inferred Mineral Resources will be upgraded to an
    Indicated or Measured Mineral Resource by further work. Mineral Resources
    that are not Mineral Reserves do not have demonstrated economic

    The proposed Project will not impede the future development of the
currently suspended LdC copper project. The cash flow from the gold project
could actually contribute to the completion of construction of the LdC copper
    A 1996 historic resource concluded that "Drill Indicated and Inferred
Resources" at Sapuchi of 1.41 million tonnes at 1.97 g/t contain 89,000 ounces
of gold, which includes the 38,000 of oxidized material referred to above.
Also not considered at this stage is the existing Realito open-ended open pit
gold resource, including 36,700 ounces of Measured and Indicated and 4,900
ounces of Inferred Resources, calculated under NI 43-101 standards, as
reported August 20, 2004, when gold was priced at $375 per ounce. Further
testing of these resources will be required before a decision can be made to
include this material in Phase 1 or in a second phase of the Project.
    EMLQ has indicated that the new ML Board will review and consider the
proposed gold Project and will deal with it amongst other things in due
course. Management of Zaruma considers the shares of ML to have a value far in
excess of the debt owing to EMLQ, so Zaruma will take all necessary action to
protect the interest of the shareholders. Under the laws of Mexico, EMLQ is
obligated to safeguard and preserve the value of the ML shares.

    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,,; Dr. Thomas Utter, President and CEO, Tel: +1 521 662-210 5650,; Frank van de Water, CFO and Secretary, Tel.: (416)

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