Zaruma Resources reports on San Antonio Gold Project and on Corporate Developments

    TORONTO, Feb. 19 /CNW/ - Zaruma Resources Inc., (TSX-ZMR), is pleased to
report that an update (the "Update") of a previously reported Preliminary
Assessment Study, (news release January 28, 2009), resulted in a significant
increase in inferred leachable gold mineral resources at San Antonio, Sonora,
Mexico. The Update was completed in-house by a team of engineers from Zaruma's
Mexican subsidiary, Minerales Libertad, S.A. de C.V. ("ML") under the
supervision of Qualified Person and Geologist Thomas Utter and increases the
confidence level in the project's economic viability.
    Historic data from exploration work in the late 1990's in the Sapuchi
area was digitized and assessed, increasing the data base for that area from
3,610 to 5,301 gold fire assays. Adding more information from surface rock and
trench sampling, and from extensive historic underground workings increased
the oxide leachable Inferred Mineral Resources within optimized pit shells to
100,000 ounces of contained gold:

    Sapuchi Oxide Mineral Resource: 2,840,000 tonnes at 1.1 g/t gold
    (at  0.30 g/t cut-off)

    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 viability.

    This new estimate of leachable resources at Sapuchi allows for a mine and
production plan treating initially only Sapuchi material instead of the lower
grade Luz del Cobre gold-bearing overburden. Using existing equipment and
facilities in place at Luz del Cobre and at an updated capital cost estimated
at US$2.4 million and US$800,000 ramp-up working capital, a gold leaching
operation could be put into operation in about 4 months. At a mining rate of
90,000 tonnes per month, production costs estimated at US$330 per ounce and a
gold price of US$800 per ounce, the project is expected to produce 60,000
ounces of gold with a net cash flow from operations over the first 24 months
of US$28 million. Ongoing metallurgical column leach tests continue to confirm
fast leach kinetics and high recovery of gold with a reasonable consumption of
    ML is arranging an independent review and evaluation of the Update.
    In addition to the surface gold material referred to above, the Realito
area of the Company's San Antonio property holds Measured and Indicated gold
resources of 551,000 tonnes at a grade of 4.37 g/t for 244,000 ounces, and
162,000 tonnes of Inferred resources at a grade of 3.97 g/t for 21,000 ounces,
NI 43-101 compliant estimates reported August 20, 2004, when gold was priced
at $375 per ounce (report by Micon International Limited, QP: Eugene Puritch,
P.Eng.) The close to surface Realito open pit and underground resources are
mostly open down dip and along strike and are considered to have untested
significant upside resource potential. Note: Mineral resources that are not
Mineral Reserves do not have demonstrated economic viability.
    As announced on January 28, 2009, Empresa Minera Los Quenuales S.A.,
("EMLQ"), a subsidiary of Glencore International AG claimed the voting rights
for the ML shares when Zaruma reported that ML could no longer pay its debts
as they became due. EMLQ provided partial financing for the Luz del Cobre
copper project and is currently owed $24.3 million. ML suspended work on the
project in October, 2008, when it was within four months of going into
production, as it was not able to raise additional financing. Luz del Cobre
was planned to produce 15 million pounds of copper per year, with a currently
estimated cash cost of production of between $1.10 and $1.15 per pound.
    In addition to the mineral resources referred to above, ML has other gold
targets and mineralized zones as well as-highly prospective copper exploration
projects on its 11,000 hectare holdings in the State of Sonora, Mexico.
    Management of Zaruma considers the shares of ML to have a value far in
excess of the debt owing to EMLQ, and will take all necessary action to
protect the interest of the Zaruma 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, mineral exploration company
listed on The Toronto and Frankfurt Stock Exchanges (symbol: ZMR). Common
shares currently outstanding: 117,608,747.

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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