Zaruma Resources reports TSX reviewing Listing

    TORONTO, Jan. 30 /CNW/ - Zaruma Resources Inc., (TSX-ZMR), (the
"Company") today announced that it has been advised by the Toronto Stock
Exchange (the "TSX") that the TSX is reviewing the eligibility for continued
listing on the TSX of the common shares of the Company. It is the Company's
understanding that the TSX is primarily concerned with the Company's financial
condition. At the moment, the Company's wholly-owned subsidiary, Minerales
Libertad, S.A. de C.V., ("ML"), is in debt to Empresa Minera Los Quenuales
S.A., ("EMLQ"), a subsidiary of Glencore International AG for financing
US$24.3 million of the capital cost of the 75 million pound Luz del Cobre
copper leach project in San Antonio, Sonora, Mexico. Development was suspended
in October, 2008, when the Company announced that it had not been able to
raise additional financing to complete the project. There is also
approximately US$10 million owing to suppliers and contractors for work
performed prior to the suspension of the project, which was then approximately
four months from commencing production. Since the suspension of development,
the estimated cash cost of producing copper has dropped to US$1.15 per pound.
    The Company reported on January 28, 2009 that as a consequence of being
in default under the Credit Agreement with EMLQ, EMLQ claimed the voting
rights for the shares of ML owned by Zaruma, and purported to pass a
shareholders' resolution replacing the Zaruma officers on ML's Board of
    The Company has been granted 60 days to comply with all requirements for
continued listing. Management is taking all the necessary actions to address
the situation in current difficult financial markets.
    As recently reported (News Release, January 28, 2009), the Company
proposed to EMLQ that at the estimated capital cost of approximately US$2
million, ML should commence gold production from gold mineralization located
close to the Luz del Cobre project, which could result in leaching 31,000
ounces of gold with a net cash flow from operations of US$15 million in the
first 12 months of production. Additional gold resources on site would likely
be sufficient for at least an additional two years' production. EMLQ is
considering the proposal.
    In addition to the copper and 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.
    The Company's 11,000 hectare San Antonio property is highly prospective
for both gold and copper deposits and is considered geologically to be part of
an extensive iron-oxide-gold-copper system. The recently reported new
discovery of primary copper mineralization with persistent alteration in drill
holes at Carrizo, in the central part of the property, supports this
interpretation. Additionally, the shallow near-surface oxide copper
mineralization found at Sapo is metallurgically similar to the Luz del Cobre
copper deposit, located 6 kilometres to the northeast. Further drilling is
warranted to assess the economic significance, but it is believed that open
pit and leachable copper reserves can be identified at Sapo in addition to a
possible major discovery of primary copper at Carrizo. The very successful
exploration on the 1,000 hectare Sapo-Carrizo parcel is being financed by EMLQ
on an earn-in basis, whereby it can earn a 51% interest in the property by
expending US$2,250,000 on exploration and paying ML US$2 million.

    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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