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Message: Zaruma Resources Listed on TSXV NEX Board

Zaruma Resources Listed on TSXV NEX Board

posted on Oct 01, 2009 11:31AM

Zaruma Resources Listed on TSXV NEX Board

	    TORONTO, Oct. 1 /CNW/ - Zaruma Resources Inc., (TSXV-ZMR.H), (the
"Company") today announced that its shares have been posted for trading on the
TSX Venture Exchange NEX Board under the symbol ZMR.H and is no longer traded
on the TSX.
	    NEX is a separate board of the TSX Venture Exchange designed for
Companies that are not in compliance with the ongoing financial listing
standards of either the Toronto Stock Exchange or the TSX Venture Exchange.
The Company is not in compliance because the suspension of development of the
Luz del Cobre Copper Project in October 2008 was an event of default on the
debt financing, with the result that the US$25 million outstanding became a
current liability. A listing requirement is that the Company must maintain a
positive working capital position. A formal demand for the repayment of the
outstanding debt has not been approved by the court in Mexico.
	    The Company is currently actively discussing the financing of Luz del
Cobre with several interested parties, with the expectation that an agreement
can be reached on the terms and conditions in the near future. On completion
of a financing, the Company will apply to change its listing from the NEX
Board to the TSX Venture Exchange itself.
	    With the decrease in the projected cash cost of producing copper to
US$1.15 per pound, and the current market price of copper in the range of
US$2.80, the Luz del Cobre Copper Project looks very attractive. The project
could be producing copper at a planned rate of 15 million pounds per year
within six months of completing new financing arrangements.
	    As previously reported, (news release June 16, 2009), the Company also
has Measured and Indicated oxide gold resources of 74,000 ounces and an
Inferred resource of 24,000 ounces, known as the "Sapuchi Gold Project" on the
same property as Luz del Cobre. The resource is open ended in three
directions, and at a cost of approximately US$9 million, could be in
production at the rate of 25,000 ounces per year in a matter of six months.
	    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.

	    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: 117,608,747.

	    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.


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