Thomas Utter

CEO

Thomas Utter graduated as a geologist from Frankfurt University, Germany in 1974, and was awarded a Ph. D. in Geochemistry in 1978.

Thomas has been involved in the international mining and mineral resources industry for 30 years, having worked on all seven continents. He started his career in South Africa working for the Mining Technology Group of the Chamber of Mines Research Organization.

In subsequent engagements Thomas ran exploration programs for industrial minerals and precious metals in Colombia and, as a partner of Swiss-based consulting company Terraconsult AG, managed the discovery of the Novo Astro gold deposit in Brazil, which became a key gold mine of TVX Gold Corp (TSX).

In 1986, Thomas joined Australian mining group Pancontinental Mining Ltd. (ASX), as Managing Director of the European subsidiary, coordinating most of Pancontinental’s non-Australian activities, including gold exploration in Brazil and an interest in the Siguiri Gold Mine in Guinea, (West Africa). Thomas acted as interim mine manager and was a member of the board of directors of Aurifere de Guinee S.A., and Chevanning Mining Ltd. during the time when major exploration successes took place at Siguiri, which is today a key gold mine of Ashanti Gold Fields.

In the mid to late 1990’s Thomas managed a number of mining and resource projects through his German-based consulting company, including the development of the Hoogenhoeg andalusite mine in South Africa, the development and operation of the Guayzimi Alto gold project in Ecuador, gold exploration ventures in Venezuela and reviews of mining projects in Turkey, southern Russia and Kazakhstan. He also worked as a geological and corporate development consultant for LionOre Mining International Ltd. (TSX).

In 1999, Thomas was instrumental in re-organizing Norway-based Zaruma Gold ASA, took-over management control, and in 2000 successfully lead the company to a listing on the Toronto Stock Exchange (TSX).

In addition to his mining industry experience, Thomas has taught economic geology for more than two decades and is an associate honorary professor at the Geoscience Department of the University of Darmstadt (Germany). Thomas speaks five languages.

Thomas has been the President and Chief Executive Officer of Zaruma Resources Inc. since the TSX listing on November 1, 2000.

Frank van de Water

Chief Financial Officer

Frank van de Water holds a B.Comm. from Concordia University, Montreal, and is a member of the Canadian Institute of Chartered Accountants, having placed in the top twenty candidates in Canada in 1963, the year he obtained his CA designation.

Frank has been involved in international mining, metals and resource companies in over 35 countries in North and Latin America, Europe, Asia and Africa. He spent two years as the Finance Director of Amalgamated Metal Corporation (LSE), one of the largest metal dealers on the London Metal Exchange at that time.

Frank joined The Patino Mining Company (TSE) in Toronto in 1966 as Controller and played a role in the international organization of the Company, which at that time smelted and refined 40% of the world’s tin concentrates, and was involved in a world scale copper mine, mill, smelter and refinery joint venture with RTZ in Spain; copper/gold production in Canada, and exploration and development projects in Mexico and New Caledonia.

Prior to joining Zaruma, Frank was the Chief Financial Officer of SouthernEra Resources Inc. (TSX), a diamond mining and emerging platinum producer in South Africa, and, Philippine Gold Plc. (AIM), addressing the viability of restarting past producing Philippine gold mines, and Eden Roc Mineral Corp. (TSX), an exploration and heap leach gold mining project in the Ivory Coast. Frank was also the Chief Financial Officer of Pamour Inc. (TSX) and Giant Yellowknife Mines Limited (TSX), two Canadian gold producers which were spun off from Noranda and Falconbridge.

In addition to his mining experience, Frank spent a number of years in the property development industry as well as eight years as the Chief Financial Officer of CAE Inc., the world’s leading manufacturer in the high technology field of flight simulators and nuclear reactor and electrical distribution control systems.

Frank has been the Chief Financial Officer of Zaruma Resources Inc. since July, 2002.

Prof. Dr. Richard Viljoen

Vice-President, Exploration

Geologist (BSc (Hons) Geology, MSc and PhD degree from the University of the Witwatersrand), more than 30 years' experience in exploration and economic geology in senior positions with international mining companies: Gold Fields of South Africa, JCI - Johannesburg Consolidated Investment Company, Limited and others.

Dr. Viljoen is recipient of the Lindgren award for excellence in economic geology presented by the Society of Economic Geologists in the USA and of the Draper medal, the highest award of the Geological Society of South Africa. In 1998, Dr. Viljoen was appointed an Honorary Professor at the University of the Witwatersrand, South Africa, joining the newly created Centre for Applied Mining and Exploration Geology. He is also a consultant to the mining industry, particularly in project evaluation and assessment in Southern Africa, India and Latin America. In November 2003, he was appointed Vice-President, Exploration of Zaruma.

Prof. Dr. Peter Lorange

Independent Director

President of IMD - International Institute for Management Development (Lausanne, Switzerland), Nestle Professor, Doctor in Business Administration (M.I.T., Harvard), more than 30 years experience in management development, business consulting and global strategic planning. Prof. Lorange was appointed director of the company in March 2001.

Michael E. Power

Director

P.Eng., Vice President and Secretary Moydow Mines International Inc., more than 30 years experience in the mining industry, held senior positions with leading international mining companies such as Senior Evaluation Engineer and Senior Analyst with Noranda Inc., VP Corporate Development with Hemlo Gold Mines (now Newmont) and Director and VP River Gold Mines/Western Quebe Mines. Director of a number of TSX listed companies (Moydow, Conroy Diamonds and Gold, Interntional Graphite Inc., Great Lakes Nickel Inc.).