Zaruma Resources Announces Additional Bridge Financing

TORONTO, May 26, 2011 /CNW/ --
TORONTO, May 26, 2011 /CNW/ - Zaruma Resources Inc., (TSXV:ZMR.H), (the 'Company' or 'Zaruma') announced that it has received conditional
approval from the TSX Venture Exchange to raise up to C$250,000 in a
Private Placement of up to 3,703,704 million units comprising one
common share and one warrant entitling the holder to acquire an
additional common share of the Company for C$0.135 for a period of one
year from the date of subscription. The units are priced at C$0.0675
with the proceeds to be used for the Company's cash requirements
leading up to the release from escrow of the previously announced
equity and debt financing to complete the Luz del Cobre Copper Project.

The previously reported financing for the Luz del Cobre Copper Project
includes the US$25 million equity and $30 million debt financing closed
in escrow on May 20, and is conditional on both financings being
completed concurrently, along with the settlement of the debt
outstanding to certain secured creditors. Settlement documents to
achieve this goal have been filed in escrow and are currently being
processed. An additional condition to the release of funds from escrow
is the Final Approval of the TSXV for the listing of the Company as a
Tier 1 Mining Issuer. TSXV has granted Conditional Approval to the
listing, with Final Approval to depend on the completion of the debt
and equity financing and other requirements.

Zaruma is currently listed on the NEX Board of the TSX Venture Exchange,
(symbol ZMR.H) and the Frankfurt Stock Exchange, (symbol: ZMR). Common
shares outstanding: 123,608,747.

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.

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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