Zaruma Resources Reports on First Quarter and Progress of Financing

TORONTO, June 28, 2011 /CNW/ --
(expressed in US dollars except where noted as C$)

TORONTO, June 28, 2011 /CNW/ - Zaruma Resources Inc., (TSXV-ZMR.H), (the
'Company' or 'Zaruma') today reported that the quarterly unaudited
Consolidated Financial Statements and Management's Discussion and
Analysis report for the three months ended March 31, 2011 have been
filed on SEDAR, www.sedar.com and will be posted on the Company's website, www.zaruma.com.

Activity in the first quarter was concentrated on advancing the Private
Placement of $25 million in equity units, along with a bank financing
of $30 million. Subsequent to the end of the first quarter, an
aggregate of 488,650,000 Subscription Receipts were issued to the
private placement investors for aggregate gross proceeds of $25
million, and the debt facility was established. The private placement
proceeds, as well as $25 million of the debt financing, have been
deposited into escrow. An additional 21,500,600 Subscription Receipts
were issued in escrow in consideration for the cancellation of certain
contracts. Upon satisfaction of certain specified escrow release
conditions, each Subscription Receipt will be automatically exercised
into one common share and one common share purchase warrant. The
proceeds of the Private Placement and the debt financing will then be
used to settle with the creditors and repay the existing debt financing
of $23.5 million, and provide funds to bring the Luz del Cobre copper
project into production. Settlement documents to achieve this goal were
filed in escrow and have progressed to the stage where the Company
believes that the escrow release conditions can and will be met in the
near future. The TSX Venture Exchange ('TSXV') has granted conditional
approval for the listing of the common shares of the Company as a Tier
1 Mining Issuer. Final approval of the listing is conditional on the
release of funds from escrow, and the approval itself is one of the
escrow release conditions.

The Company also announced that it has received conditional approval
from the TSXV for the issue of a 10% Unsecured Promissory Note (the
'Note') for up to C$100,000 to Mr. Maxim Finskiy, a beneficial
shareholder of a major participant in the private Placement who will be
part of the control group on completion of the financing. The funds
were received June 27, 2011, the Note is for a period of one year, is
callable at any time by the holder, and the minimum interest payable to
the holder is C$5,000. The Company has granted 200,000 common share
purchase warrants, with each warrant exercisable for one common share
of the Company at a price of C$0.10 per share until June 27, 2012. The
proceeds from the Note are to be used for the Company's cash
requirements pending the release of funds from escrow.

The net loss for the first quarter of 2011 was $1,035,000 compared to a
loss of $515,000 in the first quarter of 2010. The increase in the loss
was largely the result of accrued creditor settlement costs in excess
of provisions made in prior periods. Interest on the existing debt
financing was $289,000 for the three months compared to $267,000 in the
first quarter of 2010.

Zaruma is currently listed on the NEX Board of the TSXV (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 meeting the conditions for the release of funds held in
escrow.

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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Zaruma Resources Inc.
20 Toronto Street, 12th Floor, Toronto ON, M5C 2B8, Canada
Fax: 416 367 3638 www.zaruma.com