The principal features of the Loan are:

- The Loan bears interest at a rate of 15% per annum, payable in cash and matures on November 30, 2013. If the Loan is outstanding between November 30, 2012 and February 28, 2013 an additional 3% per annum interest will be payable in Red Tiger common shares. If the Loan continues past February 28, 2013, the additional interest rate will be 10% per annum, also payable common shares. The additional interest would be paid on a quarterly basis based on a share price equal to the market price on the last trading day for the applicable quarter, subject to an upper cap of 692,441 common shares.

- The Company will issue 325,000 common shares of Red Tiger to Gerald Metals in connection with the financing.

- No other shares or warrants are being issued as a bonus, finder's fee or commission to any other party in connection with the Loan.

The Luz del Cobre project has progressed to the stage where the first lift of crushed ore on the leach pad is being irrigated with water in order to put the contained copper into solution. The project is on schedule and the Company expects to deliver copper cathodes in the second half of April.

Red Tiger’s shares are listed on the TSX Venture Exchange, (symbol: RMN). Common shares outstanding: 65,232,275

For further information, please contact:

Red Tiger Mining Inc.
20 Toronto Street, 12th Floor
Toronto ON, M5C 288
Canada
Fax: +1 416 367 3638
info@redtigermining.com
www.redtigermining.com

Dr. Thomas Utter
President and CEO
Tel.: +1 52662311 8839
thomasutter@gmx.net

Frank van de Water
CFO and Secretary
Tel.: 416 869 0772
fvandewater@on.aibn.com

Neither TSX Venture 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.

This news release contains forward-looking information under applicable securities laws. Forward-looking information is frequently identified by such words as "may", "will", "plan", "expect", "estimate", "anticipate", "believe", "intend" and similar words referring to future events and results. Specifically, this news release contains forward-looking information regarding the entering into of the Loan Agreement, the proposed use of the Loan and the ability of the Company and Minerales to fulfil their respective obligations under the Loan Agreement and the Guarantee Agreement, including with respect to the repayment of the Loan and any applicable interest thereon and with respect tot he timing of delivery of copper cathodes. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information and accordingly, readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this news release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

Zum Thema:

• BullMarketRun: Visible Gold Mines vor dem Sprung auf ein neues Level? 22.8.
• Interview with Nigel Ferguson: Development in a giant copper belt 27.6.
• Die Dunkel Seite von Glencore: Zaruma Resources wird in Kürze die Intensivstation verlassen und im nächsten Jahr in Produktion gehen 16.6.

The Company is also pleased to announce that its new website www.redtigermining.com is operational and special reference is made to a  photo gallery linked to the home page showing the progress on site at Luz del Cobre.

Red Tiger’s shares are listed on the TSX Venture Exchange, (symbol: RMN). Common shares
outstanding: 65,232,275

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 the completion of the current financing.

For further information, please contact:Red Tiger Mining Inc.
20 Toronto Street, 12th Floor, Toronto ON, M5C 2B8, Canada
Fax: 416 367 3638
info@redtigermining.com
www.redtigermining.com

Dr. Thomas Utter
President and CEO
Tel.: +1 52 662 311 8839

thomasutter@gmx.net
Frank van de Water
CFO and Secretary
Tel.: 416 869 0772
fvandewater@on.aibn.com

Neither TSX Venture 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.

Zum Thema:

• BullMarketRun: Visible Gold Mines vor dem Sprung auf ein neues Level? 22.8.
• Die Dunkel Seite von Glencore: Zaruma Resources wird in Kürze die Intensivstation verlassen und im nächsten Jahr in Produktion gehen 16.6.
• Exploration wird ausgelagert: Candente Copper plant die Aufspaltung 18.5.

The mine contractor has started waste rock removal and copper ore encountered during stripping is being stockpiled next to the installed crusher at the valley leach pad area. Crushing and loading of ore and start-up of leaching is scheduled for February 2012. Copper cathode production of this 15 million pounds of copper per year, open pit, leach, solvent extraction (“SX”) electro-winning (“EW”) project, is expected to start in the second Quarter of 2012, at an estimated cash cost of production (cash cost before interest, taxes, depreciation and amortization) of an average $1.20 per pound over the expected life of the mine.

The Company is pleased to announce that Jesus Gutierrez Bastida has assumed the newly created position of Director General of the Company’s Mexican subsidiary Minerales Libertad, S.A. de C.V. (Minerales”). He is in charge of the Minerales team developing the project and the subsequent operation of Luz del Cobre. Mr. Gutierrez has over 30 years of experience with a proven track record in the management of mining and processing operations. During the past 6 years he has led the Cobre de Mayo SX-EW project, Sonora, Mexico, from feasibility to construction, through start-up and into production in near record time. He has also held high level operating positions as Director of Operations for Grupo Mexico’s Cananea mine, was Director General of Minera de Angeles and Director General for the Frisco Group. In his role as Director General of Minerales he will report to the President and CEO of the Company.

Red Tiger’s shares are listed on the TSX Venture Exchange, (symbol: RMN). Common shares outstanding: 65,232,275

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 the completion of the current financing.

For further information, please contact:

Red Tiger Mining Inc.
20 Toronto Street
12th Floor
Toronto ON, M5C 2B8 Canada
Fax: 416 367 3638

Dr. Thomas Utter
President and CEO
Tel.: +1 521 662 311 8839
thomasutter@gmx.com

Frank van de Water
CFO and Secretary
Tel.: 416 869 0772
fvandewater@on.aibn.com

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.

Zum Thema:

• BullMarketRun: Visible Gold Mines vor dem Sprung auf ein neues Level? 22.8.
• Interview with Nigel Ferguson: Development in a giant copper belt 27.6.
• Die Dunkel Seite von Glencore: Zaruma Resources wird in Kürze die Intensivstation verlassen und im nächsten Jahr in Produktion gehen 16.6.

Zum Thema:

• Bohrung verifiziert: Proto Resources erwartet Lizenzen für seine Projekte in Sachsen in den nächsten Wochen 16.5.
• Regenfälle und Erdrutsche: Newcrest Mining muss Produktionsprognose um 6% senken 19.12.
• 7.970 Tonnen Kupferkonzentrat abgesetzt: Tiger Resources verbesserte Kupfergewinnungsrate auf dem Kipoi-Projekt auf 64,9% 18.10.

Zum Thema:

• Bohrung verifiziert: Proto Resources erwartet Lizenzen für seine Projekte in Sachsen in den nächsten Wochen 16.5.
• Regenfälle und Erdrutsche: Newcrest Mining muss Produktionsprognose um 6% senken 19.12.
• 7.970 Tonnen Kupferkonzentrat abgesetzt: Tiger Resources verbesserte Kupfergewinnungsrate auf dem Kipoi-Projekt auf 64,9% 18.10.

Toronto, Ontario, Canada.  Red Tiger Mining Inc., (TSXV:RMN), (the “Company” or “Red Tiger”) today reported that the quarterly unaudited Consolidated Financial Statements and Management’s Discussion and Analysis report for the nine and three months ended September 30, 2011 have been filed on SEDAR, www.sedar.com The Company’s new website is currently under construction.

Activity in the third quarter was focused on the completion of the conditions for the release from escrow of the Private Placement of $25 million in equity units, along with a bank financing of $30 million. Mexican courts approved the creditors’ settlement agreements which ended the Mexican litigation, and the necessary filings were made in certain courts and registries that will result in the removal of liens on the mining concessions where the Company’s Luz del Cobre Copper Project is located. Funds were released from escrow on July 20, 2011, completing the financing.
Effective August 10, 2011, the Company’s shares commenced trading on the TSX Venture Exchange as a Tier 1 Mining Company and currently trade under the new name under the symbol RMN.

The net loss for the nine months to September 30, 2011 was reduced by $1,345,000 to $498,000 during the quarter as a result of beneficial adjustments resulting from the financing, as well as adjustments made to the provisions previously made to settle with the creditors. These settlements have progressed to the extent that management does not expect to incur additional costs in settling the remaining accounts.

Working Capital at September 30 was $7.2 million and Shareholders’ Equity was $20.3 million.

Senior personnel for the Copper Project and all heads of departments are on site. Contracts for the development and construction of the project have been signed and the Company projects that it will be producing copper cathodes by the second quarter of 2012. Planned production is 15 million pounds of copper per year at a cash cost of production (cash cost before interest, taxes, and amortization) of $1.20 per pound.

On November 7, the Company filed Articles of Amendment effecting a consolidation of its outstanding shares on a one new share for ten existing shares basis and changing the name of the Company to Red Tiger Mining Inc.

Red Tiger is listed on the TSX Venture Exchange (symbol RMN). Common shares outstanding after giving effect to the consolidation will be 65,232,029, subject to adjustment for fractional shares.

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.

For further information, please contact:

Red Tiger Mining Inc.
20 Toronto Street
12th Floor
Toronto ON, M5C 2B8 Canada
Fax: 416 367 3638

Dr. Thomas Utter
President and CEO
Tel.: +1 521 662 311 8839
thomasutter@gmx.com

Frank van de Water
CFO and Secretary
Tel.: 416 869 0772
fvandewater@on.aibn.com

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.

Zum Thema:

• BullMarketRun: Visible Gold Mines vor dem Sprung auf ein neues Level? 22.8.
• Interview with Nigel Ferguson: Development in a giant copper belt 27.6.
• Die Dunkel Seite von Glencore: Zaruma Resources wird in Kürze die Intensivstation verlassen und im nächsten Jahr in Produktion gehen 16.6.

The consolidation of the existing shares was approved by the shareholders in July 2010 when the refinancing of the Company was approved. A private placement of US$25 million and a debt financing of US$30 million was completed on July 20, 2011 and as the number of shares that could be outstanding if existing warrants were exercised would exceed 1.1 billion, the Directors considered it appropriate to effect the consolidation of shares at this time. The change of name to “Red Tiger Mining Inc.” will avoid confusion with the existing share certificates and reflects a change from the exploration stage of Zaruma’s development to an operational mining company.

The development of the Company’s Luz del Cobre Copper Project in the State of Sonora, Mexico is on track to be in production by the second quarter of 2012. Major contractors are on site to complete the SX-EW plant, finish the heap leach pad, and complete the pipeline from pad to plant. The designed capacity of the plant is 600 tonnes of copper cathodes per month.

Zaruma Resources Inc. is currently listed on the TSX Venture Exchange, (symbol ZMR) and the Frankfurt Stock Exchange, (symbol: ZMR). Common shares outstanding: 652,320,285.

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.

For further information, please contact:

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

Dr. Thomas Utter       
President and CEO       
Tel.: +1 521 662 311 8839      
thomas.utter@gmx.com

Frank van de Water
CFO and Secretary
Tel.: +1 416 869 0772
fvandewater@on.aibn.com

Neither TSX Venture 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.

Zum Thema:

• BullMarketRun: Visible Gold Mines vor dem Sprung auf ein neues Level? 22.8.
• Interview with Nigel Ferguson: Development in a giant copper belt 27.6.
• Die Dunkel Seite von Glencore: Zaruma Resources wird in Kürze die Intensivstation verlassen und im nächsten Jahr in Produktion gehen 16.6.

At the 2010 Shareholders Meeting, in connection with the approval of significant debt and equity financings (the “Financings”), the shareholders passed a special resolution authorizing the Company to consolidate the issued and outstanding common shares of the Company (the “Existing Common Shares”) on the basis of one new common share (each a “New Common Share”) for each ten Existing Common Shares. In the event that the number of Existing Common Shares registered in the name of a shareholder is not evenly divisible by ten, the number of New Common Shares to be registered in the name of such holder shall be rounded up to the next whole number. The shareholders also authorized a change of corporate name of the Company to Zaruma Mining Corporation or such other similar name as the directors may approve and shall be acceptable to the appropriate regulatory agencies. The directors have determined to change the name to Red Tiger Mining Inc.

The special resolution authorized the Board of Directors to abandon the application for a certificate of amendment giving effect to the share consolidation and name change, in their sole discretion. As contemplated by the Management Information Circular distributed in connection with the 2010 Shareholder Meeting, it was contemplated that the share consolidation and name change would not be effected unless and until the Financings were completed. The Financings were completed in late July, 2011 (see news release dated July 27, 2011), and the directors have now determined to proceed with the share consolidation and name change, subject to satisfaction of TSX-V requirements. In order to satisfy TSX-V requirements, the Company will be seeking written approvals of the decision to proceed with the share consolidation and name change from the holders of more than two-thirds of the currently outstanding Existing Common Shares.

There are currently 652,320,285 issued and outstanding Existing Common Shares. After giving effect to the share consolidation, there will be approximately 65,232,029 New Common Shares outstanding (subject to rounding).

For further information, please contact:

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

Dr. Thomas Utter       
President and CEO       
Tel.: +1 521 662 311 8839      
thomas.utter@gmx.com

Frank van de Water
CFO and Secretary
Tel.: +1 416 869 0772
fvandewater@on.aibn.com

Neither TSX Venture 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.

Zum Thema:

• BullMarketRun: Visible Gold Mines vor dem Sprung auf ein neues Level? 22.8.
• Die Dunkel Seite von Glencore: Zaruma Resources wird in Kürze die Intensivstation verlassen und im nächsten Jahr in Produktion gehen 16.6.
• Deutsches Anleger Fernsehen: Minefinders - “Tremendous benefit for us and our shareholders” 14.6.

The open pit, heap-leach copper cathode operation is expected to be in production by the second quarter of 2012 at a designed capacity of 7,500 tonnes of copper per year.

For further information, please contact:

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

Dr. Thomas Utter       
President and CEO       
Tel.: +1 521 662 311 8839      
thomas.utter@gmx.com

Frank van de Water
CFO and Secretary
Tel.: +1 416 869 0772
fvandewater@on.aibn.com

Neither TSX Venture 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.

Zum Thema:

• Kommentar: Kupfer - der Glanz ist NICHT ab (nur etwas oxidiert). 5.9.
• Die Dunkel Seite von Glencore: Zaruma Resources wird in Kürze die Intensivstation verlassen und im nächsten Jahr in Produktion gehen 16.6.
• Exploration wird ausgelagert: Candente Copper plant die Aufspaltung 18.5.

Zum Thema:

• Videobericht aus Malaysia: Monument Mining - „Wir werden weiter wachsen und unsere Ressourcen steigern.” 19.3.
• Vor der Fusion mit Crescent Gold: Focus Minerals steigert Goldproduktion im Juni um 34% 11.7.
• Interview with Nigel Ferguson: Development in a giant copper belt 27.6.

Zum Thema:

• Videobericht aus Malaysia: Monument Mining - „Wir werden weiter wachsen und unsere Ressourcen steigern.” 19.3.
• Vor der Fusion mit Crescent Gold: Focus Minerals steigert Goldproduktion im Juni um 34% 11.7.
• Interview with Nigel Ferguson: Development in a giant copper belt 27.6.

Toronto, Ontario. Zaruma Resources Inc., (TSXV:ZMR), (the “Company” or “Zaruma”) today reported that the quarterly unaudited Consolidated Financial Statements and Management’s Discussion and Analysis report for the six and three months ended June 30, 2011 have been filed on SEDAR, www.sedar.com, and will be posted on the Company’s website, www.zaruma.com.

Activity in the second quarter was concentrated on advancing the Private Placement of $25 million in equity units, along with a bank financing of $30 million. Funds were placed into escrow on May 20, 2011 and subsequent to June 30, 2011, Mexican courts approved the creditors’ settlement agreements which ended the Mexican litigation, and the necessary filings were made in certain courts and registries that will result in the removal of liens on the mining concessions where the Company’s Luz del Cobre Copper Project is located. Funds were released from escrow on July 20, 2011, completing the financing.

Senior personnel for the Copper Project have been engaged and in the first week of September, all heads of departments will be on site. Contracts for the development and construction of the project are being reactivated and the Company projects that it will be producing copper cathodes by the second quarter of 2012. Planned production is 15 million pounds of copper per year.

Effective August 10, 2011, the Company’s shares commenced trading on the TSX Venture Exchange as a Tier 1 Company.

The net loss for the first six months of 2011 was $1,843,000 compared to a loss of $1,131,000 in the same period of 2010. All costs incurred on the Copper Project during the inactive period have been written off as incurred, with the increase in the loss reflecting the result of creditor settlement costs incurred in excess of provisions made in prior periods. Interest on the existing debt financing was $289,000 for the three months to June 30 compared to $276,000 in the second quarter of 2010. For the six months to June 30, 2011, the interest cost was $578,000 and in same period of 2010, $543,000. As a result of the negotiated repayment of the outstanding loan of $23.5 million, accrued interest of $3.7 million to June 30, 2011 will not be paid.

Zaruma is listed on the TSX Venture Exchange (symbol ZMR) and the Frankfurt Stock Exchange, (symbol: ZMR). Common shares outstanding after completion of the financing, 652,320,285.
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.

For further information, please contact:

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

Dr. Thomas Utter       
President and CEO       
Tel.: +1 521 662 311 8839      
thomas.utter@gmx.com

Frank van de Water
CFO and Secretary
Tel.: +1 416 869 0772
fvandewater@on.aibn.com

Neither TSX Venture 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.

Zum Thema:

• BullMarketRun: Visible Gold Mines vor dem Sprung auf ein neues Level? 22.8.
• Interview with Nigel Ferguson: Development in a giant copper belt 27.6.
• Die Dunkel Seite von Glencore: Zaruma Resources wird in Kürze die Intensivstation verlassen und im nächsten Jahr in Produktion gehen 16.6.

Mr. Hulley is the current Chairman of Gabriel Resources Limited, was formerly the interim CEO, and has been a member of Gabriel’s Board since 2006. Mr Hulley served seven years as President, CEO and Executive Chairman of Apex Silver Mines Limited, retiring in 2004. Mr Hulley has more than 40 years experience in the international mining industry, including Board and Senior Executive positions with Western Mining Holdings Ltd. and USMX Inc. Mr. Hulley replaces Dr. Geoffrey P. Cowley who has resigned as a Director of the Company. Dr. Cowley assisted in the recent completion of the US$55 million in new financing for the Company’s Luz del Cobre copper mining project.

Mr. McNair holds a BSc in Civil Engineering and has had 30 years experience in operations and management in the mining industry, recently in Australia and the Philippines. He has been instrumental in the development and start-up of new mining operations and will be based in Mexico to work on the completion of the development and construction of the Company’s Luz del Cobre Copper Project, an open pit, heap-leach copper cathode operation which is planned to be in production in the first quarter of 2012.

Dr. Thomas Utter, CEO of Zaruma commented: “We are very pleased with the new appointments which will add strength to the team that is very focused on getting the Luz del Cobre Project into production as soon as possible. Senior personnel for the Project have been engaged and by the end of August, all Heads of Departments will be on site. The Engineering, Procurement and Construction Management Contractor, M3 Engineering & Construction, Inc. of Tucson, Arizona and its Hermosillo, Sonora, Mexico office are already at work on the restart of the EPCM aspects of the project”.

Zaruma Resources Inc. is listed on the TSX Venture Exchange, (symbol ZMR) and the Frankfurt Stock Exchange, (symbol: ZMR). Common shares outstanding: 652,320, 285.
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.

For further information, please contact:

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

Dr. Thomas Utter       
President and CEO       
Tel.: +1 521 662 311 8839      
thomas.utter@gmx.com

Frank van de Water
CFO and Secretary
Tel.: +1 416 869 0772
fvandewater@on.aibn.com

Neither TSX Venture 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.

Zum Thema:

• BullMarketRun: Visible Gold Mines vor dem Sprung auf ein neues Level? 22.8.
• Interview with Nigel Ferguson: Development in a giant copper belt 27.6.
• Die Dunkel Seite von Glencore: Zaruma Resources wird in Kürze die Intensivstation verlassen und im nächsten Jahr in Produktion gehen 16.6.

The Company has met the requirements to be listed as a TSX Venture Tier 1 Company and effective on August 10, 2011 the Company’s listing will change from the NEX Board to the TSX Venture Exchange, with the trading symbol changing to ZMR at the opening of trading. The Company’s shares have been subject to a trading halt since July 15, 2011 pending this change in listing.

Zaruma is a pre-production stage Company with the Company’s wholly owned subsidiary planning to complete the development of the Luz del Cobre Copper Project in Sonora, Mexico and be in production as early as the first quarter of 2012. Common shares outstanding 652,320,285. The Company’s shares also trade on the Frankfurt Stock Exchange, (trading symbol: ZMR).

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 the completion of the current financing.

For further information, please contact:

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

Dr. Thomas Utter       
President and CEO       
Tel.: +1 521 662 311 8839      
thomas.utter@gmx.com

Frank van de Water
CFO and Secretary
Tel.: +1 416 869 0772
fvandewater@on.aibn.com

Neither TSX Venture 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.

Zum Thema:

• BullMarketRun: Visible Gold Mines vor dem Sprung auf ein neues Level? 22.8.
• Interview with Nigel Ferguson: Development in a giant copper belt 27.6.
• Die Dunkel Seite von Glencore: Zaruma Resources wird in Kürze die Intensivstation verlassen und im nächsten Jahr in Produktion gehen 16.6.

In exchange for the cancellation of all agreements between the Company and Glencore International AG and certain of its affiliates, the Company issued 21,500,600 common shares and 21,500,600 warrants permitting the holder to acquire the same number of common shares at a price of C$0.10 for a period of two years.

Gravity Ltd. provided bridge financing to the Company, and converted its C$800,000 Convertible Promissory Note issued by the Company and C$83,047 in accrued interest to 17,660,940 common shares of the Company.

Zaruma Gold Mining Ltd. (“ZGML”) subscribed for US$20 million of the equity financing, with a commitment that the funds be used for the completion of the Luz del Cobre Copper Project. ZGML together with its affiliate, Kirkland Intertrade Corp. (“Kirkland”) has aggregate ownership of 405,533,980 common shares, representing approximately 62% of the issued and outstanding common shares of the Company on an undiluted basis (or 811,067,960 common shares or approximately 77% on a partially diluted basis assuming exercise of all warrants held by ZGML and Kirkland only). ZGML’s subscription was approved by the shareholders at a Special Meeting of Shareholders held on December 29, 2010.

In accordance with the resolution passed by the shareholders on July 18, 2011, the number of directors was increased from five to seven, and on the completion of the financing, Mr. Maxim Finskiy and Dr. Geoffrey Cowley were elected to fill the vacancies. Dr. Peter Lorange retired as a director of the Company, and the directors appointed Mr. Francis Scola to fill the vacancy. Personal information and the details of the principal occupation of the new directors are set out in the Management Information Circular dated June 16, 2011 and sent to the Company’s shareholders in connection with the July 18, 2011 meeting of shareholders. At this time the Board wishes to express its thanks to Dr. Lorange for more than ten years’ service as a director during the Company’s formative years.
Under a shareholder rights agreement (the “Shareholder Rights Agreement”) effective as of July 15, 2011 between the Company and ZGML, ZGML is entitled to appoint the majority of the directors (so long as it holds at least 50% of the issued and outstanding common shares of the Company). Such number of directors as is equal to its percentage shareholding in the Company (if it holds less than 50% of the issued and outstanding common shares of the Company). In addition, the Shareholder Rights Agreement provides ZGML with pre-emptive rights with respect to certain potential future issuances of certain securities by the Company, until such time as ZGML and its respective affiliates exercise control or direction over less than 19.9% of the issued and outstanding common shares of the Company on an undiluted basis.

Deutsche Bank AG, London Branch (the “Bank”), acting as Agent provided US$30 million in debt financing, with the proceeds dedicated to completion of the Luz del Cobre Copper Project, including the settlements with creditors. The Loan accrues interest at 10% without payment for the first nine months, then amortizes over a 48 month period. US$5 million is held in a Performance Reserve Account, with US$3 million to be released when the copper production reaches 1500 tonnes over three consecutive months, approximately 80% of design capacity of the copper recovery plant. The remaining US$2 million will be held until two months prior to the end of the amortization period.

The Company entered into a Copper Collar Swap Transaction with the Bank for 190 tonnes per month for 48 months (approximately 30% of projected production) whereby if the average price of copper for the month is below US$4500 per tonne, the Bank will pay the Company the difference, and if the price exceeds US$9525 per tonne the Company will pay the Bank the excess over US$9525 for the 190 tonnes per month. The Company also entered into a Copper Call Option Agreement whereby the Bank will have a call on 150 tonnes per month for 48 months at a price of US$10,100 per tonne.

Security arrangements have been put in place with respect to the new debt financing, including a new first lien on the mining concessions and the fixed assets in Mexico and a pledge of the shares of Minerales Libertad, S.A. de C.V. (“ML”), the Company’s wholly owned subsidiary in Mexico. ML proposes to put the Luz del Cobre Copper Project into production as early as the first quarter of 2012. Staffing of the Project is in process, with senior positions being filled in August; the planning of the remaining development and construction work is well advanced.

Final Approval of the listing of the Company as a Tier 1 Mining Issuer on the TSX Venture Exchange is subject to the satisfaction of certain conditions stipulated by the Exchange. A Filing Statement which discloses Material Facts related to the Company, including the effect of the current Financing on the Company’s Balance Sheet on a Pro Forma basis, as well as the Loan Agreement with the Bank will be filed on SEDAR today.

The 652,320,285 common shares of the Company currently outstanding are subject to a trading halt and will remain halted pending the listing approval by the TSX Venture Exchange.

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).

For further information, please contact:

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

Dr. Thomas Utter       
President and CEO       
Tel.: +1 521 662 311 8839      
thomas.utter@gmx.com

Frank van de Water
CFO and Secretary
Tel.: +1 416 869 0772
fvandewater@on.aibn.com

Neither TSX Venture 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.

Forward Looking Information
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 and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to: uncertainties relating to the financing needed to put Luz del Cobre into production; the costs of commencing production varying significantly from estimates, delays in commercial production from Luz del Cobre; unexpected geological conditions; operational and technical difficulties, including the failure of major mining and processing equipment; the ability of the Company to service its debt facilities; fluctuations in copper and other commodity prices, the existence of undetected or unregistered interests or claims over the property of the Company; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining renewal of necessary permits and approvals from government authorities; risks relating to labour; changes to and compliance with applicable laws and regulations, including environmental laws ; political, economic and other risks arising from the Company’s activities in Mexico; fluctuations in foreign exchange rates, as well as other risks and uncertainties.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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