Zaruma Resources Reports on Shareholder Meeting

TORONTO, July 18, 2011 /CNW/ --
TORONTO, July 18, 2011 /CNW/ - Zaruma Resources Inc., (TSXV-ZMR.H), (the 'Company' or 'Zaruma') reported that at today's Annual and
Special Meeting of Shareholders Messrs. Daniel Major, Peter Lorange,
Michael Power, Thomas Utter and Frank van de Water were elected as
directors of the Company. Over 18% of the outstanding shares were
represented at the meeting in person or by proxy.

The Shareholders also approved a resolution increasing the number of
directors to seven and electing two additional directors to fill the
vacancies created by such increase, conditional upon completing a US$25
million equity and US$30 million debt financing. On completion of the
financing Zaruma Gold Mining Ltd. will have a controlling interest in
the Company and will have a majority of representatives on the Board of
Directors.

The equity and debt financing closed in escrow on May 20, 2011 and the
escrow agents have been given approval to release the funds and make
the agreed payments directly to certain secured creditors. On receipt
of confirmation from the escrow agents that all the conditions for
release of funds have been satisfied and the payments completed, the
subscription receipts issued in escrow to the equity investors and in
settlement of certain outstanding agreements will convert to common
shares and warrants and will be released for delivery, thereby
completing the financing.

The Company's shares are listed on the NEX Board of the TSX Venture
Exchange (symbol ZMR.H) but are currently subject to a trading halt.
The Company has received conditional approval for a Tier 1 listing on
the TSX Venture Exchange. Final Exchange approval is subject to
completion of the financing and review of information requested by the
Exchange. On receipt of the Final Approval, the Company anticipates
that its shares will be listed for trading on the TSX Venture Exchange.

The Company's shares also trade on the Frankfurt Stock Exchange,
(symbol: ZMR). Common shares outstanding prior to the current financing
is 124,508,747.

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 the completion of the current financing.

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.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/18/c6002.html

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