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.