Zaruma Resources reports on First Quarter 2009
§ (all financial figures in US$)
§ TORONTO, May 11 /CNW/ - Zaruma Resources Inc., (TSX-ZMR), today reported
that the quarterly Consolidated Financial Statements and Management's
Discussion and Analysis report for the three months ended March 31, 2009 have
been filed on SEDAR and will be posted on the Company's website,
www.zaruma.com.
§ Activity in the first quarter was limited to the completion of additional
metallurgical test work on gold recovery on the proposed Sapuchi Gold Project.
The Sapuchi resource is within 800 metres of the Luz del Cobre copper project,
and based on reliable data is an open-pit, leachable gold resource of 2.2
million tonnes at a grade of 1.04 g/t in the "Indicated" category for a gold
content of 74,000 ounces along with 0.9 million tonnes at a grade of 0.99 g/t
in the "Inferred" category with a gold content of 24,000 ounces, as estimated
by Eugene Puritch, P.Eng. of P&E Mining Consultants Inc. The report is not yet
to NI 43-101 reporting standards, but a Technical Report is currently being
compiled. The material leaches well, with an 80% gold recovery and moderate
cyanide consumption. This resource is open ended on three sides and there are
other similar gold targets in the area yet to be explored.
§ The Company is seeking financing to put the Sapuchi Gold Project into
production.
§ In the independent NI 43-101 Technical Report on the feasibility of the
Luz del Cobre copper project, filed in November 2006, the Company reported
proven and probable reserves within the optimized open pit shell of 4.4
million tonnes at an average grade of 1% copper, after dilution. Over a life
of mine of five and a half years, the project was projected to produce 73
million pounds of copper. Qualified Person and Independent Consultant Eugene
Puritch, P. Eng estimated the reserves.
§ In May, 2008, the Company reported on the successful drilling programme,
which added 45,000 tonnes of measured resources with a grade of 1.00% Cu,
508,000 tonnes of indicated resources at 0.81% Cu and 128,000 tonnes of
inferred resources grading 0.64% Cu, providing six additional months of
production to the mine life. The drilling programme was under the supervision
of Qualified Person Geologist James E. Poulter. Qualified Person and
Independent Consultant Eugene Puritch, P.Eng. and Antoine Yassa, P.Geo, of P&E
Mining Consultants Inc. of Brampton, Ontario estimated the additional
resources.
§ The Company suspended development of the Luz del Cobre copper project in
October, 2008 due to lack of financing.
§ Costs incurred on the Luz del Cobre project in the first quarter totaled
$437,000, largely interest cost on the debt, but with some costs incurred to
secure the equipment and installations. Exploration and evaluation costs
written off in Mexico were $298,000 for the three months, compared to $47,000
in the first quarter of 2008.
§ Net loss for the quarter was $575,000 compared to $341,000 in the first
quarter of 2008.
§ 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 to continue its development programmes.
§ Zaruma Resources Inc. is listed on The Toronto and Frankfurt Stock
Exchanges, (symbol: ZMR). Common shares outstanding 117,608,747. -----------
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