Zaruma Resources Announces Increased Bridge Financing

TORONTO, Dec. 21 /CNW/ - Zaruma Resources Inc., (TSXV-ZMR.H), (the "Company" or "Zaruma") announced that it has received conditional approval from the TSX Venture Exchange for a Private Placement of up to 4 million units comprising one common share and one warrant entitling the holder to acquire an additional common share of the Company for C$0.10 for a period of one year from the date of subscription. The units are priced at C$0.05 with the proceeds to be used for the Company's cash requirements leading up to the previously announced equity and debt financing to complete the Luz del Cobre Copper Project.

Zaruma Gold Mining Ltd. ("ZGM") has subscribed for an initial placement of 1.5 million units to provide C$75,000 for the Company's immediate needs. ZGM is expected to subscribe for US$20 million in the private placement of US$25 million that is being presented to the shareholders for approval at a Special Meeting of Shareholders being held on December 29, 2010. The Management Information Circular for the Meeting was mailed to shareholders on December 3, 2010.

The previously reported financing for the Luz del Cobre Copper Project includes the equity financing referred to above, as well as a debt financing from a major international bank for up to US$30 million, and is conditional on both financings being completed, along with the settlement of the outstanding debt financing from a subsidiary of Glencore International AG.

Zaruma is listed on the NEX Board of the TSX Venture Exchange, (symbol ZMR.H) and the Frankfurt Stock Exchange, (symbol: ZMR). Common shares outstanding: 119,608,747.

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.

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