Zaruma Resources Reports on Third Quarter 2010

(all financial figures are in United States dollars)

TORONTO, Nov. 19 /CNW/ - Zaruma Resources Inc., (TSXV-ZMR.H), (the "Company" or "Zaruma"), today reported that the quarterly Consolidated Financial Statements and Management's Discussion and Analysis report for the nine and three months ended September 30, 2010 have been filed on SEDAR, www.sedar.com and will be posted on the Company's website, www.zaruma.com.

Activity in the third quarter was focused on the due diligence review of the Company and the Luz del Cobre, ("LdC"), copper project by Gravity Ltd., ("Gravity"), under a Memorandum of Understanding with regard to an equity investment of $20 million in units of common shares and warrants of the Company, and by a major international bank which has provided an indicative term sheet for a debt financing for up to $30 million in order to fund the completion of LdC to production.

As previously reported, the shareholders approved the proposed equity financing on July 19, 2010, pursuant to which Gravity or a person or persons nominated by Gravity would become the controlling shareholder of the Company. The two facilities are both subject to completing the $20 million equity financing and a minimum of $20 million in debt financing and the settlement of the outstanding debt financing from a subsidiary of Glencore International AG.

Gravity has provided bridge financing of C$800,000 to date under a convertible promissory note in order to provide working capital to the Company during the period leading up to the closing of the financing.

Gravity has advised that subject to all the conditions precedent being satisfied, Zaruma Gold Mining Ltd. ("Zaruma Gold") will be the company subscribing for the $20 million equity investment at the closing.

The Company is making an application to the TSX Venture Exchange for a Tier 1 listing of the Company's shares on completion of the financing. In accordance with TSXV regulations, the Company is preparing a Filing Statement with comprehensive details of the Company, LdC, and the proposed equity financing transaction that will be submitted to the shareholders in order for them to consider and if thought fit, approve the private placement of the $20 million in securities to Zaruma Gold.

A Notice of Meeting has been filed for a Shareholders' Meeting to be held on December 29, 2010 to vote on the proposed private placement. The Management Information Circular and Form of Proxy for voting are expected to be mailed to shareholders around December 3, 2010.

The net loss for the nine months was $1,859,000 (1.6 cents per share) compared to a restated loss of $2,816,000 (2.4 cents per share) for the same period in 2009. The loss for the quarter was $746,000 compared to $971,000 in the third quarter of 2009. The 2009 results were restated to reflect the decision to expense all costs and the interest accruing on the LdC project debt during the current period of inactivity. The LdC interest cost for the nine months was $841,000, (2009- $933,000), and for the three months was $298,000 compared to $289,000 in the same period in 2009. Corporate administrative costs for the nine months were $459,000 compared to $575,000 in the same period in 2009.

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 NEX Board of the TSX Venture Exchange (symbol ZMR.H) and the Frankfurt Stock Exchanges, (symbol: ZMR). Common shares outstanding 117,608,747.

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.

For further information:

Zaruma Resources Inc.
20 Toronto Street,12th Floor, Toronto ON, M5C 2B8, Canada
Fax: [phone], [email protected], www.zaruma.com

Dr. Thomas Utter
President and CEO
Tel.: [phone]
[email protected]

Frank van de Water
CFO and Secretary
Tel.: [phone]
[email protected]