Toronto, Ontario, Canada. Zaruma Resources Inc., (TSXV-ZMR), (the “Company” or “Zaruma”) today reported that its Board of Directors has determined to proceed with the share consolidation and name change which was approved by shareholders at the annual and special meeting of the Company held on July 19, 2010 (the “2010 Shareholder Meeting”).

At the 2010 Shareholders Meeting, in connection with the approval of significant debt and equity financings (the “Financings”), the shareholders passed a special resolution authorizing the Company to consolidate the issued and outstanding common shares of the Company (the “Existing Common Shares”) on the basis of one new common share (each a “New Common Share”) for each ten Existing Common Shares. In the event that the number of Existing Common Shares registered in the name of a shareholder is not evenly divisible by ten, the number of New Common Shares to be registered in the name of such holder shall be rounded up to the next whole number. The shareholders also authorized a change of corporate name of the Company to Zaruma Mining Corporation or such other similar name as the directors may approve and shall be acceptable to the appropriate regulatory agencies. The directors have determined to change the name to Red Tiger Mining Inc.

The special resolution authorized the Board of Directors to abandon the application for a certificate of amendment giving effect to the share consolidation and name change, in their sole discretion. As contemplated by the Management Information Circular distributed in connection with the 2010 Shareholder Meeting, it was contemplated that the share consolidation and name change would not be effected unless and until the Financings were completed. The Financings were completed in late July, 2011 (see news release dated July 27, 2011), and the directors have now determined to proceed with the share consolidation and name change, subject to satisfaction of TSX-V requirements. In order to satisfy TSX-V requirements, the Company will be seeking written approvals of the decision to proceed with the share consolidation and name change from the holders of more than two-thirds of the currently outstanding Existing Common Shares.

There are currently 652,320,285 issued and outstanding Existing Common Shares. After giving effect to the share consolidation, there will be approximately 65,232,029 New Common Shares outstanding (subject to rounding).

For further information, please contact:

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

Dr. Thomas Utter
President and CEO
Tel.: +1 521 662 311 8839
[email protected]

Frank van de Water
CFO and Secretary
Tel.: +1 416 869 0772
[email protected]

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.