Securities Law & Instruments

Headnote

Cease-trade order revoked wherethe issuer has remedied its default in respect of disclosurerequirements under the Act.

Statutes Cited

Securities Act, R.S.O. 1990,c. S.5, as am., ss. 127(1)2, 127(5), 127(8), 144.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5,AS AMENDED (the "Act")

AND

IN THE MATTER OF

ZARUMA RESOURCES INC.

ORDER

(Section 144)

WHEREAS the securitiesof Zaruma Resources Inc. (the "Reporting Issuer")currently are subject to a Temporary Order (the "TemporaryOrder") made by a Manager on behalf of the Ontario SecuritiesCommission (the "Commission"), pursuant to paragraph2 of subsection 127(1) and subsection 127(5) of the Act, onMay 22, 2002 as extended by a further order (the "ExtensionOrder") of a Manager, made on June 3, 2002, on behalf ofthe Commission pursuant to subsection 127(8) of the Act, thattrading in securities of the Reporting Issuer cease until theTemporary Order, as extended by the Extension Order, is revokedby a further Order of Revocation;

AND WHEREAS the TemporaryOrder and Extension Order were each made on the basis that theReporting Issuer was in default of certain filing requirements;

AND WHEREAS the undersignedManager is satisfied that the Reporting Issuer has remediedits default in respect of the filing requirements and is ofthe opinion that it would not be prejudicial to the public interestto revoke the Temporary Order as extended by the Extension Order;

NOW THEREFORE, IT IS ORDERED,pursuant to section 144 of the Act, that the Temporary Orderand Extension Order be and they are hereby revoked.

June 20, 2002.

"Iva Vranic"