Corporate Update for Zamora Gold Corp.

GUAYAQUIL, ECUADOR--(Marketwire - Aug. 29, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Zamora Gold Corp. ("Zamora") announces that it has filed its interim financial statements and the notes thereto as at and for the interim periods ended March 31, 2008 and June 30, 2008, as well as the management's discussion and analysis of the financial result of Zamora for such interim periods.

In addition Zamora announces that it has previously filed its audited comparative consolidated financial statements and the notes thereto as at and for the years ended December 31, 2007 and 2006, together with the report of the auditors thereon, as well as the management's discussion and analysis of the financial result of Zamora for the such years.

A copy of the aforementioned documents may be found for viewing on the System for Electronic Document Analysis and Retrieval website at www.sedar.com.

Zamora also announces the appointment of Pablo Dicindio as the President and Chief Executive Officer of Zamora effective as of October 20, 2007. Estefano Isaias Dassum remains as the Chairman of the Board.

Zamora also provides an update regarding certain developments relating to Zamora as follows.

In July 2006, a wholly-owned subsidiary of Zamora, Comcumaysa Compania Minera Cumay del Ecuador S.A. ("Comcumaysa"), was informed of a request of a third party, unrelated to Zamora, (the "Third Party"), filed with the Judge of the Eighth Civil Court of Pichincha (Ecuador) (the "Court") seeking an order that would prohibit Comcumaysa from alienating, transferring, ceding or selling its interests in any mining areas and its shares to third parties. This request relates to a judgment against Orion Securities Inc. ("Orion") awarded to the Third Party, who is unrelated to Zamora or its subsidiaries. The Third Party is seeking to nullify the transfer to Comcumaysa by Orion of several mining areas as well as the shares of Minera Del Austro Mineraustro S.A. (another subsidiary of Zamora) in order to revert the concessions and shares to their favour. Comcumaysa has responded to this request by filing their own request, requesting that the Court not grant the Third Party's request based on constitutional and legal grounds. On July 28, 2008, the Court responded that it will rule on the filed petition "on the adequate procedural time" and made it clear that at this time no order has been issued that would prevent Comcumaysa from alienating, transferring, ceding or selling its interests in any mining area and its shares.

Further to Zamora's press release of April 8, 2004, announcing the possibility of administrative action to expropriate or otherwise affect the title to certain mining concessions currently held by Zamora and others in the Nambija gold belt (located in the province of Zamora-Chinchipe, in the southeast region of Ecuador), Zamora is very pleased to announce that on May 8, 2008, it received a copy of a judgement of the Supreme Court of Ecuador that dismissed the plaintiff's claim. It is Zamora's belief that this judicial decision resolves this matter and that title to Zamora's mining concessions which were subject to this action, shall remain unaffected.

On April 18, 2008, the Constituent Assembly of the Republic of Ecuador approved a Mining Decree which provides for the extinction, without any compensation, of mineral concessions in certain circumstances. While the effects of the Mining Decree are uncertain at this time, the directors of Zamora believe that the Mining Decree may possibly affect up to four of the seven mining concessions held by Zamora. Zamora is reviewing its options in light of the Mining Decree, however there is considerable uncertainty as to the final form of the mining decree, and its eventual impact, if any, on Zamora. It is not possible at this time to quantify any potential financial consequences, if any, of the Mining Decree on Zamora.

On July 08, 2008, July 10, 2008 and August 12, 2008, the General Manager of the Ecuadorian Deposit Guarantee Agency passed resolutions, which announced their intention to pursue certain assets of a significant beneficial shareholder and insider of Zamora for certain events involving such shareholder, unrelated to Zamora. Zamora and certain of its subsidiaries were included in this list of assets. Zamora has now been asked to demonstrate that it is a publicly owned Canadian Corporation to ensure it and its subsidiaries Comcumaysa, Compania Minera del Austro S.A and Minera Real Minreal S.A. are not included in these proceedings. Zamora is currently responding to this process.

Zamora's securities are currently subject to a cease trade order issued by the Ontario Securities Commission by way of a temporary cease trade order on July 7, 2003 and further extended on July 18, 2003 for failure to file audited financial statements for the year ended December 31, 2002 and interim financial statements for the three month period ended March 31, 2003. All required financial statements of Zamora, up to and including March 31, 2008, including management discussion and analysis, have now been filed by Zamora. The Corporation is currently working towards completing all remaining required filings and intends to make application to the Ontario Securities Commission for a revocation of the cease trade order once all remaining filings are made, however, until such time as a revocation of the cease trade order is granted by the Ontario Securities Commission, no trading in the securities of Zamora may occur.

Zamora is based in Guayaquil, Ecuador and is engaged in the exploration and exploitation of mineral properties in Ecuador.