53% Increase in gold resource for Etruscan's Finkolo project in Mali



    HALIFAX, Jan. 7 /CNW/ - Etruscan Resources Inc. (EET.TSX) reported that
an updated resource estimation has been completed for the Tabakoroni deposit
on the Finkolo Permit in southern Mali. The resource estimation was undertaken
by Etruscan's joint venture partner Resolute Mining Limited ("Resolute"). At a
1 gram per tonne cutoff, Resolute has reported 4.62 million tonnes of measured
and indicated resource at 2.6 g/t (382,000 ounces) and a further 4.54 million
tonnes of inferred resource at 2.5 g/t (364,000 ounces). This represents a 53%
increase of contained gold over the previous estimation reported in 2006 (see
Resolute Mining Limited Quarterly Report June 30, 2006 and Resolute Mining
Limited press release dated January 7, 2008).
    A detailed breakdown of the resource classification at varying cutoff
grades is presented in Table 1. The resource has been reported to both JORC
and 43-101 standards. A 43-101 compliant report on the Tabakoroni Resource
Estimation will be filed on SEDAR within 45 days.

    
       TABLE 1 - Tabakaroni Resource Estimation as of January 7, 2008

    -------------------------------------------------------------------------
              Measured         Indicated        Measured &       Inferred
                                                 Indicated
    -------------------------------------------------------------------------
    Cut-   Ton-             Ton-             Ton-             Ton-
    off    nes         Oz   nes         Oz   nes         Oz   nes         Oz
    g/t     (m)  g/t   (k)   (m)  g/t   (k)   (m)  g/t   (k)   (m)  g/t   (k)
    -------------------------------------------------------------------------
    0.50  4.58  1.96  289  2.34  1.96  147  6.92  1.96  436  9.11  1.60  468
    0.70  3.97  2.17  277  1.95  2.24  140  5.91  2.19  417  6.66  1.97  421
    0.90  3.40  2.40  262  1.62  2.53  132  5.02  2.44  394  5.12  2.32  381
    1.00  3.14  2.52  254  1.48  2.68  127  4.62  2.57  382  4.54  2.49  364
    1.10  2.90  2.64  246  1.35  2.83  123  4.25  2.70  369  4.06  2.66  347
    1.20  2.68  2.76  238  1.24  2.99  119  3.91  2.83  357  3.64  2.84  332
    1.50  2.10  3.16  213  0.96  3.46  107  3.06  3.25  320  2.70  3.36  291
    -------------------------------------------------------------------------
    

    Because of the growing potential of the Tabakoroni deposit, the Finkolo
Joint Venture partners have agreed to the immediate commencement of a
6,100 meter drilling program to test the potential of the Tabakoroni deposit
at vertical depths of approximately 150 to 300 meters below surface. The new
drill program also includes infill and extension drilling on the near surface
resource, especially at the junction of the Tabakoroni Main Shear Zone and the
adjacent Porphyry Zone.
    The proposed drill program includes 10 diamond core holes designed to
test the depth continuation of the high grade shoots identified over more than
1 kilometer of strike length in the centre of the deposit. The potential for
mineralization to continue to depth has been clearly demonstrated in
longitudinal section.
    Don Burton, Chief Operating Officer stated: "We are extremely pleased
with this considerable increase in the contained ounces at Finkolo. We are
only looking at the first 120 vertical meters and if the deep drilling program
confirms continuity of the high grade shoots at depth the implications to the
potential resource at Finkolo are enormous. If we hit it at 300 vertical
meters we can drop down another 300 vertical meters. As we have said before,
West Africa is just beginning to get due credit for the long term potential of
deeper gold resources as exemplified by the success of Randgold Resources'
deep drilling at Loulo in Mali West and by Redback Mining's success at Chirano
in Ghana."
    The Finkolo Permit is contiguous with Resolute's Syama Permit which hosts
the Syama Gold Mine. Construction of the Syama Gold Mine is on track to be
completed in the second half of 2008 at an estimated cost of US$140 million.
Current open pit mineable reserves at Syama are estimated to be 1.725 million
ounces at an average grade of 3.6 g/t (June 2007). An additional 2.4 million
ounces of measured and indicated resources lie beneath the current open pit
reserves and are currently being evaluated for potential underground mining.
    Exploration on the Finkolo Permit to date has focused on developing
resources on the Tabakoroni deposit however several other targets are now
being assessed for reconnaissance drilling elsewhere on the Finkolo Joint
Venture tenure.
    Resolute has notified Etruscan that it has expended the necessary funds
to earn a 60% interest in the Finkolo Joint Venture. Resolute had already
earned a 50% interest by expending US$2,000,000 and had elected to earn an
additional 10% by expending a further US$1,000,000. These additional earn-in
expenditures are currently being audited in accordance with the joint venture
agreement. Under the terms of the joint venture agreement Resolute must fund
all costs of the joint venture until production of a feasibility study and
Etruscan will reimburse Resolute from 50% of its share of future project cash
flow. In order to accelerate the exploration of the depth potential of the
Tabakoroni deposit, Etruscan is sharing the funding of the deep drilling
costs, to be credited against amounts owing pre-feasibility.
    All gold analyses were performed by Analabs Laboratories at Morila, Mali
using standard screen metallics assay procedures. All assay numbers are
reported as un-cut and all intercepts are reported as drill width and are not
to be interpreted as true widths. K. Kirk Woodman P.Geo., Etruscan's Chief
Project Geologist, is the Qualified Person overseeing Etruscan's exploration
programs in West Africa and has reviewed this press release.

    About Etruscan Resources Inc.

    Etruscan Resources Inc. is a gold focused Canadian junior mining company
with dominant land positions in district scale gold belts covering more than
13,000 square kilometers in West Africa. Its principal mine development
projects include the Youga Gold Project in Burkina Faso (latest press release
dated October 3, 2007), the Agbaou Gold Project in Côte d'Ivoire (latest press
release dated December 6, 2007), and the Finkolo Gold Project in Mali.
Advanced and early stage exploration projects are on-going in Burkina Faso,
Mali, Côte d'Ivoire, Ghana and Namibia (see press dated November 12, 2007).
Etruscan also has a 53.7% interest in Etruscan Diamonds Limited which has a
dominant land position in the Ventersdorp Diamond District located in South
Africa. (Press release dated October 9, 2007). The common shares of Etruscan
are traded on The TSX Exchange under the symbol "EET". More extensive
information on Etruscan can be found on its home page at
http://www.etruscan.com

    This press release may contain certain forward-looking statements which
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Forward-looking
statements may include statements regarding exploration results and budgets,
mineral reserve and resource estimates, work programs, capital expenditures,
mine operating costs, production targets and timetables, future commercial
production, strategic plans, market price of precious metals or other
statements that are not statements of fact. Although the Company believes the
expectations reflected in such forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to have been correct.
Various factors that may affect future results include, but are not limited
to: fluctuations in market prices of precious metals; foreign currency
exchange fluctuations; risks relating to mining exploration and development
including reserve estimation and costs and timing of commercial production;
requirements for additional financing; political and regulatory risks, and
other risks and uncertainties described in the Company's annual information
form filed with the Canadian Securities regulators on SEDAR (www.sedar.com).
Accordingly, readers should not place undue reliance on forward-looking
statements.

    NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
    RELEASE




For further information:

For further information: Richard Gordon, Investor Relations,
rgordon@etruscan.com, (877) 465-3674, Fax (902) 832-6702; Tony Hayes,
thayes@etruscan.com, (866) 638-3338, Fax (905) 468-8407

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