Agbaou gold project delivers over 1 million ounces of indicated resource for Etruscan in Cote d'Ivoire



    HALIFAX, Feb. 21 /CNW/ - Etruscan Resources Inc. (EET.TSX) reported today
that it has received an independent National Instrument 43-101 compliant
resource estimate for the Agbaou gold deposit in Côte d'Ivoire which has
significantly upgraded the quality of the historic resource with over one
million ounces at a 0.5 gram per tonne cutoff now classified as indicated
resource. At a 1.0 gram per tonne cutoff the indicated resource has increased
32% in contained ounces (from 659,000 oz to 871,000 oz) and 24% in grade (from
2.1 g/t to 2.6 g/t) from the previously reported resource estimate. The new
estimate, which was prepared by Coffey Mining, reports the resource as
follows:

    
    -------------------------------------------------------------------------
                    Indicated Resource               Inferred Resource
    Cut-off  ----------------------------------------------------------------
      Grade     Mt      Grade       Ounces       Mt      Grade       Ounces
        g/t               g/t                              g/t
    -------------------------------------------------------------------------
        0.5   16.6        1.9    1,015,000      5.1        1.7      272,000
    -------------------------------------------------------------------------
        1.0   10.5        2.6      871,000      2.8        2.5      218,000
    -------------------------------------------------------------------------
        1.5    6.8        3.3      727,000      1.7        3.3      176,000
    -------------------------------------------------------------------------
        2.0    4.7        4.0      610,000      1.1        4.1      143,000
    -------------------------------------------------------------------------
    

    Don Burton, Vice President Corporate Development and Chief Operating
Officer stated:

    "We are pleased with these results. Our infill drilling program has
    provided better geological modeling and confidence, which is reflected in
    the higher grade and the increase in indicated ounces. MDM and Coffey
    Mining are now working on the mining costs and they will undertake
    preliminary pit optimizations. We anticipate that the feasibility study
    will be completed by the end of July. We are continuing with our
    exploration programs in the immediate vicinity of the deposit where we
    have excellent indications for potential satellite deposits.

    We believe Côte d'Ivoire has the best potential to find large gold
    deposits because of its geology and yet it remains the most under-
    explored country in West Africa. Etruscan has been active in Côte
    d'Ivoire since 2000. In addition to Agbaou, we have strategically
    selected land packages in other areas of Côte d'Ivoire covering over
    8500 square kilometers where we believe the prospectivity is highest."

    The previously reported historic resource was prepared in 2000 by RSG
Global (Pty) Ltd. (now Coffey Mining) and at a 1.0 gram per tonne cutoff
reported 9.7 Mt of indicated resource at a grade of 2.1 g/t (659,000 ounces)
and 2.6 Mt of inferred resource at a grade of 2.3 g/t (188,000 ounces). This
report was historical in nature and was compiled before NI 43-101 came into
effect. The new estimate prepared by Coffey Mining has taken into account
additional drilling carried out by Etruscan during the period 2005-2007 in
order to verify and update the classification of the mineral resource
estimates. A 43-101 compliant Report on the Agbaou Gold Resource will be filed
on SEDAR within 45 days.
    This resource will provide the basis for the on-going feasibility study
at Agbaou which is being prepared under the supervision of MDM Engineering and
Coffey Mining, with key technical input from Golder and Associates
(geotechnical studies), Knight Piesold (tailings dam design and hydrology),
African Mining Consultants (environmental study) and Mintek (metallurgical
testwork).

    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 gold mine development
projects include the Youga Gold Project in Burkina Faso (latest press release
February 4, 2008), the Agbaou Gold Project in Côte d'Ivoire (latest press
release dated February 21, 2008), and the Finkolo Gold Project in Mali (latest
press release dated January 7, 2008). 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 where it is developing
the Blue Gum Diamond Project (press release dated February 1, 2008). 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: Etruscan contact: Richard Gordon, Investor
Relations, (877) 465-3674, Fax: (902) 832-6702, rgordon@etruscan.com; Tony
Hayes, (866) 638-3338, Fax: (905) 468-8407, thayes@etruscan.com

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ETRUSCAN RESOURCES INC.

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