Etruscan Announces Pricing for Proposed Public Offering



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES./

    HALIFAX, July 22 /CNW/ - Etruscan Resources Inc. has priced its
previously announced equity offering. Etruscan Resources Inc. has agreed to
sell 8,620,000 million units of the company at a price of $1.45 per unit to
raise gross proceeds of approximately $12.5 million pursuant to a preliminary
short form prospectus filed in all the provinces of Canada (except Quebec).
The units will be sold through a syndicate of underwriters led by CIBC World
Markets Inc. and including Canaccord Capital Corporation and Raymond James
Ltd. Each unit will consist of one common share and one-half of one common
share purchase warrant. Each whole warrant will entitle the holder to purchase
one common share of the company for a period of three years following the
closing date of the offering at an exercise price of $1.85 per common share.
The company has granted the underwriters an overallotment option to purchase
that number of additional common shares and half-warrants equal to up to
15 per cent of the total number of units sold pursuant to the offering,
exercisable at any time up to 30 days from the closing of the offering.
    The net proceeds of the offering will be used to provide working capital
for the Youga Gold Project, to fund exploration on its properties in West
Africa and Namibia and for general corporate purposes. The Offering is subject
to normal regulatory approvals.
    The Offering is expected to close on or about August 6, 2008.

    The securities referenced by this news release have not been registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States without registration or an applicable
exemption from registration requirements. This news release does not
constitute an offer to sell or the solicitation of an offer to buy common
shares of Etruscan Resources Inc. in any jurisdiction in which such offer,
solicitation or sale would be unlawful.

    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 (press release dated
July 9, 2008), the Agbaou Gold Project in Côte d'Ivoire (press release dated
February 21, 2008), and the Finkolo Gold Project in Mali (press release dated
July 2, 2008). Advanced and early stage exploration projects are on-going in
Burkina Faso, Mali, Côte d'Ivoire, Ghana (press release dated June 10, 2008)
and Namibia (press release dated June 19, 2008). See press release dated
May 6, 2008 for a comprehensive update of explorations projects. Etruscan also
has a 52.1% interest in Etruscan Diamonds Limited which has a dominant land
position in the Ventersdorp Diamond District located in South Africa. (press
release dated June 13, 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: Richard Gordon, Investor Relations, (877)
465-3674, Fax: (902) 832-6702, rgordon@etruscan.com

Organization Profile

ETRUSCAN RESOURCES INC.

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