Etruscan announces repricing of warrants



    HALIFAX, Jan. 6 /CNW/ - Etruscan Resources Inc. (EET.TSX) announced today
the repricing of 1,452,222 unlisted common share purchase warrants of the
Company ("Financier Warrants") held equally by RMB Australia Holdings Ltd.
("RMB") and Macquarie Bank Limited ("Macquarie"). The Financier Warrants were
issued in January, 2008 in conjunction with a US$7.5 million subordinated debt
facility provided by RMB and Macquarie to help fund the development costs of
Etruscan's Youga Gold Project in Burkina Faso, West Africa. RMB and Macquarie
also provided the Youga senior debt facility in the amount of US$35million.
Each Financier Warrant was originally exercisable to acquire a common share of
the Company at a price of $2.5606 at any time on or before November 30, 2012.
On September 30, 2008, the Company agreed to amend the terms of the Financier
Warrants to reduce the exercise price to $0.78 per common share as
consideration for RMB and Macquarie agreeing to amend the debt repayment
schedules on the Youga senior and subordinated debt facilities to match the
updated life of mine production schedule. The Company has agreed to further
amend the terms of the Financier Warrants to reduce the exercise price to
$0.4921 per common share as consideration for RMB and Macquarie agreeing to
allow the Company to fund the December 31, 2008 principal repayment of
US$2,500,000 on the Youga senior debt facility from the reserve fund set aside
pursuant to the terms of the facility agreement. RMB and Macquarie deal at
arm's length to Etruscan. The repricing of the warrants has been approved by
the Toronto Stock Exchange and will be effective the tenth business day
following the date of this 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 December 4, 2008), the Agbaou Gold Project in Côte d'Ivoire (latest
press release dated December 18, 2008), and the Finkolo Gold Project in Mali
(latest press release dated July 2, 2008). Advanced and early stage
exploration projects are on-going in Burkina Faso, Mali, Côte d'Ivoire, Ghana
(see press release dated June 10, 2008) and Namibia (see press release dated
October 24, 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 (latest press release
dated December 12, 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

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ETRUSCAN RESOURCES INC.

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