Etruscan Closes CDN$35Million Public Offering



    /NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/

    HALIFAX, Nov. 2 /CNW/ - Etruscan Resources Inc. (EET.TSX) is pleased to
announce that it has closed its previously announced public offering of
11,700,000 units of the Company at a price of $3.00 per unit for gross
proceeds of Cdn $35,100,000. Each unit consists of one common share and
one-half of one common share purchase warrant. Each whole warrant entitles the
holder to purchase one common share of the Company until November 2, 2010 at
an exercise price of $4.00 per common share.
    CIBC World Markets and Cormark Securities Inc. acted as co-lead
underwriters for the offering. The Company has granted the underwriters an
over-allotment option to purchase an additional 1,755,000 common shares and
877,500 warrants, exercisable at any time up to 30 days from the closing of
the Offering.
    The net proceeds of the offering will be used to fund the completion of
the Youga Gold Project, to complete a feasibility study on the Agbaou Project,
to fund exploration on its properties in West Africa and Namibia and for
general corporate purposes.

    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 properties include the
Youga Gold Project in Burkina Faso (Press release dated October 3, 2007), the
Agbaou Gold Project in Côte d'Ivoire where its feasibility drilling program
has been completed (Press release dated October 11, 2007), the Diba Gold
Project in Mali where a major drill program was recently completed (Press
release dated July 26, 2007), the Finkolo Gold Project in Mali where an
6,700 meter reverse circulation and diamond drilling program was recently
completed (Press release dated August 30, 2007) and the Banfora Gold Belt in
Burkina Faso with eight major gold targets identified and where a single
sample auger drilling program began in March 2007 (Press release dated
November 27, 2006). Etruscan recently announced a significant acquisition of
strategic properties in Ghana (Press release dated August 7, 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, (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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