Etruscan hits 23 meters of 10.9 grams per tonne gold at Finkolo Gold Project in Mali



    HALIFAX, Dec. 19 /CNW/ - Etruscan Resources Inc. (EET.TSX) reported on
the remaining results from the 2007 drill campaign on the Finkolo Gold Project
in southern Mali, highlighted by 23 meters of 10.9 g/t gold which included
1 meter of 147.0 g/t gold. These last drill holes targeted the Tabakoroni Main
Shear Zone and have been incorporated into the geological model for the
pending resource estimation being prepared by Resolute Mining Limited
("Resolute"). Resolute is the Project Manager for the Finkolo Joint Venture. A
complete listing of significant new drill intersections is reported in
Table 1.
    Drilling has focused on the Tabakoroni Main Shear Zone over a strike
length of 1.7 kilometers and a resource estimation is anticipated to be
announced in early January. The Tabakoroni Zone has been drilled off on a
nominal 50 x 25 meter spacing to an average vertical depth of 100 meters with
a few holes reaching to 130 vertical meters. The potential for mineralization
to continue to depth is clearly demonstrated in longitudinal section and the
Joint Venture partners are considering the scope of a deeper drilling program
to test the zone to a vertical depth of 300 meters.
    Don Burton, Chief Operating Officer stated: "The Finkolo Gold Project has
consistently delivered outstanding results and it remains to be seen what the
ultimate potential of this deposit may be. We are working with Resolute to
determine ways and means to accelerate the program. West Africa is just
beginning to get due credit for the longer term potential of its prolific gold
resources which has been historically limited by the preconception that
potential only exists for the development of at-surface open pits. Most
recently, Randgold Resources and Redback Mining have demonstrated the depth
potential of their respective deposits at Loulo in Mali West and at Chirano in
Ghana.
    The importance we place on the project has been re-enforced with the
expanded land position of the Joint Venture which covers some 40 kilometers of
the prospective Syama Sequence on the Finkolo and N'Gokoli Permits. In
addition, Etruscan is exploring the same horizon further south on the
contiguous Pitiangoma Permit and to north of the Syama Mine on the Lobougoula
Permit. The Syama Gold Belt, like so many other gold belts in West Africa
remains under-explored and inherently offers tremendous potential.
    Etruscan is in a very strong financial position to execute on its
business development strategies. Following the most recent exercising of
warrants, the Company has approximately $40,000,000 available in cash and
undrawn credit facilities, with the Youga Gold Mine coming into full
production in 2008.""
    The Finkolo Permit is contiguous with the Syama Permit of Resolute which
hosts the 6.4 million ounce Syama Gold Mine. Resolute has announced that it
expects construction of the Syama Gold Mine to be completed in the second half
of 2008 at a cost of US$118 million. Current mineable reserves at Syama are
estimated to be 1.6 million ounces at an average grade of 4.1 g/t.
    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.
    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.
    Etruscan also announced today that, over the last 12 months, 100% of its
7,443,463 outstanding warrants expiring December 16, 2007 were exercised by
the warrant holders resulting in proceeds to the company of $13,026,060.

    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


                           ETRUSCAN RE

SOURCES INC. Table 1 - Recent Drill Results December 19, 2007 Tabakoroni Zone, Finkolo Joint Venture ------------------------------------------------------------------------- Hole ID Drill Intercept Au Grade -------------------------------- Type From (m) To (m) Width (m) (g/t) ------------------------------------------------------------------------- TACD-200 RC/DDH 102 148 46 5.4 ------------------------------------------------------------------------- incl. (1) RC/DDH 127 148 21 10.9(2) ------------------------------------------------------------------------- incl. (1) RC/DDH 142 143 1 205.3 ------------------------------------------------------------------------- TACD-218 RC/DDH 118 126 8 1.8 ------------------------------------------------------------------------- incl. RC/DDH 120 121 1 6.8 ------------------------------------------------------------------------- TAC-234 RC 92 126(*) 34 1.8 ------------------------------------------------------------------------- incl. RC 98 102 4 6.5 ------------------------------------------------------------------------- TAC-235 RC 43 66 23 10.9 ------------------------------------------------------------------------- incl. RC 47 62 15 15.7 ------------------------------------------------------------------------- incl. RC 61 62 1 147.0 ------------------------------------------------------------------------- TAC-237 RC 41 48 7 3.7 ------------------------------------------------------------------------- incl. RC 46 47 1 8.9 ------------------------------------------------------------------------- TAC-238 RC 1 7 6 2.2 ------------------------------------------------------------------------- incl. RC 5 7 2 5.0 ------------------------------------------------------------------------- TAC-239 RC 1 9 8 4.2 ------------------------------------------------------------------------- TAC-240 RC 98 107 9 1.1 ------------------------------------------------------------------------- 1 Result previously reported. 2 Includes 3 consecutive meters of waste. (*) Denotes end of hole. All lengths are down hole lengths; additional information is required to determine true widths

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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