Etruscan hits 44 meters of 11.6 grams per tonne gold at the Finkolo project in Mali



    HALIFAX, July 2 /CNW/ - Etruscan Resources Inc. (EET.TSX) reported on
partial results from drilling completed on the Tabakoroni Zone of the Finkolo
Permit in Mali South. Highlights to date include 44 meters of 11.6 g/t
(including 9 meters of 30.6 g/t) gold in hole TACD 272 and 16 meters of
16.2 g/t (including 4 meters of 56.3 g/t) gold in hole TAC 258. Six of the
eight deeper exploration holes have intersected significant mineralization at
vertical depths up to 300 meters - 14 meters of 3.4 g/t gold in hole TACD 270,
and 14 meters of 3.1 g/t gold and 7 meters of 2.7 g/t gold in hole TACD 269.
Results from two of the deeper exploration holes which targeted vertical
depths to 300 meters are still pending.
    A listing of all significant results received from this last round of
drilling are presented in Table 1. The accompanying drill plan provides
locations of the drill holes along the 1.7 kilometer long Tabakoroni Zone, and
a longitudinal section depicts the pierce points of the deeper holes and shows
the location of the two pending deep holes. These deeper holes are drilled on
wide-spaced 150 meter centers.
    Reverse circulation drill results have also been received for 11
exploration holes drilled in the Porphyry Zone. The following significant RC
intercepts were returned from the Porphyry Zone: 9 meters of 2.2 g/t gold, 4
meters of 2.0 g/t gold, 7 meters of 2.4 g/t gold, 7 meters of 1.1 g/t gold and
3 meters of 4.5 g/t gold.
    Don Burton, Vice President Corporate Development and Chief Operating
Officer stated: "These results are demonstrating that the mineralization at
Finkolo continues to at least 300 vertical meters. Our current resource of
382,000 ounces measured and indicated, and 364,000 ounces of inferred only
goes to a vertical depth of 120 meters. We look forward to receiving the
results from the remaining deep drill holes.
    The outstanding intercept from in-fill hole TACD 272 (44 meters of
11.6 g/t), drilled to a depth of 165 vertical meters, demonstrates that
additional high grade shoots can be expected with more closely spaced drilling
throughout the deposit that will be completed as part of the upcoming
feasibility study work.
    Resolute has advised that they are committed to an additional 15,000
meters of in-fill drilling in support of a feasibility study that will
determine the most effective means of exploiting the deposit. This would
include a determination of the preferred treatment of the ore at either the
existing Syama plant or whether sufficient reserves and potential exists to
support a stand alone operation."
    As previously announced (company press release January 7, 2008) an
updated resource estimation has been completed for the Tabakoroni deposit on
the Finkolo Permit to a vertical depth of approximately 120 meters from
surface. The resource estimation was undertaken by Etruscan's joint venture
partner Resolute Mining Limited ("Resolute"). At a one gram per tonne cutoff,
Resolute has reported 4.62 million tonnes of measured and indicated resource
at 2.6 g/t (382,000 ounces) and a further 4.54 million tonnes of inferred
resource at 2.5 g/t (364,000 ounces).
    A detailed breakdown of the resource classification at varying cutoff
grades is presented in Table 2. The resource has been reported to both JORC
and 43-101 standards. A 43-101 compliant report on the Tabakoroni Resource
Estimation is available on SEDAR.

    
       TABLE 2 - Tabakaroni Resource Estimation as of January 7, 2008

    -------------------------------------------------------------------------
    Cut-       Measured         Indicated        Measured        Inferred
    off                                        & Indicated
         --------------------------------------------------------------------
           Ton-             Ton-             Ton-             Ton-
           nes   g/t   Oz   nes   g/t   Oz   nes   g/t   Oz   nes   g/t   Oz
    g/t     (m)        (k)   (m)        (k)   (m)        (k)   (m)        (k)
    -------------------------------------------------------------------------
    0.50  4.58  1.96  289  2.34  1.96  147  6.92  1.96  436  9.11  1.60  468
    0.70  3.97  2.17  277  1.95  2.24  140  5.91  2.19  417  6.66  1.97  421
    0.90  3.40  2.40  262  1.62  2.53  132  5.02  2.44  394  5.12  2.32  381
    1.00  3.14  2.52  254  1.48  2.68  127  4.62  2.57  382  4.54  2.49  364
    1.10  2.90  2.64  246  1.35  2.83  123  4.25  2.70  369  4.06  2.66  347
    1.20  2.68  2.76  238  1.24  2.99  119  3.91  2.83  357  3.64  2.84  332
    1.50  2.10  3.16  213  0.96  3.46  107  3.06  3.25  320  2.70  3.36  291
    -------------------------------------------------------------------------
    

    The Finkolo Permit is contiguous with Resolute's Syama Permit which hosts
the Syama Gold Mine. Construction of the Syama Gold Mine is on track to be
completed in the second half of 2008 at an estimated cost of US$151 million.
Current open pit mineable reserves at Syama are estimated to be 1.725 million
ounces at an average grade of 3.6 g/t (June 2007). An additional 2.4 million
ounces of measured and indicated resources lie beneath the current open pit
reserves and are currently being evaluated for potential underground mining.
    Exploration on the Finkolo Permit to date has focused on developing
resources on the Tabakoroni deposit however several other targets are now
being assessed for reconnaissance drilling elsewhere on the Finkolo Joint
Venture tenure. A helicopter-borne electromagnetic survey using the VTEM
system was recently completed by Geotech Airborne Limited over the entire
joint venture tenure as well as certain areas held by Etruscan outside of the
joint venture on the Syama Gold Belt. These results are being processed and
interpreted but it is already evident that the survey has greatly enhanced the
geological understanding of the Syama Gold Belt and where the favourable
package crosses the N'Gokoli Permit (part of the joint venture) and the
Pitiangoma Permit (100% Etruscan) to the south of Finkolo. Additional targets
are being assessed from this airborne survey.
    Resolute holds a 60% interest in the Finkolo Joint Venture and acts as
operator and manager of the Joint Venture. 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. In order to accelerate the
exploration of the depth potential of the Tabakoroni deposit, Etruscan elected
to contribute to the funding of the deep drilling costs, which contributions
will be credited against amounts owing by Etruscan to Resolute.
    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.

    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
June 17, 2008), the Agbaou Gold Project in Côte d'Ivoire (press release dated
February 21, 2008), and the Finkolo Gold Project in Mali. 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 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 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


    
                           ETRUSCAN RE

SOURCES INC. Table 1 - July 2, 2008 Recent Drill Results - Tabakoroni Deposit Finkolo Joint Venture, Mali ------------------------------------------------------------------------- Hole ID Zone Drill Intercept Au Grade ------------------------ From To Width Type (m) (m) (m) (g/t) ------------------------------------------------------------------------- TACD-201 Main RC/DDH 103 152 49 1.8 ------------------------------------------------------------------------- incl. 118 124 6 7.8 ------------------------------------------------------------------------- TACD-236(1) Main RC/DDH 133 148 15 2.6 ------------------------------------------------------------------------- incl.(1) 145 148 3 4.8 ------------------------------------------------------------------------- TACD-242 Main RC/DDH 189 195 6 3.0 ------------------------------------------------------------------------- incl. 189 190 1 8.2 ------------------------------------------------------------------------- TACD-243 Main RC/DDH 145 150 5 3.0 ------------------------------------------------------------------------- incl. 149 150 1 10.8 ------------------------------------------------------------------------- and 155 156 1 14.5 ------------------------------------------------------------------------- and 248 260 12 3.6 ------------------------------------------------------------------------- incl. 248 253 5 5.0 ------------------------------------------------------------------------- TACD-244 Main RC/DDH 256 264 8 3.4 ------------------------------------------------------------------------- incl. 260 261 1 16.0 ------------------------------------------------------------------------- TAC-247 Porphyry RC 17 24 7 2.4 ------------------------------------------------------------------------- incl. 23 24 1 5.2 ------------------------------------------------------------------------- TACD-248 Main RC/DDH 41 42 1 8.1 ------------------------------------------------------------------------- and 163 171 8 3.8 ------------------------------------------------------------------------- incl. 167 169 2 12.1 ------------------------------------------------------------------------- and 180 185 5 1.8 ------------------------------------------------------------------------- incl. 184 185 1 5.1 ------------------------------------------------------------------------- and 223 224 1 8.5 ------------------------------------------------------------------------- TAC-249 Porphyry RC 25 32 7 1.1 ------------------------------------------------------------------------- TAC-250(1) Porphyry RC 99 103 4 2.0 ------------------------------------------------------------------------- TAC-253 Porphyry RC 48 49 1 7.9 ------------------------------------------------------------------------- TAC-254(1) Porphyry RC 82 91 9 2.2 ------------------------------------------------------------------------- incl.(1) 87 89 2 5.2 ------------------------------------------------------------------------- TAC-255(1) Porphyry RC 104 107 3 4.5 ------------------------------------------------------------------------- incl.(1) 105 106 1 9.6 ------------------------------------------------------------------------- TAC-258(1) Main RC 61 77 16 16.2 ------------------------------------------------------------------------- incl.(1) 68 72 4 56.3 ------------------------------------------------------------------------- TAC-260 Main RC 55 56 1 15.3 ------------------------------------------------------------------------- TAC-262(1) Main RC 96 105 9 2.2 ------------------------------------------------------------------------- incl.(1) 100 101 1 10.2 ------------------------------------------------------------------------- TAC-266 Main RC 105 131 26 2.4 ------------------------------------------------------------------------- incl.(1) 112 117 5 7.6 ------------------------------------------------------------------------- TAC-267(1) Main RC 148 (*)150 2 2.1 ------------------------------------------------------------------------- TACD-268 Main RC/DDH 0 13 13 1.9 ------------------------------------------------------------------------- incl. 0 3 3 4.5 ------------------------------------------------------------------------- and(1) 81 82 1 6.7 ------------------------------------------------------------------------- and 317 322 5 0.7 ------------------------------------------------------------------------- TACD-269 Main RC/DDH 194 201 7 2.7 ------------------------------------------------------------------------- and 204 218 14 3.1 ------------------------------------------------------------------------- incl. 212 214 2 6.6 ------------------------------------------------------------------------- TACD-270(1) Main RC/DDH 73 87 14 2.4 ------------------------------------------------------------------------- incl. 77 78 1 6.4 ------------------------------------------------------------------------- and 187 201 14 3.4 ------------------------------------------------------------------------- incl. 196 199 3 6.2 ------------------------------------------------------------------------- TAD-271 Main Core 124 125 1 1.3 ------------------------------------------------------------------------- TACD-272(2) Main RC/DDH 130 132 2 9.7 ------------------------------------------------------------------------- and 141 185 44 11.6 ------------------------------------------------------------------------- incl. 173 182 9 30.6 ------------------------------------------------------------------------- (*)Denotes End of Hole; (1)Wet Samples, Confirmation Pending; (2)Additional Assays Pending ------------------------------------------------------------------------- All lengths are down hole lengths; additional information is required to determine true widths.

For further information:

For further information: from Etruscan: Richard Gordon, Investor
Relations, (877) 465-3674, Fax (902) 832-6702, rgordon@etruscan.com; Don
Burton, dburton@etruscan.com

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