Feasibility resource drilling completed on Etruscan's Agbaou Gold Deposit



    HALIFAX, Oct. 11 /CNW/ - Etruscan Resources Inc. (EET.TSX) reported today
that the feasibility resource drill program on its 85% owned Agbaou Gold
Deposit in southern Côte d'Ivoire has been completed and, with the exception
of one intercept, all assay results have now been received. These last holes
represent infill and depth extensions on the Agbaou Main, Agbaou South and
Agbaou West deposits.. These latest results further confirm grades and
continuity in all the deposit areas and are highlighted by:

    
    - 11.7 meters of 5.8 g/t (including 1.0 meter of 30.3 g/t)
    - 5.1 meters of 7.7 g/t (including 1.3 meters of 28.2 g/t)
    - 12.9 meters of 7.3 g/t (including 0.7 meters of 22.2 g/t)
    - 5.5 meters of 6.5 g/t (including 1.0 meter of 32.1 g/t)
    - 1.6 meters of 25.5 g/t
    - 2.0 meters of 21.7 g/t
    - 9.0 meters of 4.6 g/t (including 1.8 meters of 14.2 g/t)
    - 8.8 meters of 3.2 g/t (including 1.8 meters of 13.6 g/t)
    - 9 meters of 2.9 g/t (including 1.0 meter of 12.1 g/t)
    - 10.3 meters of 2.9 g/t (including 1.0 meter at 9.3 g/t)
    - 7.0 meters of 5.3 g/t (including 3.0 meters of 9.3 g/t)
    - 16.0 meters of 2.6 g/t (including 5.0 meters of 5.1 g/t)

    Results from 28 new holes (4,177 meters) are reported today with results
pending from one 6 meter intercept in hole (ADD355) which intersected visible
gold. A complete listing of significant drill intercepts from the latest 28
diamond drill holes is given in Table 1.
    Further results are pending from the exploration drilling program
undertaken to test a number of geochemical anomalies in proximity to the known
deposits. These results will be reported separately when complete.

    Feasibility Study Program and Schedule

    The objectives of the feasibility study drilling program at Agbaou were:

    - to provide sufficient information to bring historic resource estimates
      for Agbaou into compliance with National Instrument 43-101;
    - to provide sufficient information to determine mineral reserves as the
      basis for the feasibility study;
    - to provide samples for metallurgical test work; and
    - to test for depth and strike extensions of gold mineralization.

    Gerald J. McConnell, President and CEO, of Etruscan Resources Inc. stated:

    "Our team in Côte d'Ivoire has achieved all of our objectives for the
    feasibility study drilling program and we are now focused on completing
    the feasibility study by April 2008 with a target of bringing Agbaou into
    production by fourth quarter, 2009.

    With the first gold pour at Youga scheduled for December, focus is now
    shifting to Agbaou to bring this property into production as soon as
    possible to increase Etruscan's gold production and internal cash flows.
    Etruscan has one of the largest strategic land packages in West Africa
    covering in excess of 10,000 km2. We are confident that our aggressive
    exploration programs will lead to additional gold discoveries. Both Youga
    and Agbaou will provide the cash flow to sustain significant growth and
    increase shareholder value over the coming years."

    Etruscan has assembled a feasibility team that comprises a number of
internationally recognized consulting firms. The main consultants include MDM
Engineering of South Africa, who will address the plant and infrastructure
design and costing as well as the supervision of the metallurgical program
which is being carried out at the Mintec laboratories, and Coffey Mining
(formerly RSG Global) of Perth Australia who will complete the 43-101
compliant resource estimation and reserve calculation as well as the mine
costing and design. Other consultants include Knight Piesold of South Africa
(tailings dam design and hydrology), African Mining Consultants ("AMC") of
Botswana (environmental study) and Golder and Associates of the United States
(mine geo-tech).
    MDM will serve as the overall coordinator of the feasibility study which
is scheduled for completion the end of April 2008. The resource calculation is
scheduled to be completed by Coffey Mining by the end of November 2007. Five
HQ diamond drill holes (827 meters) were completed to provide representative
samples for grinding and comminution testing following site visits by MDM in
May. A suite of NQ core samples were collected from several diamond drill
holes providing representative samples of mineralized laterite, mottled zone,
saprolite, saprock and bedrock to a maximum vertical depth of 300 meters. All
metallurgical, grinding and comminution samples have been received at the
Mintec laboratory in South Africa and test work is underway. Initial results
indicate that high (+90%) recoveries can be achieved using a combination of
gravity and cyanide leaching. Complete results are expected by the end of
October. Three diamond drill holes (478 meters) were logged and sampled for
geotechnical purposes following a site visit by Golder and Associates in
August. AMC has developed the program for the Environmental Impact Study and
will be returning to site in October to implement the public consultation
process and environmental baseline work. Knight Piesold is also scheduled at
site this month to assess tailings dam and infrastructure options and to
implement hydrogeological studies. MDM have begun the exercise of sourcing
suitable major components (crushers and mills) for the project.

    Historical Resource Estimate at Agbaou

    Prior to Etruscan's programs, over 18,000 meters of historic drilling had
been completed on the Agbaou Gold Deposit by previous owners. An independent
resource estimate was prepared in April 2000 by RSG Global (Pty) Ltd. for
Durban Roodeport Deeps Limited which reported the following indicated and
inferred resource on the deposit:

    -------------------------------------------------------------------------
    Cutoff               Indicated Resources               Inferred Resource
    Grade      --------------------------------------------------------------
                    Tonnes   Grade    Ounces        Tonnes  Grade     Ounces
    -------------------------------------------------------------------------
    0.5 gpt     18,244,000     1.5   855,000     5,214,000    1.5    248,000
    -------------------------------------------------------------------------
    1.0 gpt      9,684,000     2.1   659,000     2,562,000    2.3    188,000
    -------------------------------------------------------------------------

    Important - This report is historical in nature and was compiled before NI
43-101 came into effect. Etruscan has not completed the work necessary to
verify the classification of the mineral resource estimates. Etruscan does
believe these historical results provide an indication of the potential of the
resource but warns that the indicated and inferred resource on the deposit
have not been verified by a qualified person as defined under NI 43-101
standards.

    The Agbaou Gold Deposit

    Agbaou is an advanced stage gold project, located 200 kilometers northwest
of Abidjan the commercial capital of Côte d'Ivoire, West Africa. Agbaou is the
third largest undeveloped gold resource in Côte d'Ivoire. The Agbaou Permit
covers 939 km2 with 40 kilometers of strike length on the major regional shear
zone which hosts the known deposit. The Agbaou property has excellent
infrastructure and is readily accessible by paved highway which crosses the
permit. The main deposit is within 2 kilometers of the national power grid.
There are a number of mining companies active in Côte d'Ivoire including
Golden Star, Newmont, Equigold and Randgold. The largest identified resource
is the 3.2 million ounce Tongon Project being developed by Randgold in the
north. Randgold has recently announced plans to move this project to
feasibility stage with a 30,000 meter drill program. Equigold also recently
announced that it has finalized a mining convention for development of its one
million ounce Bonikro deposit and have commenced mine construction which is
anticipated to be completed by April, 2008. The Bonikro deposit is situated
20 kilometers north of Agbaou. Etruscan believes very strongly in the mineral
potential of Côte d'Ivoire and in addition to the Agbaou permit, Etruscan has
made application for seven new permits in Côte d'Ivoire.
    All sample preparations and standard 50-gram gold fire assays were
performed by Trans World Laboratories of Tarkwa, Ghana. Etruscan consistently
employs a rigorous quality control and assurance program comprising regular
insertion of certified reference standards, blanks and duplicates.
    K. Kirk Woodman, P.Geo. and Senior Project Geologist is the Qualified
Person overseeing Etruscan's exploration gold projects in West Africa and he
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
10,000 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 with an 11,000 meter feasibility study
diamond drilling program in progress (Press release dated May 31, 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
8,200 meter reverse circulation and diamond drilling program is being carried
out (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 51%
interest in Etruscan Diamonds Limited which has a dominant land position in
the Ventersdorp Diamond District located in South Africa. (Press release dated
March 14, 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 October 11, 2007 Summary of Recent Agbaou Drill Results ------------------------------------------------------------------------- Section Hole ID Deposit From To Length Au Grade ------------------------------------------------------------------------- (m) (m) (m) (g/t) ------------------------------------------------------------------------- ------------------------------------------------------------------------- 19360 N ADD347 South 78,7 88,1 9,4 3,4 ------------------------------------------------------------------------- incl. 80,8 86,6 5,8 5,1 ------------------------------------------------------------------------- 160,28 172 11,7 5,8 ------------------------------------------------------------------------- incl. 165 166 1,0 30,3 ------------------------------------------------------------------------- 19400 N ADD297 South 132 136,8 4,8 2,7 ------------------------------------------------------------------------- incl. 134,5 135,6 1,1 6,7 ------------------------------------------------------------------------- 150 152 2,0 4,3 ------------------------------------------------------------------------- incl. 150 151 1,0 8,0 ------------------------------------------------------------------------- 19400 N ADD298 South 19 21,7 2,7 7,6 ------------------------------------------------------------------------- incl. 19 20,1 1,1 16,7 ------------------------------------------------------------------------- 196 212 16,0 1,3 ------------------------------------------------------------------------- incl. 203 204 1,0 7,7 ------------------------------------------------------------------------- 19400 N ADD313 South 0 2 2,0 21,7 ------------------------------------------------------------------------- 19760 N ADD322 West 30,73 32,8 2,1 4,1 ------------------------------------------------------------------------- incl. 31,5 32,8 1,3 6,2 ------------------------------------------------------------------------- 19760 N ADD324 West 41,8 45 3,2 2,4 ------------------------------------------------------------------------- 19680 N ADD326 West 44 54,3 10,3 2,9 ------------------------------------------------------------------------- incl. 45 46 1,0 9,3 ------------------------------------------------------------------------- 19680 N ADD328 West 93 97,7 4,7 1,9 ------------------------------------------------------------------------- 19680 N ADD329 22,5 28,5 6,0 2,7 ------------------------------------------------------------------------- incl. 27 28,5 1,5 6,8 ------------------------------------------------------------------------- 19680 N ADD330 West 67,5 80,4 12,9 7,3 ------------------------------------------------------------------------- incl. 67,5 72 4,5 10,4 ------------------------------------------------------------------------- and 77,3 78 0,7 22,2 ------------------------------------------------------------------------- 19600 N ADD331 West 20 21 1,0 13,6 ------------------------------------------------------------------------- 67,4 69 1,6 25,5 ------------------------------------------------------------------------- 19600 N ADD332 West 114,5 115,6 1,1 7,5 ------------------------------------------------------------------------- 19600 N ADD333 West 96,77 97,8 1,0 8,7 ------------------------------------------------------------------------- 19720 N ADD339 West 26,85 30 3,2 4,5 ------------------------------------------------------------------------- 19720 N ADD340 West 33 49 16,0 2,6 ------------------------------------------------------------------------- incl. 42,8 47,8 5,0 5,1 ------------------------------------------------------------------------- 19720N ADD348 Main 27,1 30 2,9 4,8 ------------------------------------------------------------------------- incl. 27,1 28 0,9 7,1 ------------------------------------------------------------------------- 19720N ADD349 Main 32,43 44,5 12,1 1,9 ------------------------------------------------------------------------- incl. 42,3 43,26 1,0 6,7 ------------------------------------------------------------------------- 62 63,3 1,3 17,3 ------------------------------------------------------------------------- 88,2 91,05 2,9 3,8 ------------------------------------------------------------------------- 19720N ADD350 Main 133,5 135 1,5 1,9 ------------------------------------------------------------------------- 19840N ADD351 Main 0 9,35 9,4 1,8 ------------------------------------------------------------------------- incl. 3 6,3 3,3 3,4 ------------------------------------------------------------------------- 116 120,9 4,9 1,4 ------------------------------------------------------------------------- 19880N ADD352 Main 9,5 15 5,5 6,5 ------------------------------------------------------------------------- incl. 12,5 13,5 1,0 32,1 ------------------------------------------------------------------------- 161,16 167 5,8 2,0 ------------------------------------------------------------------------- 226 233 7,0 5,3 ------------------------------------------------------------------------- incl. 230 233 3,0 9,3 ------------------------------------------------------------------------- 19880N ADD353 Main 13 22 9,0 4,6 ------------------------------------------------------------------------- incl. 14,9 16,7 1,8 14,2 ------------------------------------------------------------------------- 158 175 17,0 1,9 ------------------------------------------------------------------------- incl. 162,4 163,7 1,3 9,1 ------------------------------------------------------------------------- 213,45 218 4,6 5,3 ------------------------------------------------------------------------- incl. 214,77 216,4 1,6 13,0 ------------------------------------------------------------------------- 221,5 226,07 4,6 2,1 ------------------------------------------------------------------------- 266 268,68 2,7 8,4 ------------------------------------------------------------------------- 20040 ADD354 Main 48,7 49,7 1,0 12,3 ------------------------------------------------------------------------- 155 159 4,0 1,1 ------------------------------------------------------------------------- 20000 (1) ADD355 Main 13,5 15,2 1,7 10,5 ------------------------------------------------------------------------- 85 87,8 2,8 3,4 ------------------------------------------------------------------------- 201 214,5 13,5 2,3 ------------------------------------------------------------------------- incl. 212 214,5 2,5 5,2 ------------------------------------------------------------------------- 239,75 241,4 1,7 4,1 ------------------------------------------------------------------------- incl. 239,75 240,55 0,8 7,1 ------------------------------------------------------------------------- 244,32 245,1 0,8 3,5 ------------------------------------------------------------------------- 19960 ADD356 Main 0 9 9,0 2,9 ------------------------------------------------------------------------- incl. 6,8 7,8 1,0 12,1 ------------------------------------------------------------------------- 33 54 21,0 1,3 ------------------------------------------------------------------------- incl. 37,75 38,25 0,5 9,4 ------------------------------------------------------------------------- 20080 ADD358 62 65,4 3,4 3,8 ------------------------------------------------------------------------- incl. 64,5 65,4 0,9 7,5 ------------------------------------------------------------------------- 20400 ADD359 42 48 6,0 3,7 ------------------------------------------------------------------------- incl. 46 47 1,0 9,3 ------------------------------------------------------------------------- 70,2 71,2 1,0 10,8 ------------------------------------------------------------------------- 20440 ADD361 Main 41,4 50,2 8,8 3,2 ------------------------------------------------------------------------- incl. 41,4 43,2 1,8 13,6 ------------------------------------------------------------------------- 56,9 62 5,1 7,7 ------------------------------------------------------------------------- incl. 56,9 58,2 1,3 28,2 ------------------------------------------------------------------------- 20440 ADD362 Main 45,6 48,7 3,1 2,2 ------------------------------------------------------------------------- (1) Assay results are pending for betweeen 256m and 261m where siginificant Visible Gold was found ------------------------------------------------------------------------- All lengths are down hole lengths; additional information is required to determine true widths.

For further information:

For further information: from Etruscan contact: 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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