First ore processed at Etruscan's Youga Gold Mine in Burkina Faso



    HALIFAX, Feb. 4 /CNW/ - Etruscan Resources Inc. (EET.TSX) reported today
that the first ore has been fed to the processing plant at its Youga Gold Mine
located in Burkina Faso, West Africa. The first gold pour is expected to occur
later in February. Etruscan expects to achieve commercial production at Youga
in March or April with the facility targeted to produce between 60,000 to
70,000 ounces of gold in calendar 2008.
    The majority of the components of the Youga Gold Plant have now been
fully tested with the last major phase of the testing being the recent
successful startup of the grinding mill. The Youga Gold Plant has been
commissioned in phases with each circuit going through a dry, a wet and lastly
an ore based commissioning process. Commissioning began in late November with
the startup of the crushing and screening circuit. This was followed by water
testing of the CIL tanks and then the testing of the various mechanical
equipment in December. In January final commissioning of the grinding mill and
cyclone circuit commenced. The final recovery circuits (elution, gravity and
goldroom) are ready to be operated and commissioned as the ore is treated.
Some commissioning of the plant will continue into February as the equipment
is properly adjusted and optimized.

    Bob Harris, Vice President Operations of Etruscan Resources Inc. stated:

    "We are extremely pleased with how the commissioning phase has progressed
    at Youga. We are confident that the extra time we have taken during this
    phase will ensure that the plant reaches a steady state of production in
    the coming weeks and ramps up smoothly to full production in the coming
    months. A great deal of credit goes to our excellent operating team at
    Youga who have worked tirelessly over the past months to bring the Youga
    Gold Mine into production."

    The mining activity has advanced with over 2.1 million tonnes blasted and
1.8 million tonnes excavated from the A2 Main pit. Grade control drilling has
advanced with the first ore blocks blasted. Mining and stockpiling of the ore
on the ROM pad is continuing.
    The Youga Gold Project will initially be comprised of open pit mining
from five pits with the ore being processed though a conventional CIL/gravity
plant having a design capacity of one million tonnes per annum. Mineable
reserves are 6.6 million tonnes with an average grade of 2.7 grams per tonne
containing 580,000 ounces of gold. The project will benefit from a year-round
water supply from a nearby major river system (the White Volta), and access to
grid power supplied via the northern grid of the Volta River Authority in
Ghana which is forecast for mid-2008. A full back-up power plant has been
installed to ensure constant power to the site. The plant has been designed
for maximum operating availability and in particular, the mill drive system
was supplied new with a second new drive train (motor and gearbox) being
stocked on site as a spare.
    During January Etruscan fully drew down the US$7.5 million subordinated
project debt facility provided by RMB Australia Holdings Limited ("RMBAH") and
Macquarie Bank Limited ("Macquarie"). The net proceeds will be used to fund
the preproduction costs for the Project. In connection with the draw down
Etruscan issued 726,111 share purchase warrants to each of RMBAH and
Macquarie. Each warrant entitles the holder to purchase one common share at a
price of $2.56 up until November 30, 2012.
    Robert Harris, P.Eng., Vice President of Operations of Etruscan, is the
Qualified Person overseeing production and development in West Africa and
South Africa and has reviewed and approved 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 gold mine development
projects include the Youga Gold Project in Burkina Faso (latest press release
February 4, 2008), the Agbaou Gold Project in Côte d'Ivoire (latest press
release dated December 6, 2007), and the Finkolo Gold Project in Mali (latest
press release dated January 7, 2008). 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 where it is developing
the Blue Gum Diamond Project (press release dated February 1, 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; Tony Hayes, (866)
638-3338, Fax: (905) 468-8407, thayes@etruscan.com

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ETRUSCAN RESOURCES INC.

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