Substantial increase in Etruscan's diamond resource at the Blue Gum Project in South Africa



    HALIFAX, Feb. 1 /CNW/ - Etruscan Resources Inc. (EET.TSX) announced today
that Etruscan Diamonds (Pty) Ltd. ("Etruscan Diamonds") has received a
National Instrument 43-101 compliant independent resource update on its Blue
Gum Diamond Project in South Africa which substantially increases the resource
on the project. The independent resource update prepared by Dr. Tania Marshall
of Explorations Unlimited estimates that the Blue Gum Diamond Project contains
20.5 million cubic meters of indicated diamond resource and 17 million cubic
meters of inferred diamond resource as follows:

    
    -------------------------------------------------------------------------
                              Indicated       Inferred        Grade    Value
                              Resources      Resources (ct/100m(3)) (USD/ct)
                         (Million m(3)) (Million m(3))
    -------------------------------------------------------------------------
    Upper Gravel Package         12.762          9.175         1.77      466
    -------------------------------------------------------------------------
    Lower Gravel Package          7.752          7.824         2.85      466
    -------------------------------------------------------------------------
    TOTAL                        20.514         16.999            -      466
    -------------------------------------------------------------------------
    

    A 43-101 compliant report on the Blue Gum Resource Update will be filed
on SEDAR within 45 days.
    Kevin MacNeill, President of Etruscan Diamonds stated:
    "We are extremely pleased with the increase in the resource on the
project. We believe the potential exists to expand the resource even further
with additional bulk sampling and continued exploration on other portions of
the Blue Gum property. We will continue infill drilling in the inferred blocks
to upgrade these areas to indicated resource ahead of mining.
    Over the past six months, our sales of diamonds have achieved an average
price of $545 per carat and we believe this increase will continue and further
improve prices of our 2008 diamond sales. This will obviously enhance the
economics of an already robust project."
    The Blue Gum Diamond Project consists of three adjacent diamond
properties (Nooitgedacht, Hartbeestlaagte and Zwartrand) covering over
10,000 hectares located in the Ventersdorp Alluvial Diamond District of South
Africa with the Tirisano Diamond Mine being located on the Nooitgedacht
property. Etruscan Diamonds is presently undertaking a pre-feasibility study
on the Blue Gum Diamond Project which is scheduled to be completed in April
2008. The pre-feasibility study is being led by MDM of South Africa. Upon
successful completion of the pre-feasibility study, a public offering is
planned together with an application for a stock exchange listing in order to
advance the Blue Gum Diamond Project to full scale production.
    While the pre-feasibility study is underway, Etruscan Diamonds has
recommenced mining at the Tirisano Diamond Mine. The gravel from the mine is
being processed at the Tirisano plant, which can efficiently treat
50,000 cubic meters of gravel per month. Etruscan Diamonds is currently
commissioning four 16 foot pan plants, which will add an additional
50,000 cubic meters per month capacity to the Tirisano operations by the end
of February.
    Etruscan Resources Inc. holds a 53.7% ownership interest in Etruscan
Diamonds, Mountain Lake Resources Inc. (MOA.TSXV) holds a 16.2% interest and
other third parties hold a 30.1% interest. Etruscan Diamonds holds a 74%
interest in the Blue Gum Project with the remaining 26% held by Etruscan
Diamond's black economic empowerment partner, Mogopa Minerals (Pty) Ltd.
    Robert Harris P. Eng and Vice President of Operations of Etruscan
Resources Inc. is the Qualified Person overseeing the diamond projects in
South Africa, 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 which has entered its
final phase of construction (latest press release dated October 3, 2007), the
Agbaou Gold Project in Côte d'Ivoire which is undergoing a feasibility study
(latest press release dated December 6, 2007), and the Finkolo Gold Project in
Mali where an updated resource has been announced (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

    About the Mogopa Community

    The Mogopa community, through their trust, created the company Mogopa
Minerals (Pty) Ltd. to oversee all mining related interests for the community.
The community has about 350 families and is located in the vicinity of the
mining area. Etruscan Diamonds and the Mogopa community have shared a long
positive working relationship. This relationship made it possible for the
creation of the current sustainable farming projects on community land.

    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,
rgordon@etruscan.com, (877) 465-3674, Fax (902) 832-6702; Tony Hayes,
thayes@etruscan.com, (866) 638-3338, Fax (905) 468-8407

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ETRUSCAN RESOURCES INC.

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