Drilling intersects 6 meters of 36 grams at Etruscan's Finkolo Gold Project in Mali



    HALIFAX, Aug. 30 /CNW/ - Etruscan Resources Inc. (EET.TSX) reported
further results received from twelve new drill holes on the Finkolo Gold
Project in southern Mali, highlighted by 19 meters of 13.2 g/t gold which
included 6 meters of 36.3 g/t gold. Additional highlights include:

    - 23 meters of 5.8 g/t gold (including 4 meter of 12.1 g/t gold)
    - 35 meters of 3.3 g/t gold (including 2 meters of 14.8 g/t gold)
    - 16 meters of 2.4 g/t gold (including 1 meter of 15.9 g/t gold)
    - 27 meters of 2.1 g/t gold (including 1 meter of 6.4 g/t gold)

    Resolute Mining Limited ("Resolute") is the Project Manager of the
Finkolo Joint Venture and a complete listing of all significant new drill
results reported by Resolute is provided in Table 1. The current drill program
has now been completed and has tightened the drill spacing to a nominal
50 x 25 meter grid to a vertical depth of 130 meters (see Figure 1). Resource
modeling will be undertaken over the Tabakoroni Zone which has been traced
over a strike length of 1.7 kilometers, and geological modeling will provide
targeting for deeper drilling in the next drill campaign. Assays are pending
for 31 holes.
    Don Burton, Vice President Exploration and Chief Operating Officer stated
"While there are still a large number of samples pending, the potential to
chase the high grade zones to depth is becoming more evident with this last
round of drilling. We anticipate completion of the new geological model by the
end of this third quarter. The next resource estimate will allow modeling to
about 120 vertical meters along the drilled strike length of 1.7 kilometers."
    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 recently 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.

    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 sq. km in West Africa. Its principal properties include the Youga Gold
Project in Burkina Faso which has entered its final phase of construction
(Press release dated July 5, 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), 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 - Recent drill Results August 30, 2007 Tabakoroni Zone, Finkolo Joint Venture ------------------------------------------------------------------------- Hole ID Drill Intercept Au Grade -------------------------------- Type From (m) To (m) Width (m) (g/t) ------------------------------------------------------------------------- TACD-199 RC/DDH 75 76 1 3.3 ------------------------------------------------------------------------- and 153 169 16 2.4 ------------------------------------------------------------------------- incl. 165 166 1 15.9 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TAC-201 RC 22 24 1 10.9 ------------------------------------------------------------------------- and 103 (*)120(1) 17 1.4 ------------------------------------------------------------------------- incl. 118 (*)120(1) 2 3.8 ------------------------------------------------------------------------- TAC-202 RC 37 49(1) 12 1.2 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TAC-207 RC 47 82(1) 35 3.3 ------------------------------------------------------------------------- incl. 75 82(1) 7 7.5 ------------------------------------------------------------------------- incl. 75 77(1) 2 14.8 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TAC-210 RC 16 23 7 1.6 ------------------------------------------------------------------------- and 54 77(1) 23 5.8 ------------------------------------------------------------------------- incl. 55 59(1) 4 12.1 ------------------------------------------------------------------------- Incl. 71 72 1 11.7 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TAC-211 RC 33 45 12 1.5 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TAC-212 RC 41 42 1 3.2 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TAC-213 RC 117 122(1) 5 2.0 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TAC-216 RC 28 47 19 13.2 ------------------------------------------------------------------------- incl. 36 42 6 36.3 ------------------------------------------------------------------------- incl. 38 39 1 72.7 ------------------------------------------------------------------------- and 61 67(1) 6 1.4 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TAC-217 RC 116 143(1) 27 2.1 ------------------------------------------------------------------------- incl. 129 130 1 6.4 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TAC-220 RC 50 51 1 9.8 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TAC-221 RC 69 78 9 1.3 ------------------------------------------------------------------------- and 88 92(1) 4 1.4 ------------------------------------------------------------------------- All lengths are downhole lengths, additional information is required to determine true widths. (*) Denotes Hole Ended in Mineralization (1) interval contains one or more moist/wet sample ------------------------------------------------------------------------- NOTE: Results are pending for holes 200, 203, 204-206, 208-209, 214-215, 218-219 -------------------------------------------------------------------------

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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