Etruscan expands its strategic land position in Ghana

    HALIFAX, Aug. 7 /CNW/ - Etruscan Resources Inc. (EET:TSX), announced
today that its wholly owned Ghanaian subsidiary, Etruscan Resources Ghana Ltd.
("Etruscan Ghana"), has entered into a joint venture with Haber Mining Ghana
Ltd. ("Haber Ghana") to explore 1,331 square kilometers of gold concessions in
the prolific gold belts of southwestern Ghana. These gold concessions are
located in the Sefwi Volcanic Belt and the Kumasi Sedimentary Basin which host
significant gold deposits including the 13 million ounce Ahafo deposit, the
9 million ounce Bogoso-Prestea deposit, the 5 million ounce Bibiani deposit,
the 2 million ounce Obotan deposit, and the 2 million ounce Chirano deposit.
    Under the terms of the joint venture, Etruscan has immediately acquired a
50% interest in four prospecting licences and two reconnaissance licences with
an option to increase its interest in the joint venture to 75%. Etruscan
Ghana's total strategic land package now comprises 2,109 square kilometers
including its holdings in northern Ghana in the Bole-Bolgatanga Gold Belt
which is the southwest extension of the Youga Gold Belt located in Burkina
Faso. The new joint venture properties are described as follows:
    The "Eternity" Reconnaissance Licence is comprised of two separate blocks
near the western margin of the Sefwi Volcanic Belt, covering 301 km2. The
northern block is contiguous with and five kilometers east of Newmont Mining's
13 million ounce Ahafo gold project. The southern block is located 12
kilometers east of the Newmont land holdings.
    The four "Good Ground" Prospecting Licences are centrally located in the
Sefwi Volcanic Belt, covering 469 km2. The two northern licences are
contiguous with, and along strike of the Newmont land holdings. The two
southern licences are located 10 kilometers west of the 5 million ounce
Bibiani gold deposit.
    The "Uprightness" Reconnaissance Licence is located in the Kumasi
Sedimentary Basin on the eastern margin of the Sefwi Gold Belt and comprises
561 km2 in a single block. The property is contiguous with the eastern
boundary of the Bibiani mining permit.
    Under the terms of the joint venture agreement, Etruscan Ghana will
design and manage the exploration programs on behalf of the joint venture.
Haber retains the right to explore, mine and process all alluvial gold on the
concessions provided such activities do not interfere with the joint venture
mining objectives. Etruscan Ghana acquired its 50% interest in the joint
venture in consideration of certain cash payments, a portion of which was used
to complete the acquisition of the Eternity Reconnaissance Licence. Etruscan
Ghana has the option to increase its interest in the joint venture to 75% by
investing US$2.5 million in exploration on the concessions over a period of
three years.
    Haber Ghana is a wholly owned subsidiary of Massachusetts based, Haber,
Inc. (OTC:HABE). Haber is a high technology process development company which
has developed a chemical system for the hydrometallurgical extraction of gold
from its ores. In the event that the joint venture decides to start mining
operations on any of the concessions, the joint venture will utilize Haber's
environmentally friendly gold extraction technology under a licensing
arrangement, provided the process is technically sound and at least
economically equivalent to traditional extraction technologies. The license
would also grant Etruscan the right to use the Haber technology on any of its
other gold processing operations.

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

    "We are extremely pleased to have the opportunity to partner with Haber
to explore and develop this large strategic land package in Ghana. This
acquisition is a further execution of our corporate objective of acquiring
large land positions in prolific gold belts in West Africa. Land packages of
this size and prospectivity are very difficult to acquire in Ghana today.
Haber has assembled a truly superior land package. We are also impressed with
Haber's commitment to social upliftment and respect for the environment which
is aligned with Etruscan's commitments in this regard."

    Albert B. Conti, Haber's President and COO of Haber Mining Ghana Ltd.,

    "Our decision to partner with Etruscan is rooted in part on its focus on
mining projects located on the African continent, exploration experience,
superior team of geologists and management, and financial resources. We have
also pursued this affiliation based on common moral principles and business
philosophy. Both companies are aggressively seeking superior financial results
while sharing a strong sense for social responsibility and environmental
concerns, and are interested in helping indigenous people whenever reasonably
possible. The many humanitarian awards Etruscan has already received from the
African countries in which they have operations is a testimony to the
company's heightened level of social concern and coincides with our own
corporate objectives."

    K. Kirk Woodman, Project Geologist, is the Qualified Person overseeing
Etruscan's exploration programs in Ghana.

    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 currently under development and commissioning in
(Press release dated July 5, 2007), the Agbaou Gold Project in Côte d'Ivoire
with an 11,000 meter diamond drilling program in progress (Press release dated
May 31, 2007), the Diba-Kobokotosou Gold Project in Mali (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 April 18, 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 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

    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 (
Accordingly, readers should not place undue reliance on forward-looking


For further information:

For further information: from Etruscan contact: Richard Gordon, Investor
Relations, (877) 465-3674, Fax: (902) 832-6702,; Tony
Hayes, (866) 638-3338, Fax: (905) 468-8407,

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