News release
Etruscan Enterprises Ltd. - News Release - February 24, 1997
Symbol: EET.V
Announces the Signing of Agreement to Acquire the Remaining 44 Percent of the Shares of African GeoMin Mining Development Corporation
February 24, 1997, Dartmouth, Nova Scotia
On January 16, 1997, Etruscan Enterprises
Ltd. announced that it had signed an agreement to acquire the
remaining 44 percent of the shares of African GeoMin Mining
Development Corporation ("AGMDC") not already held by Etruscan.
AGMDC holds the exploration permit for the Tiawa property in
Niger, West Africa. Etruscan recently announced a geological
mineral inventory of 1.81 million ounces of gold (27.8 million
tonnes averaging 2.02 grams of gold per tonne) on the Samira area
of the Tiawa property. This area, representing less than 10
percent of the property, was recently optioned to Placer Dome.
The acquisition agreement is subject to obtaining all necessary
approvals and consents including the approval of the shareholders
of Etruscan and the approval of the Vancouver Stock Exchange. On
February 19, 1997, a meeting of the shareholders was held at which
time in excess of 99.99 percent of the shareholders present in
person or by proxy voted in favour of the acquisition. It is
anticipated that, subject to receipt of Vancouver Stock Exchange
approval, the closing of the acquisition will occur shortly.
Etruscan is involved in the acquisition, exploration and
development of mineral properties in North American and West
Africa. Etruscan is 9 percent beneficially owned by NovaGold
Resources Inc. which is listed on the Toronto Stock Exchange under
"NRI" and 19 percent by Placer Dome Exploration Inc.
ON BEHALF OF THE BOARD OF DIRECTORS
Angus G. MacIsaac, Secretary Treasurer
The Vancouver Stock Exchange has neither approved nor disapproved of the contents of this news release.
For more information contact:
Andrew London, Dartmouth, Nova Scotia (902) 468-9270
Pierre Besuchet, Geneva, Switzerland (22) 732 53 55
William Young, Toronto, Ontario (416) 368-0882
More extensive information on Etruscan, can be found on our home page at etruscan.com
Head Office
Suite 300, 3 Spectacle Lake Drive
Dartmouth, Nova Scotia, Canada
B3B 1W8
Phone: (902) 468 9270
Fax: (902) 468 9279
E-mail: info@etruscan.com
Website: etruscan.com |
