Mountain Lake Resources Ltd ( MOA) VSE Message Board

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Gold/Mining/Energy : Mountain Lake Resources Ltd ( MOA) VSE

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To: jocko who wrote (580)	5/27/2002 11:01:35 AM
From: KC Jones	Read Replies (1) of 598

Etruscan Resources Inc. and Mountain Lake Resources Inc. - Additional Diamond Properties Acquired Windsor, Nova Scotia Etruscan Resources Inc. (EET.TSE) and Mountain Lake Resources Inc. (MOA.CDNX) jointly announced today the signing of letters of intent to acquire 3 additional diamond properties in the Ventersdorp district of the Republic of South Africa. These acquisitions are part of EET's and MOA's corporate strategy to accumulate an inventory of 1 billion tons of gravel in the known alluvial diamond district of Ventersdorp. These three properties cover a 9-kilometer long portion of the historical Zwartplaat alluvial gravel deposit located midway between the Companies' Ventersdorp and Mooi River properties. Official records from the South African Minerals Bureau indicate small-scale diggers recovered a total of 47,570 carats from the properties until 1984. No accurate production records are available post 1984. To date there has been insufficient exploration to define a mineral resource on the properties. However, historical production records, government geological maps and site visits all indicate the gravels are part of a paleo-river system developed on underlying dolomites marked by extensive karst sinkholes and elongated, gorge formations within the dolomite. Exploration programs will begin this summer to evaluate the size of the deposit. EET and MOA also announced today the initial phase construction for the Ventersdorp Diamond Project remains on schedule and on budget for production in the third quarter of 2002. The companies also reported that bulk sampling by two local contractors on the Hartbeestlaagte 146 IP and Klipgat 18 IQ (in the Mooi River Group) properties continue with positive results. The common shares of Etruscan are traded on The Toronto Stock Exchange under the symbol "MOA". More extensive information on Etruscan including the latest project updates from Ventersdorp can be found on its home page at etruscan.com... KC

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