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Gold/Mining/Energy : Etruscan Enterprises Ltd

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To: Jim O'Connell who wrote (27)	1/31/1997 7:44:00 PM
From: Jim O'Connell	of 235

ETRUSCAN ENTERPRISES LTD. VSE SYMBOL: EET JANUARY 31, 1997 Etruscan Enterprises Ltd.-2 Major Zones Identified on Kossa Permit DARTMOUTH, NOVA SCOTIA--Etruscan Enterprises Ltd. announced today that preliminary results from an airborne survey identified two major zones of interest on the Kossa Permit located in the Liptako Gold District of Niger, West Africa. Over 80 percent of the Kossa Permit is underlain by rocks of the highly prospective Birimian Group and hosts a major gold digging field which extends for 12 kilometers over the western part of the property. Gold mineralization is reported from alluvial cover, laterite cover, quartz veins and saprolite (wall rocks). Vein samples have assayed up to 485 grams per tonne gold and samples of saprolite from the gold digging sites have assayed between 0.5 and 5 grams per tonne gold. Other than documentation of the gold digging sites which were only discovered in 1985, the property has never been explored for gold. The first major zone identified by the airborne survey is a 16 kilometer long zone of structural deformation and is associated with the known gold digging fields. The second favourable zone is 6 kilometers wide and extends for over 30 kilometers across the entire concession. The Kossa Permit is located 220 kilometers northwest of the capital city of Niamey and covers an area of 1,875 square kilometers making it one of the largest gold permits in Niger. Etruscan has an option to earn a 50 percent interest in the Kossa Permit by expending US$3.2 million in exploration development over three years. Etruscan is actively exploring two other gold permits in Niger at Koma Bangou and Tiawa where over 2 million ounces of gold have been outlined to date. Etruscan is involved in the acquisition, exploration and development of mineral properties in North America 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 Gerald J. McConnell, President More extensive information on Etruscan, can be found on our home page at etruscan.com

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