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Gold/Mining/Energy : Mountain Lake Resources Ltd ( MOA) VSE
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To: jocko who wrote (469)2/22/2001 10:10:50 PM
From: peter dumbrille  Read Replies (1) of 598
 
Something strange going on here. First a trading halt and then this.

Merger Discussions Terminate
2/22/01

ETRUSCAN RESOURCES INC ("EET-T;ETRUF-L") MOUNTAIN LAKE RESOURCES INC. ("MOA-V") - Merger Discussions Terminate - Diamond Property Acquired
Etruscan Resources Inc. announced that its merger discussions with Mountain Lake Resources Inc. pursuant to a business combination as previously announced have been mutually terminated.

Etruscan continues to pursue its corporate strategy of developing an alluvial diamond portfolio in South Africa. As an initial step, Etruscan announced today that it has entered into an agreement with Whiterock Holdings Limited of Pretoria to purchase the diamond mining rights to the farm Goedgedacht 27IQ which covers 43 square kilometers in the Ventersdorp area. Alluvial diamond deposits in the Ventersdorp area all share similar characteristics and Etruscan believes that the key to developing a long-term mining plan is to assemble a strong portfolio of properties. Etruscan is also negotiating the acquisition of other diamond properties in South Africa as part of this strategic initiative.

Gerald J. McConnell, President and CEO of Etruscan stated: "While we are disappointed that Etruscan was not able to complete a merger with Mountain Lake, we are excited about the other diamond opportunities which have been identified in South Africa. The work completed by Etruscan's technical team and the South African consultants engaged by Etruscan has enabled Etruscan to evaluate and begin to assemble a high quality portfolio of diamond properties capable of generating early cash flow."
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