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Gold/Mining/Energy : Mountain Lake Resources Ltd ( MOA) VSE
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To: jocko who wrote (473)2/26/2001 11:39:07 PM
From: peter dumbrille  Read Replies (1) of 598
 
Mountain Lake Resources Inc. Quick Quote: V.MOA 0.24 (-0.01)




Etruscan Enters Agreement With Mountain Lake To Develop South
2/26/01

ETRUSCAN RESOURCES INC. ("EET-T") MOUNTAIN LAKE RESOURCES INC. ("MOA-V") - Etruscan Enters Agreement With Mountain Lake To Develop South - African Diamond Properties
Etruscan Resources Inc. and Mountain Lake Resources Inc. jointly announced that they have entered into an agreement to develop the diamond properties located in South Africa held by Mountain Lake's wholly-owned subsidiary, Mountain Ash (PTY) Limited. Mountain Ash's properties include seven diamond concessions in the Ventersdorp District located some 150 kilometres west of Johannesburg in South Africa.

The agreement between Mountain Lake and Etruscan allows Etruscan to earn a 75% interest in the diamond properties held by Mountain Ash by expending a minimum of US$2,000,000 on the properties and by completing a feasibility study which identifies a commercially mineable deposit of diamonds. Once a bankable feasibility study has been completed Etruscan has agreed to arrange the project debt financing required to bring the initial project into commercial production. All equity funding required for the initial project will be funded 75% by Etruscan and 25% by Mountain Ash. If Mountain Ash is not able to secure its share of the equity funding, Etruscan will make a loan to Mountain Ash of that amount to be repaid from 75% of Mountain Ash's share of proceeds from diamond sales.

Gerald J. McConnell, president and CEO of Etruscan and Allen Sheito, president and CEO of Mountain Lake jointly stated, "This agreement combines Mountain Lake's properties and expertise in alluvial diamond production with Etruscan's corporate and technical teams. We believe this will allow the Ventersdorp diamond deposits to be moved quickly into full-scale production. In this way, the momentum and progress achieved over the past four months will continue."

The common shares of Etruscan are traded on The Toronto Stock Exchange under the symbol "EET." The common shares of Mountain Lake are traded on the Canadian Venture Exchange under the symbol "MOA." For more information from Etruscan contact: TEL: (902) 798-9701 Kevin MacNeill, Director Project Development FAX: (902) 798-9702 TEL: (416) 368-0882 Tony Hayes, Vice President FAX: (416) 367-3638 Internet: etruscan.com For more information from Mountain Lake contact: TEL: (902) 542-9773 Allen Sheito, President and CEO FAX: (902) 542-4442 TEL: (902) 420-1990 Frank Metcalf, QC, Director FAX: (902) 429-1171
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