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Gold/Mining/Energy : EET Etruscan Enterprises T

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To: JR. who wrote (142)	5/17/2003 9:23:57 PM
From: JR.	Read Replies (1) of 281

DRILLING COMMENCES IN MALII Windsor, Nova Scotia, May 15, 2003 -- Etruscan Resources Inc. (EET.TSX) announced today that drilling has commenced on the Finkolo gold property in Mali. The Finkolo Permit covers 319 km2 and is situated 15 kilometers southwest of the 5.2 million ounce Syama gold deposit. As previously reported, a total of 2,500 meters of drilling is planned and should be completed within a 2-3 week timeframe. Drilling has been contracted to St. Lambert Drilling of Valleyfield, Quebec and gold analyses will be performed by Abilab Afrique de l'Ouest SARL of Bamako. Colour maps of the geochemical anomalies and target areas are now available on Etruscan's website. The primary drill targets occur in and around a large mineralized porphyry covering approximately 1.5 km2 that was identified in recently completed geophysical and mapping programs. Coincident geophysical and geochemical anomalies are particularly well developed along the contacts of the porphyry and within the Syama Sequence which hosts the Syama gold deposit. The permit area was originally held by BHP International ("BHP") as part of the Syama exploration lease and in 1989 BHP drilled a total of 3,630 meters in twenty-one (21) holes along a 1.5-kilometer segment of the Syama Sequence. This drilling intersected significant gold in every hole but never touched the porphyry target. Some of the highest grade intercepts were encountered in the holes closest to the porphyry such as 24.4 grams per tonne gold over 15.0 meters (includes 130.2 grams per tonne over 2.0 meters and 57.6 grams per tonne gold over 1.5 meters) and 23.5 grams per tonne gold over 4.5 meters. The geophysical (induced polarization) survey was carried out on behalf of Etruscan by Sagax Afrique S.A. to assist with the interpretation of the geology, structure and distribution of gold known from previous drilling and geochemical surveys in the southern part of the permit. This work led to the recognition of the significant new targets in and around the large intrusive porphyry which sits immediately north and outside of the BHP drilling area. Anomalous gold-arsenic-cadmium-molybdenum occurs within and around the contacts of the intrusion. The area drilled by BHP is characterized by the same geochemical association of gold-arsenic-cadmium-molybdenum suggesting that the large intrusion may be the source for the gold mineralization. The Etruscan drilling will first test the IP anomalies along the eastern contact zone of the porphyry where coincident geochemical anomalies occur over a strike length of approximately 2.2 kilometers; and within the southern limit of the porphyry over a strike length of 800 meters. Secondary targets within the 6-kilometer strike extent of the Syama Sequence that crosses the survey area include anomalies immediately north of the BHP drilling area, which occur over a strike length of 2.5 kilometers. The Etruscan exploration program and interpretations are being developed under the direction of Etruscan's qualified person David R. Duncan, P.Geo. The common shares of Etruscan are traded on The TSX Exchange under the symbol "EET". More extensive information on Etruscan can be found on its home page at etruscan.com. For more information from Etruscan contact: Richard Gordon, Investor Relations Tel: (902) 798-9701 / Fax: (902) 798-9702 Tony Hayes, Vice President Tel: (416) 368-0882 / Fax: (416) 367-3638

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