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Gold/Mining/Energy : EET Etruscan Enterprises T

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From: Salt'n'Peppa	1/30/2007 2:43:40 PM
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Etruscan to form spin-off diamond company ca.us.biz.yahoo.com Joint News - Etruscan and Mountain Lake forming new company to develop South African diamond assets. Tuesday January 30, 7:30 am ET HALIFAX, Jan. 30 /CNW/ - Etruscan Resources Inc. (EET.TSX) and Mountain Lake Resources Inc. (MOA.TSX-V) announced today that they are forming a new company to be named Etruscan Diamonds Limited ("Etruscan Diamonds") to hold their respective interests in their diamond assets in South Africa. The diamond assets are presently held through a South African company, Etruscan Diamonds (Pty) Limited ("Etruscan South Africa") in which Etruscan has a 51% effective ownership, Mountain Lake has a 25% ownership and various other third parties have a 24% ownership. Each of Etruscan and Mountain Lake will transfer their interests in Etruscan South Africa (both equity and debt) to Etruscan Diamonds in exchange for shares of Etruscan Diamonds. Upon completion of the restructuring, Etruscan and Mountain Lake will own 62% and 21% respectively of Etruscan Diamonds with the balance being held by various third parties. (More ...)

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