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Gold/Mining/Energy : Etruscan Enterprises Ltd

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To: mectec who wrote (14)	1/17/1997 10:13:00 AM
From: Andrew London	of 235

The news release is somewhat legal (as it was prepared by our counsel) and has created a number of calls from our investors. There are two items that I would like to bring to your attention. The news release regarding the option given to Placer Dome for 81 of our 1,240 square kilometers is conditional upon our obtaining shareholder approval. A meeting date of February 19th has been set and this release was necessary prior to our mailing material for the meeting. A key point which could have been better disclosed is the value placed on our company in the valuation and fairness opinion of $4.18 to $6.62. This value only relates to the Tiawa concession and does not include other significant assets of the company. It is based on a fully diluted basis of our capital stock and is based on 1.5 to 2.5 million ounces of gold at the Samira deposit. In a very short drill program we have received an indemendant report that there is 1.8 million ounces grading 2.01 g/t. I would point out that this resource is at or near surface within the 81 square kilometer zone. A number of the drill holes ended in significant mineralization. Placer Dome is currently mobilizing diamond drills to the property which will allow deeper drilling. We are currently reviewing exploration data outside this zone from our fall exploration program and a news release will be issued in the near future. The stock has not been performing to our expectations which could be a result of investors selling shares which were issued last April at $3.20 in an effort to realize a capital gain. We are currently working on an extensive marketing compaign to tell the Etruscan story to brokers, mining analyst's and potential investors. On behalf of Etruscan, I would like to thank you for your interest and I would be more than pleased to answer any questions you or other members have. Andrew London Investor Relations

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