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Gold/Mining/Energy : Etruscan Enterprises Ltd

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To: Jim O'Connell who wrote (25)	1/28/1997 6:56:00 PM
From: Rick McDougall	of 235

All Subject: Etruscan Enterprises Ltd. - News Release - January 28, 1997 Date: Tue, 28 Jan 1997 13:04:38 -0800 Company Announcement DARTMOUTH, NOVA SCOTIA--Etruscan Enterprises Ltd. announced today that stock options were granted to two directors to purchase an aggregate of 100,000 common shares and eight employees to purchase an aggregate of 270,000 common shares. The options are exercisable at a price of $4.14 per common share at any time on or before January 28, 2003. The average trading price of Etruscan shares over the last ten trading days was $4.01. These options are subject to regulatory approval. Etruscan Enterprises Ltd. is involved in the acquisition, exploration and development of mineral properties in North American and West Africa. Etruscan is 9.4 percent beneficially owned by NovaGold Resources Inc. which is listed on the Toronto Stock Exchange under "NRI". ON BEHALF OF THE BOARD OF DIRECTORS Angus G. MacIssac, Secretary Treasurer Rick

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