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Gold/Mining/Energy : Etruscan Enterprises Ltd

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To: Jim O'Connell who wrote (27)	1/31/1997 8:25:00 AM
From: Andrew London	of 235

Jim, I was reading your comments this morning and based on a number of calls from investors asking about the stock performance and comments on Golden Rule, I took a look at their recent news as their stock was doing very good. What I found however is that it would appear to me the hipe is on the tranching they have completed and the results of the soil in the trench. It's beyond me why EET's share price is where it is as our results to date are based on our drill programs, and based on the fact that Placer Dome is willing to expend $64 million in only 81 of our 1,240 square kilometers, the share price should be much higher. The shares are however closely held and a number of shareholders have doubled their investment in the past year have decided to sell. Etruscan however has only started its discoveries at Tiawa. We have some very impressive grades at Tiawa from our drill programs and a number of the holes have ended in significant mineralization. I expect once the results start from Placer's definition diamond drill program, the market will come back. We are talking with a number of mining analyst's and news letter writers and I plan to take a number of them to the site in April. I'm not sure where each of you are located however if you are in one of the following cities, Etruscan will have a booth at each of the following gold/investment shows: Special Shareholders Meeting February 19th, Vancouver PDAC - Toronto March 9 - 12 Denver Colorado - June 3 - 5 African Mining Investment Symposium Global Emerging Markets Sept 15-16 London, England Las Vegas Gold Show - August 5-8 We will also be in the Northern Miner on February 13th. Thanks Again for your interest. Andrew London Investor Relations

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