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Gold/Mining/Energy : Etruscan Enterprises Ltd

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To: 1king who wrote (213)	5/21/1999 10:45:00 AM
From: Buckey	Read Replies (1) of 235

Cannacord covers EET which is odd to me as CC likes the hot traders and as long as I have followed EET is has never been a trader - hardly ever trades except when that Nesbit clown gave me all the cheap stuuf last week anyway here is what they said ETRUSCAN RESOURCES ("EET-T") - Positive Feasibility Study For Samira Hill Gold Project in Niger, West Africa. The feasibility study concludes that Samira Hill will produce an average of 67,000 ounces of gold per year at a cash operating cost of US$168 per ounce over a 6.3-year mine life. Proven and probable reserves are estimated at 6.57 million tonnes grading 2.40 g/t Aue with a strip ratio of 3.06:1. Gold will be recovered from a carbon-in-leach ("CIL") plant. Additional ounces in the deeper sulphide zones were not covered by this study. Capital costs are estimated at US$23M. Operating costs are estimated at an average of US$10.83 per tonne of ore over the life of the mine. Net present value of US$11,600,000 at an 8% discount rate. Samira Hill will benefit from a five-year tax holiday granted by the Republic of Niger for new mining operations.

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