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Gold/Mining/Energy : EET Etruscan Enterprises T -- Ignore unavailable to you. Want to Upgrade?

To: JR. who wrote (121)	12/20/2002 2:06:45 PM
From: JR.	Read Replies (1) \| Respond to of 281

NEWS-Finkolo results Mr. Richard Gordon reports ETRUSCAN RESOURCES INC.: GOLD TARGETS CONFIRMED IN MALI Etruscan Resources has received results from a detailed geophysical survey conducted over a portion of the Finkolo permit in southern Mali which confirm a number of kilometre-scale anomalies coincident with known gold mineralization outlined from previous drilling and geochemical surveys. The survey area was selected on the basis of its potential to host gold deposits similar to Syama (five million ounces gold) and Samira (two million ounces gold). The targets will be drill tested in early 2003. The Finkolo permit covers 319 square kilometres and is situated 15 kilometres southwest of the Syama gold deposit. The geophysical survey at Finkolo has confirmed that the main gold mineralization in the survey area, like Syama, is associated with a volcano-sedimentary package in structural contact with mafic volcanic rocks. This geological setting is very similar to the Samira gold deposit in Niger and Etruscan is employing the same exploration methodologies at Finkolo. A detailed induced polarization survey has delineated the main mineralized horizon over the entire six-kilometre strike length of the surveyed area with strong coincident chargeability anomalies. Chargeability anomalies within the sequence are often indicative of disseminated sulphides which are known to be associated with these gold deposits. Mineralization at Syama also occurs within the mafic volcanic rocks and three chargeability anomalies at Finkolo have been detected with strike lengths of 1.2 to 1.4 kilometres. The permit area was originally held by BHP International as part of the Syama exploration lease. Syama was identified in an area of ancient diggings which created a large geochemical anomaly. The main orebody at Syama was blanketed by a broad, low-grade laterite cap. The surface geochemical anomaly at Finkolo measures three kilometres in length and is up to 800 metres wide. The Etruscan geophysical survey has delineated discrete targets within and along strike of this zone. Previous drilling by BHP in the area encountered significant gold mineralization, either in broad disseminated zones assaying from one to six grams per tonne gold up to 33 metres in thickness, or in more discrete one- to three-metre-thick high-grade zones assaying 15 to 40 grams per tonne gold. Some of the better intercepts included 5.73 grams per tonne gold over 22.5 metres and 27.55 grams per tonne gold over three metres. A comprehensive geophysical report is being prepared by Sagax Afrique S.A. of Burkina Faso which conducted the induced polarization survey and a drilling program will be undertaken in the new year targeting anomalies with million-ounce-plus potential. The exploration program and interpretations were carried out by Etruscan's qualified person David R. Duncan, PGeo. In other gold-related news, discussions with the ministry of mines and energy in Cote d'Ivoire to acquire the Agbaou gold deposit continue to advance. Etruscan has made an application to develop the deposit which has an independently reported gold resource of 1.1 million ounces. In Niger, Etruscan's financing partner Semafo Inc. recently announced that a $12.5-million (U.S.) loan facility is available for the Samira gold project from the African Development Bank and that negotiations with other financial institutions to complete the project financing are underway. Samira has a gold resource of two million ounces and production will commence with the mining of the upper oxide portion of the deposit which, at a $300 (U.S.) gold price has a minable reserve of 715,000 ounces gold.