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

To: JR. who wrote (158)	10/8/2003 6:19:06 PM
From: JR.	Read Replies (1) \| Respond to of 281

News October 8, 2003, Windsor, Nova Scotia – Etruscan Resources Inc. (TSX:EET) announced today it has completed the previously announced Cdn$11.56 million equity financing underwritten by Sprott Securities Inc. Pursuant to the financing a total of 6.8 million common shares of the company were issued at a purchase price of Cdn$1.70 per common shares for total gross proceeds of Cdn$11.56 million. The purchasers of the shares included Sprott Asset Management Inc. who have purchased on behalf of managed accounts. The company plans to use the net proceeds of this financing to purchase the Youga Gold deposits and the rights to the contiguous exploration permits as announced previously on September 9th, 2003 and for general orporate purposes. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. Etruscan Resources Inc. is a diversified Canadian junior mining company that is focused on the exploration and development of gold properties in West Africa and diamond properties in South Africa. The common shares of Etruscan are traded on The TSX Exchange under the symbol "EET". More extensive information on Etruscan can be found on its home page at etruscan.com.. For more information from Etruscan contact: Richard Gordon, Investor Relations Tel: (902) 798-9701 / Fax: (902) 798-9702 Tony Hayes, Vice President Tel: (416) 368-0882 / Fax: (416) 367-3638 Cathy Malins, Park Green Communications, UK Tel: +44 20 7287 5544 NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE