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

To: JR. who wrote (160)	10/31/2003 5:01:55 PM
From: Salt'n'Peppa	Respond to of 281

Etruscan Resources: 3rd Quarter Financial Results Friday October 31, 8:50 am ET WINDSOR, NOVA SCOTIA--Etruscan Resources Inc. (EET.TSX) announced today that it earned net income of $4.2 million for the nine months ended August 31, 2003. Net income per share was $0.09. This compares to a net loss of $630,000 for the nine months ended August 31, 2002. Net income in the 3rd quarter 2003 was $500,000 compared to a net loss of $630,000 in the 3rd quarter 2002. The increased earnings are attributed to gains realized on the sale of investments. The 3rd Quarter Financial Report is available on SEDAR at www.sedar.com and on the Company's website at www.etruscan.com. Etruscan recently announced an agreement with Ashanti Goldfields Company Limited ("Ashanti") and Echo Bay Mines Limited ("Echo Bay") now part of Kinross Gold, to purchase the Youga Gold Deposits and the rights to three exploration permits in Burkina Faso for a total purchase price of US$6.5 million. On October 8, 2003, Etruscan completed a Cdn$11.56 million equity financing underwritten by Sprott Securities Inc. for purposes of financing the acquisition of the Youga Gold Deposits and contiguous exploration permits. Etruscan also has a 51% interest in the Tirisano Diamond Mine in South Africa which is presently being expanded to a 960,000 cubic meter per annum operation. At this expanded plant through-put annual diamond production is projected to increase to 27,600 carats. Additionally, Etruscan has a 40% interest in the Samira Hill Gold Mine in Niger, which is presently under construction. 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. Etruscan's common shares are listed on The Toronto Stock Exchange under the symbol "EET".