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Gold/Mining/Energy : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: Letmebe Frank who wrote (1701)	1/29/2004 12:26:47 AM
From: Salt'n'Peppa	Respond to of 16206

Conservatively run diamond producer EET announces spectacular gold results from it's various Mali projects. Apologies for the table formatting (or lack thereof). Better presentation can be seen at: etruscan.com $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ Etruscan: High Grade Gold Intercepts at Finkolo WINDSOR, NOVA SCOTIA, Jan 28, 2004 (CCNMatthews via COMTEX) -- Etruscan Resources Inc. (EET.TSX) reported today that high grade gold has been intercepted on its Finkolo property located in southern Mali, West Africa. Highlights from the recently completed reverse circulation (RC) drill program at Finkolo included 38 meters of 6.4 grams per tonne gold in the porphyry zone and 20 meters of 17.1 grams per tonne gold from the Tabakoroni zone. Etruscan also reported that exploration results from its Nianembele property, located in southern Mali, outlined a gold-in-soil anomaly over 10 kilometers with values up to 300 ppb gold. Etruscan will be initiating additional exploration work on both properties, as well as, on its property holdings located in Mali West. Finkolo Exploration Program Previous air core drilling by Etruscan had intersected disseminated gold along the eastern contact of an intrusive porphyry over down-the-hole widths of 18-36 meters with average grades of up to 2.42 grams per tonne gold, and individual samples assaying up to 8.30 grams per tonne gold. The Porphyry Target zone has a potential strike length in excess of 3 kilometers. Immediately south of the porphyry a series of narrower zones returned intercepts of up to 14.35 grams per tonne gold over 3 meters. Within the main 1.5 kilometer long Tabakoroni zone, the best intersection returned 6.72 grams per tonne gold over 16.5 meters which included 22.8 grams per tonne gold over 3 meters. The recently completed RC program was comprised of 30 holes (3,724 meters) with much of the drilling focused on the Porphyry Target zone. Some of the more significant high-grade intercepts (holes MTRC-20 and MTRC-26) were drilled late in the program and warrant immediate follow-up. Check assays of these two holes were performed at a second lab and have confirmed the initial results. Results to date do not provide sufficient information to determine the continuity of mineralization within either zone. Significant intercepts in excess of 1 gram per tonne from the RC program include: ------------------------------------------------------------ Hole Section From To Width Grade (m) (m) (m) (g/t) ------------------------------------------------------------ MTRC03-002 2000N 60 66 6 1.9 MTRC03-004 900N 14 16 2 2.3 MTRC03-005 900N 118 126 8 1.4 MTRC03-006 800N 68 74 6 1.5 And 116 124 8 2.3 MTRC03-010 1100N 44 52 8 1.3 And 66 72 6 3.1 MTRC03-011 1000N 78 86 8 2.1 And 110 114 4 3.3 MTRC03-016 1800N 84 90 6 10.5 MTRC03-017 1200N 98 104 6 1.4 MTRC03-019 800N 26 34 8 3.3 And 98 102 4 5 And 108 114 6 1.6 MTRC03-020 1000N 46 84 38 6.4 MTRC03-021 1400N 60 62 2 5.8 MTRC03-024 600S 28 32 4 2 MTRC03-025 600S 34 42 8 1.8 MTRC03-026 0000N 46 66 20 17.1 ------------------------------------------------------------ The reported average grades in the main and high-grade zones are uncut and widths are down-the-hole lengths. Gold assays were carried out by Abilab Afrique de l'Ouest SARL, a mining service laboratory in Bamako, Mali. A series of standards, blanks and duplicates were submitted to the laboratory to monitor quality control and assurance. Etruscan's exploration programs including the drilling program and interpretations are being developed under the direction of Etruscan's qualified person David R. Duncan, P.Geo Holes MTRC-20 and MTRC-26 were re-sampled and sent to Analab Exploration Laboratories in Mali to verify the high grade intercepts. Gold grades were confirmed with hole MTRC-20 averaging 7.6 grams per tonne over 38 meters and hole MTRC-26 averaging 21.6 grams per tonne over 20 meters. Individual 2 meter samples within these holes assayed as high as 39 grams per tonne in hole MTRC-20 and 62 grams per tonne in hole MTRC-26. A single step back hole from MTRC03-020 failed to reach the planned depth and did not intersect the mineralization. Etruscan can acquire a 100% interest in the Finkolo Permit from a local Malian company, Bagoe National Corporation SARL ("Bagoe"), by making cash payments totalling US$350,000 and by expending US$200,000 on exploration by July 18, 2004. Bagoe will hold a 2% net smelter return on all future production from the property and will have a 5% free carried interest in the future mining company. The Malian government would hold a 10% free carried interest in the future mining company. Etruscan has entered into an option and joint venture agreement with Resolute Mining Limited whereby Resolute has the right to earn up to a 60% interest in Etrusdan's interest in the Finkolo Permit (see news release dated November 7, 2003). Nianembele Exploration Program The Nianemebele Permit covers 200 km2 in Mali South and Etruscan has recently completed a soil geochemical survey over the central portion of the permit to confirm a regional anomaly outlined by the United Nations Development Program (UNDP) in the late 1980's. This is the first exploration work carried out on the property since the UNDP program. The Etruscan survey was carried out on a 500 x 100 meter grid spacing and confirmed a northwest-trending corridor of intermittent soil anomalies over a strike length of 10 kilometers. The highest geochemical values were in the 300-350 ppb gold range. Etruscan has mobilized an auger drill to the property to follow up these geochemical anomalies. Etruscan holds an exclusive right to enter into an Option Agreement to earn a 100% interest in the Nianembale Permit. Etruscan can earn its 100% interest by keeping the permit in good standing and making property payments to the permit holder totalling approximately CDN$190,000 over a five year period. The Malian permit holder will retain a 1% carried interest in any future exploitation company formed to develop a mine. Under the terms of its agreement, Etruscan has until March 10, 2004 to conduct technical due diligence including property surveys and sampling before entering into the Option Agreement. Mali West Exploration Program Etruscan will also undertake further exploration on its Mali West property holdings at Djelimengara, Kolomba and Sanoukou in the coming weeks. An auger drill will be mobilized to Djelimengara following the completion of the Nianembele survey. The Djelimengara Permit comprises 220 km2 and is contiguous with the 10 million ounce Sadiola Hill gold deposit held by AngloGold and IamGold. The Mogoyafara Permit comprises 150 km2 and previous work has identified a 5 kilometer long regional soil anomaly with gold values ranging from 421 ppb to 3.4 grams. The Sanoukou Permit covers a surface area of 100 km2 and is situated approximately 15 kilometers southwest of the Segala and Tabakoto gold deposits held by Nevsun Resources. 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 www.etruscan.com.