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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: E. Charters who wrote (26594)	1/8/2004 9:01:01 AM
From: Condor	Respond to of 39344

thx C

To: E. Charters who wrote (26594)	1/8/2004 11:26:52 AM
From: Salt'n'Peppa	Read Replies (2) \| Respond to of 39344

Etruscan: High-Grade Gold Intersected at Youga JANUARY 8, 2004 Etruscan Resources Inc.: High-Grade Gold Zones Intersected at Youga WINDSOR, NOVA SCOTIA--Etruscan Resources Inc. (EET.TSX) announced today that the first five holes from its diamond drilling program on the Youga Gold Deposit in Burkina Faso, West Africa have all intersected high-grade gold mineralization. All five holes were drilled within the main deposit and intersected average grades of between 5.8 and 12.5 grams per tonne over widths of 14.9 to 36 meters. The high-grade zones within these intervals all occur on the hangingwall of the deposit and average between 10.2 and 21.8 grams per tonne over widths of between 4 to 12.6 meters. Visible gold is consistently observed in the high-grade zones. Details of the drill intercepts from the main and high-grade ("HG") zones in each are reported as follows: /T/ Hole Section From To Width Grade Zone (m) (m) (m) (g/t) ------------------------------------------------------------------- A2-03-85 7525N 49.7 67.5 17.8 6.1 Main 49.7 54.0 4.3 10.5 HG A2-03-86 7550N 59.6 74.5 14.9 12.5 Main 59.6 67.0 7.4 21.8 HG A2-03-87 7575N 50.5 82.6 32.1 7.3 Main 54.2 60.6 6.4 21.2 HG A2-03-88 7600N 99.0 135.0 36.0 5.8 Main 103.0 113.0 10.0 10.2 HG A2-03-89 7625N 128.3 152.0 23.7 6.8 Main 130.0 142.6 12.6 10.3 HG /T/ All sample preparations and 50 gram fire assays were performed by SGS Laboratories of Ghana. All samples are of NQ core, typically of 1 meter length and are cut in half using a core saw. Etruscan consistently employs a rigorous quality control and assurance program comprising regular insertion of certified reference standards, blanks and duplicates. The reported average grades in the main and high-grade zones are uncut and widths are down-the-hole core lengths. The primary objective of the 5,000-meter drilling program is to provide more detailed information to confirm grade and continuity of the high-grade gold zones at Youga. This information will be incorporated into a new resource and reserve estimate that will be carried out at the conclusion of the current drilling program. Etruscan has engaged RSG Global ("RSG") of Perth, Australia to assist in finalizing revised resource and reserve estimates that will incorporate the additional drill information to ensure compliance with National Policy 43-101. The drilling contract has been awarded to Boart Longyear of North Bay, Canada. The Youga drilling and exploration program is being carried out under the supervision of David Duncan, P.Geo and Qualified Person acting for Etruscan. Drilling is scheduled to resume on January 15 and will continue for approximately two months. Etruscan Resources Inc., through its wholly owned subsidiary Cayman Burkina Mines Ltd. holds a 90% interest in Burkina Mining Company ("BMC") which has been granted the rights to exploit the Youga Gold Deposits. The remaining 10% of BMC is held by the Government of Burkina Faso. The Youga Gold Deposits have a reported resource of over 1.2 million ounces with probable reserves of 664,800 ounces (see footnote) and the project is fully permitted for mine development by the Government of Burkina Faso. Etruscan also holds a 100% interest in three contiguous exploration permits covering over 50 kilometers of favourable stratigraphy in the Youga area. With the addition of the Youga Gold Deposits, Etruscan's total gold resource inventory now stands at 3.1 million ounces. Etruscan holds a 40% interest in the 2 million ounce Samira Hill Gold Project under construction in Niger, and was recently granted the Agbaou Permit in Cote d'Ivoire which has an independently reported resource of 1.1 million ounces. 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. Footnote: All resource and reserve estimates for the Youga gold deposits have been carried out by Ashanti Goldfields Limited, the former property owner. Ashanti is a multi-national company headquartered in Accra, Ghana and do not report resource and reserve estimates under National Instrument 43-101. Resources and reserves prepared by Ashanti are in accordance with the Australasian Code for Reporting Mineral Resources and Ore Reserves, September 1999 (JORC code). Etruscan Resources Inc. has not yet done the work necessary to verify the classification of these reserves and resources under National Instrument 43-101 and therefore is not treating them at this time as National Instrument 43-101 defined mineral reserves and mineral resources verified by a qualified person. Reserve and resource estimates prepared under reporting codes other than National Instrument 43-101 should not be relied upon to conform to National Instrument 43-101 standards and definitions. However, reserve and resource categories in the JORC code are substantially similar to the corresponding categories of mineral reserves and mineral resources required under National Instrument 43-101 and to the best of Etruscan's knowledge the Ashanti estimates are relevant and reliable. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Etruscan Resources Inc. Richard Gordon Investor Relations (902) 798-9701 (902) 798-9702 (FAX) or Etruscan Resources Inc. Tony Hayes Vice President (416) 368-0882 (416) 367-3638 (FAX) or Parkgreen Cathy Malins Communications, UK +44 20 7287 5544