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

To: Salt'n'Peppa who wrote (237)	12/21/2004 12:28:33 PM
From: Cal Gary	Respond to of 281

Etruscan, Mountain Lake partner expands Tirisano Etruscan Resources Inc (TSX:EET) Shares Issued 68,141,020 Last Close 12/20/2004 $1.84 Tuesday December 21 2004 - News Release Also Mountain Lake Resources Inc (TSX-V:MOA) News Release An anonymous director reports TIRISANO COMMENCES EXPANSION COMMISSIONING Etruscan Resources Inc. and Mountain Lake Resources Inc. advise that Trans Hex Group Ltd., the operator of the Tirisano diamond mine located in South Africa, has completed phase 1 of the planned expansion to the diamond recovery facility at a cost of 16 million rand ($3.2-million) and that commissioning has commenced. Trans Hex is undertaking a multiphase expansion of the diamond recovery facility to achieve a minimum design capacity of 300 metric tonnes per hour. The phase 1 expansion included the installation of a new wet gravel feed system to improve the receiving of wet high-clay gravel that had previously been problematic during periods of wet weather. Another significant component of the expansion was the installation of a water thickener to maximize water recycling in the plant and to reduce the raw water demand from production boreholes. The final recovery systems were also reconfigured along with major upgrades to the electrical and control systems. This expansion is forecast to increase the throughput from 150 to 250 tonnes per hour and increase annual diamond production to 18,000 carats. Diamond production will continue during the commissioning period with only limited shutdowns during the month of December. Under the terms of the option agreement finalized in June, 2004, Mvelaphanda Exploration has until Aug. 19, 2005, to earn a 50-per-cent interest in the Nooitgedacht property where the Tirisano diamond mine is located. Mvelaphanda Exploration is a joint venture equally owned by Trans Hex and Mvelaphanda Resources. To earn the interest, Mvelaphanda Exploration must finance and carry out the expansion of the Tirisano diamond mine recovery facility to achieve a minimum design capacity of throughput of 300 metric tonnes per hour and must operate the plant for a period of 30 operating days at an average effective usage rate of not less than 72 per cent. Mvelaphanda Exploration is financing all working capital requirements of the Tirisano diamond mine during the option period. Mvelaphanda Exploration has stated that it expects to meet the earn-in conditions prior to the August, 2005, deadline. Upon completion of the earn-in on the Nooitgedacht property, Etruscan Diamonds and Mvelaphanda Exploration will enter into a 50/50 joint venture arrangement. Trans Hex will act as operator of the joint venture and will report to a joint management committee consisting of equal representation from each of Etruscan Diamonds and Mvelaphanda Exploration. © 2004 Canjex Publishing Ltd.