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

To: 1king who wrote (253)	4/27/2005 5:13:13 PM
From: Cal Gary	Read Replies (1) \| Respond to of 281

CONSTRUCTION BEGINS ON THE YOUGA GOLD PROJECT 2005-04-27 11:50 ET - News Release Mr. Richard Gordon reports CONSTRUCTION BEGINS ON THE YOUGA GOLD PROJECT Etruscan Resources Inc.'s initial phase of construction on its Youga Gold project in Burkina Faso has started with general earthworks and site preparation. The site work consists of upgrading of the main access road and the clearing and terracing of the main plant site. On-site roads are also being constructed and upgraded. MDM Ferroman (Pty.) Ltd., which delivered the feasibility study in January of this year, has been contracted to complete this initial earthworks program. Etruscan has also concluded an agreement to purchase a grinding mill (Allis-Minerals ball mill) for the Youga Gold project based upon a positive inspection by an independent engineering firm. This 130-tonne-per-hour mill which is presently in operation at the Louvicourt mine in Val D'Or, Que., will be decommissioned at the end of June, 2005, and then dismantled, packaged and shipped to the Youga project site. Etruscan has also purchased a refurbished jaw crusher (30 inches by 42 inches) in South Africa to be delivered to the Youga project site in the fall. The Youga Gold project is expected to be in production by mid-2006 and produce an average of 88,000 ounces of gold per year at a cash operating cost of $255 (U.S.) per ounce over a 5.5-year mine life. The feasibility study is based on minable reserves of 5.5 million tonnes of ore with an average grade of 2.9 grams per tonne calculated at an unhedged gold price of $400 (U.S.) per ounce. The study proposes open-pit mining of three pits via contract mining with the ore to be processed through a conventional gravity-CIL (carbon-in-leach) plant with a design capacity of one million tonnes per year. We seek Safe Harbor.