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

To: 1king who wrote (256)	6/13/2005 10:52:35 AM
From: Cal Gary	Respond to of 281

Etruscan to JV with Mvelaphanda on Tirisano mine Etruscan Resources Inc (TSX:EET) Shares Issued 68,188,020 Last Close 6/10/2005 $1.70 Monday June 13 2005 - News Release Also Mountain Lake Resources Inc (TSX-V:MOA) News Release Mr. Richard Gordon reports ETRUSCAN AND MOUNTAIN LAKE ANNOUNCE MVELAPHANDA EARNS 50% INTEREST IN THE TIRISANO DIAMOND MINE Etruscan Resources Inc. and Mountain Lake Resources Inc. are confirming that Mvelaphanda Exploration Inc. has met the requirements to earn a 50-per-cent interest in the Tirisano diamond mine located in the Ventersdorp region, South Africa. Mvelaphanda Exploration is owned 50 per cent by Trans Hex Group Ltd., the second-largest diamond producer in South Africa and 50 per cent by Mvelaphanda Resources Ltd., a broadly based black empowerment company focused on the South African mineral sector. To achieve the earn-in, Mvelaphanda Exploration financed and completed an expansion of the plant at the Tirisano diamond mine to achieve plant throughput of in excess of 157,000 tonnes for a 30-day period. The total cost of the expansion was $5-million and included the addition of a wet front end, a water thickener to allow maximum water recycle and an upgrade of the final diamond recovery equipment. Etruscan Diamonds and Mvelaphanda Exploration will now enter into a 50/50 joint venture arrangement. Trans Hex Group Ltd. will continue to 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. The latest parcel of diamonds produced from the Tirisano diamond mine was sold for an average price of $606 (U.S.) per carat. This is significantly higher than the $400 (U.S.) per carat used in the original economic modeling of the Tirisano mine reflecting the increased global demand for gem quality rough diamonds. The parcel of 1,245 carats, which yielded $754,470 (U.S.), included stones ranging in weight from 0.25 to 24.36 carats. Gerald J. McConnell, president of Etruscan Resources Inc., stated: "We are very pleased that Mvelaphanda Exploration has completed its earn-in at Tirisano. Mvelaphanda and its shareholders bring invaluable knowledge and expertise to the Tirisano operation. The expanded Tirisano plant coupled with the increased market selling price for diamonds provide a solid start to building a profitable diamond operation. We look forward to working in partnership with Mvelaphanda Exploration to optimize the opportunity from Tirisano for our respective shareholders and the surrounding local community." We seek Safe Harbor.