Transmitted At: 2007-03-14 12:50

Attention Business/Financial Editors:

Etruscan and Mountain Lake complete restructuring of diamond assets and CDN$11 million private placement

     /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN

     THE UNITED STATES/

     HALIFAX, March 14 /CNW/ - Etruscan Resources Inc. (EET.TSX) and Mountain

Lake Resources Inc. (MOA.TSX-V) announced today that they have completed the

formation of a new company named Etruscan Diamonds Limited ("Etruscan

Diamonds") to hold their respective interests in their diamond assets in South

Africa. Each of Etruscan and Mountain Lake, together with other third parties,

transferred all of their interests ( both debt and equity) in Etruscan

Diamonds (Pty) Limited, the entity holding their interests in the South

African diamond assets, to Etruscan Diamonds in exchange for shares of

Etruscan Diamonds. Upon completion of the restructuring, Etruscan and Mountain

Lake owned 62% and 21% respectively of Etruscan Diamonds with the balance

being held by various third parties.

     Etruscan and Mountain Lake also announced today that Etruscan Diamonds

has successfully completed a CDN$11 million private placement financing. The

proceeds of the private placement will be primarily used to continue the

exploration program and undertake a pre-feasibility study on the

Hartbeestlaagte property described below. A 43-101 compliant independent

technical report dated January 29, 2007 prepared by Dr. Tania Marshall of

Explorations Unlimited estimates the in situ inferred diamond resources on the

Hartbeestlaagte property to be 16.2 million cubic meters at an average grade

of 3.18 carats per hundred cubic meters (approximately 500,000 carats). Upon

successful completion of the pre-feasibility study on the Hartbeestlaagte

property, Etruscan Diamonds intends to undertake a public offering and apply

for a listing on the Toronto Stock Exchange and the Johannesburg Stock

Exchange to bring the Hartbeestlaagte property into production.

     The private placement offering consisted of common shares of Etruscan

Diamonds offered at a price of CDN$2.00 per share. As a result of completion

of the private placement financing Etruscan and Mountain Lake now own 50.8%

and 17.2% respectively of Etruscan Diamonds. CIBC World Markets Inc. acted as

the private placement agent in relation to the financing.

     The restructuring and financing were undertaken by Etruscan and Mountain

Lake in order to realize the value of the diamond assets and will allow

Etruscan Diamonds to more aggressively pursue the exploration and development

of the diamond assets while Etruscan Resources Inc. focuses on the exploration

and development of its gold properties in West Africa and Mountain Lake

focuses on exploration of its gold and base metals properties in Eastern

Canada.

     Hartbeestlaagte Property

     ------------------------

     The Hartbeestlaagte property covers approximately 4,000 hectares and is

located approximately 35 kilometers due north of the town of Ventersdorp in

the Ventersdorp Alluvial Diamond District. This District covers approximately

5,000 km(2) and mining of alluvial diamonds has been carried out in the

District since 1904. Total reported production from the District during the

period 1926 to 1984 is estimated at 667,000 carats.

     Three bulk samples have been completed on the Hartbeestlaagte property,

processing over 78,000 cubic meters of Lower Gravel Package ("LGP") gravels

and recovering approximately 2,500 carats at a global grade of 3.18 carats per

hundred cubic meters with a bottom cut-off size of 1.6 millimeters. A limited

amount of Upper Gravel Package ("UGP") was also processed (approximately

12,000 cubic meters) to recover 187.7 carats at an average grade of

1.53 carats per hundred cubic meters. The treatment of the bulk samples was by

a process of scrubbing and screening followed by pan concentration and x-ray

sorting. This process has proved feasible for the treatment of the various

gravel packages and will form the basis of the commercial plant flow sheet.

     The results from the bulk sampling program have indicated that a deep

karst system exists on the Hartbeestlaagte property trending from the

northwest down to the southeast which appears to comprise a number of deep

sink holes connected by incised channels. The gravel stratigraphy comprises an

upper gravel horizon and a lower gravel unit that are both economically

diamondiferous, separated by a sub-economic finer grained pebble clay unit.

Gravity surveys and drilling have indicated that the gravel filled sink holes

extend over 100 meters in depth and may be up to 200 meters in the deeper

parts of the karst system.

     The independent 43-101 resource estimate for the Hartbeestlaagte property

completed by Dr. Marshall estimated the inferred diamond resources to be

16.2 million cubic meters of LGP gravels at an average grade of 3.18 carats

per hundred cubic meters (approximately 500,000 carats) at an average sales

value of USD$400 per carat of actual sales of recovered diamonds. The 43-101

report confirms that, in addition to the inferred resource, a large area of

exploration potential exists in both the lower gravel package and the upper

gravel package including an indefinable volume of material that is located

below the present drilling level in the sink holes. Drilling to date has been

limited to a vertical depth of 117 meters in these areas. Geophysical modeling

is unable to identify the base of the bedrock in these structures with any

accuracy nor has the drill program penetrated the thick gravels. As a result,

it has not been possible to estimate what volume of gravel might exist, though

it is expected to be substantial. The report recommends that the prospecting

phases be completed to upgrade the inferred resource to indicated resource and

converted to probable reserves through a preliminary feasibility study as a

precursor to the commencement of full mining production.

     Etruscan Diamonds will undertake additional drilling and sampling to

upgrade the currently identified inferred resources to the indicated category.

Further drilling and bulk sampling will also be undertaken to identify

additional inferred resources and further exploration potential. Concurrently

with the indicated resource study, a preliminary feasibility study will be

completed to convert the indicated resources into probable reserves. As part

of this exploration program, an upgrade of the exploration processing plant

will be completed to allow the processing of approximately 50,000 cubic meters

per month. This activity will be funded by the proceeds of the private

placement referred to above.

     Robert Harris P. Eng and Vice President of Operations of Etruscan

Resources Inc. is the Qualified Person overseeing the diamond projects in

South Africa.

     The common shares of Etruscan are traded on The TSX Exchange under the

symbol "EET". The common shares of Mountain Lake are traded on the TSX Venture

Exchange under the symbol "MOA". More extensive information on Etruscan and

Mountain Lake can be found on their respective websites at

http://www.etruscan.com and http://www.mountain-lake.com.

     This press release may contain certain forward-looking statements which

involve known and unknown risks, uncertainties and other factors which may

cause the actual results, performance or achievements of the Companies to be

materially different from any future results, performance or achievements

expressed or implied by such forward-looking statements. Forward-looking

statements may include statements regarding exploration results and budgets,

mineral reserve and resource estimates, work programs, capital expenditures,

mine operating costs, production targets and timetables, future commercial

production, strategic plans, market price of precious metals or other

statements that are not statements of fact. Although the Companies believe the

expectations reflected in such forward-looking statements are reasonable, it

can give no assurance that such expectations will prove to have been correct.

Various factors that may affect future results include, but are not limited

to: fluctuations in market prices of precious metals; foreign currency

exchange fluctuations; risks relating to mining exploration and development

including reserve estimation and costs and timing of commercial production;

requirements for additional financing; political and regulatory risks, and

other risks and uncertainties described in the Companies' annual information

forms filed with the Canadian Securities regulators on SEDAR (www.sedar.com).

Accordingly, readers should not place undue reliance on forward-looking

statements

     NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS

     RELEASE AND THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT

     RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS

     RELEASE.

For further information: 

Etruscan: Richard Gordon, Investor Relations, (877) 465-3674, Fax: (902) 832-6702; Tony Hayes, Investor Relations, (866) 638-3338,

Fax: (905) 468-8407; 

Mountain Lake: Greg Lytle, Communications Manager, (866) 285-5817, info@mountain-lake.com