ETRUSCAN ACHIEVES COMMERCIAL PRODUCTION AT THE YOUGA GOLD MINE
Halifax, Nova Scotia, July 9, 2008 � Etruscan Resources Inc. (EET.TSX) reported today that it has achieved commercial production at its Youga Gold Mine, located inBurkina Faso, West Africa. The criteria established for commercial production stipulated that all components of the processing plant were to operate over a thirty consecutive day period at 60% of design capacity or better with gold production achieving at least 60% of forecast. Mill throughput for the thirty day period ended July 7, 2008 totaled 53,764 tonnes which represents 65% of the design throughput and 4,094 ounces of gold were produced during this period which represents 61% of the forecast amount. Production statistics continue to show steady improvements and the gold recovery plant continues to operate at projected efficiency with an average gold recovery of over 93%. Gold production is scheduled to increase during July as plant throughput and mill feed grades reach forecast levels. At design capacity the Youga Gold Mine will be processing 83,000 tonnes per month and recovering an average of 6,700 ounces of gold per month.
The effective date for commercial production for accounting purposes will be July 1, 2008, at which date gold sales and operating costs will be reported on Etruscan�s income statement. Prior to July 1, 2008 gold sales and operating costs have been capitalized for financial accounting purposes.
Current mineable reserves at Youga are 6.6 million tonnes with an average grade of 2.7 grams per tonne containing 580,000 ounces of gold, which is contained in five separate pits. The mill feed to date has come from the A2 Main pit which has mineable reserves of 4.1 million tonnes with an average grade of 3.1 grams per tonne and a strip ratio of 6.8 to 1. Mining operations have recently commenced at the A2 West Zone 1 pit which is scheduled to be mined during July and August. Mineable reserves at A2 West Zone 1 are 0.5 million tonnes at an average grade of 3.0 grams per tonne with a very low strip ratio of 1.3 to 1. A number of potential satellite gold deposits have already been identified on the Youga mining permit within a three kilometer radius of the existing plant and are being evaluated for conversion into reportable resources and reserves. Furthermore, an exploration program at the Ouare gold deposit, located 35 kilometers northeast of the Youga Gold Mine, has generated positive results (see news release dated May 29). The Ouare deposit has the potential to develop additional reserves to further extend the mine life at Youga.
Robert Harris, P.Eng., Vice President of Operations of Etruscan, is the Qualified Person overseeing production and development in West Africa and has reviewed and approved this press release.
About Etruscan Resources Inc.
Etruscan Resources Inc. is a gold focused Canadian junior mining company with dominant land positions in district scale gold belts covering more than 13,000 square kilometers in West Africa. Its principal mine development projects include the Youga Gold Project in Burkina Faso, the Agbaou Gold Project in C�te d�Ivoire (press release dated February 21, 2008), and the Finkolo Gold Project in Mali (press release dated July 2, 2008). Advanced and early stage exploration projects are on-going in Burkina Faso, Mali, C�te d�Ivoire, Ghana (press release dated June 10, 2008) and Namibia (press release dated June 19, 2008). See press release dated May 6, 2008 for a comprehensive update of explorations projects. Etruscan also has a 53.7% interest in Etruscan Diamonds Limited which has a dominant land position in the Ventersdorp Diamond District located in South Africa . (press release dated June 13, 2008). 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 http://www.etruscan.com
For more information from Etruscan contact:
Richard Gordon, Investor Relations, email: email@example.com Tel: (877) 465-3674/ Fax (902) 832-6702
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 Company 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 Company believes 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 Company�s annual information form filed with the Canadian Securities regulators on SEDAR (www.sedar.com). Accordingly, readers should not place undue reliance on forward-looking statements.
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