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Mission Statement
Etruscan Resources Inc. seeks to create a diversified mining company that is well positioned for long-term growth targeting gold in West Africa and diamonds in South Africa. Etruscan will acquire, explore and develop quality resource projects capitalizing on our superior management and operational expertise and strong local knowledge within the countries in which we operate in order to create outstanding growth and shareholder wealth.
Corporate Overview
Etruscan is in the business of acquiring, exploring and developing gold and diamond properties primarily in Africa. Etruscan has invested 14 years into building a comprehensive land portfolio in Africa. West Africa is geographically endowed with some of the most prolific green stone belts in the world. The region has a proven track record of producing gold mines; however, exploration is in its infancy with first generation discoveries all made by surface geochemistry. Second generation discoveries await. Etruscan has secured strategic land positions covering over 10,000 km2 on a number of known gold belts in four countries in West Africa. This package represents one of the largest strategic land packages held by any mining company operating in West Africa. Etruscan's strategy has been to acquire a dominant land position within a district scale gold or diamond belt where the potential for new discoveries is considered high. Etruscan has a demonstrated track record of making strategic discoveries and acquisitions and taking projects through to production.
Etruscan's most advanced gold project is the Youga Gold Project located in Burkina Faso. Production at the mine commenced in February 2008 and commercial production was achieved on July 1, 2008. Gold production for fiscal 2008 which comprises the five months of commercial production ended November 30, 2008 totaled 29,305 ounces at an estimated cash operating cost of US$598 per ounce. This mine is forecast to produce 88,000 ounces per year over the 6.6 year mine life. The Youga Gold Project is located on the 80 kilometer strike length of the Youga gold belt which extends to the southwest into Ghana along the Bole-Bolgatanga gold belt. Etruscan controls in excess of 1,000 km2 along the Youga/Bole-Bolgatanga gold belts. Etruscan believes future growth will come from developing satellite deposits along the Youga gold belt to be processed at the centrally located Youga processing facility. Etruscan holds a 90% interest in the Youga Gold Project with the remaining interest held by the Burkinabe government.
Etruscan's second most advanced project is its Agbaou Gold Project which covers 469 km2 giving Etruscan control of the 40 kilometer strike length of the Oumé-Fêtêkro gold belt. Agbaou is one of the largest undeveloped gold resources in Côte d'Ivoire. A feasibility study for the Agbaou Gold Project titled "Feasibility Study Report on the Agbaou Gold Project, Côte d'Ivoire, West Africa" prepared by MDM Engineering International Ltd. and Coffey Mining Pty Ltd. was completed in November 2008. Using a gold price of $850 per ounce, the base case scenario in the feasibility study concludes that Agbaou will produce an average of 82,000 ounces of gold per year at a cash operating cost of US$507 per ounce over a 6.3 year mine life. The feasibility study is based on probable reserves of 7.4 million tonnes of ore with an average grade of 2.4 grams per tonne containing 566,000 ounces.
Etruscan's most advanced project in Mali is on the Finkolo exploration permit located in Mali South approximately 300 kilometers southeast of Bamako. The Finkolo permit covers 160 km2 along the Syama Gold Belt and is contiguous with the Syama gold mine of Resolute Mining Limited. Resolute is managing and funding the exploration program at Finkolo pursuant to an option and joint venture agreement. Resolute has earned a 60% interest in the Finkolo Project. A resource estimate prepared in July 2009 by Resolute Mining Limited concluded that at a 1.0
gram per tonne cut off, Finkolo contains measured and indicated resources of 6.83 million tonnes at an average grade of 2.78 grams per tonne containing 610,000 ounces of gold and inferred resources of 3.13 million tonnes at an average grade of 2.18 grams per tonne containing 220,000 ounces of gold.
The Youga, Agbaou and Finkolo projects encompass a small fraction of the strategic land package held by Etruscan in West Africa. Etruscan holds strategic land positions in West Africa and Namibia, with permits covering in excess of 14,000 km2 in West Africa and in excess of 10,000 km2 in Namibia.
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