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Mission Statement
Etruscan Resources Inc. seeks to create a mining company that is well positioned for long-term growth targeting gold in West 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, developing, and producing gold from properties primarily in West Africa. Etruscan has invested 15 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 9,000 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 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 comprised the five months of commercial production ended November 30, 2008 totaled 29,305 ounces and in 2009 totaled 64,879 ounces. This mine is forecast to produce an average of 88,000 ounces per year over the 6.6 year mine life. Forecasted gold production for 2010 is targeted at 80,000 ounces at cash costs of US$550-650 per ounce. 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 400 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 update for the Agbaou Gold Project titled "Feasibility Update 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 September, 2009. Using a gold price of $1,000 per ounce, the base case scenario in the feasibility study concludes that Agbaou will produce an average of 77,000 ounces of gold per year at a cash operating cost of US$516 per ounce over a 9.1 year mine life. The feasibility study is based on probable reserves of 10.9 million tonnes of ore with an average grade of 2.1 grams per tonne containing 665,000 ounces.
Etruscan's most advanced project in Mali is on the Finkolo gold project 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 holds a 60% interest in the Finkolo gold project and acts as operator and manager of the joint venture. In July 2009, Resolute completed an updated resource estimation for the Tabakoroni deposit on the Finkolo permit. At a 1.0 gram per tonne cutoff Resolute reported 6.83 million tonnes of measured and indicated resource at 2.78 grams per tonne gold (610,000 ounces) and a further 3.13 million tonnes of inferred resource at 2.18 grams per tonne gold (220,000 ounces). Resolute is completing the mining feasibility study that will determine the most effective means of exploiting the deposit.
The Youga, Agbaou and Finkolo projects encompass a small fraction of the strategic land package held by Etruscan in West Africa.
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