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Since first entering Namibia in 2005, Etruscan has conducted a number of large regional geological surveys over selected parts of northern Namibia near the town of Khorixas and in central Namibia, immediately east of the capital city of Windhoek. Exploration has not been solely gold-focused, but has also targeted base metals and rare earth elements. The Company's initial interest in Namibia arose from an independent doctoral thesis that concluded that certain areas have a high potential for the discovery of iron oxide copper gold ("IOCG") deposits. The association of IOCG deposits with certain pathfinder elements including uranium, thorium and rare earth elements has indirectly led to the most important project currently underway -- the Lofdal Rare Earth Element Project where extensive surface sampling has provided indications for the potential to discover a stand alone rare earth deposit. The Company recognizes the potential for the discovery of a significant rare earth deposit at Lofdal; however, the project does not fit with the corporate strategy to focus on gold in West Africa. A stand-alone self-funding rare earth company has been created to unlock value.
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