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Etruscan's initial exploration efforts in West Africa in the mid-1990's were focused on the 50 kilometer Samira gold belt of Niger which today hosts Etruscan's first producing property, the Samira Hill Gold Mine. Samira Hill Gold MineThe Mine
The current mining operation is only processing the near-surface oxide and transition ores from the Samira and Libiri deposits and does not account for the possibility of mining the deeper sulphide ores or additional ores from satellite deposits along the 50 kilometer strike length of the Samira Gold Belt.
Location The Samira Hill Gold Project encompasses the Samira Hill gold deposit discovered on the Tiawa exploration permit and the Libiri gold deposit (three kilometers from Samira Hill) discovered on the Saoura exploration permit. The Samira Hill Gold Project is located approximately 90 kilometers west of Niamey, the capital city of Niger on the 50 kilometer gold belt commonly referred to as the Samira Horizon. The south-western corner of the property is contiguous with the border of Burkina Faso.
Ownership
The Samira Hill Gold Project is operated under the Nigerien company, Société des Mines du Liptako (SML) S.A. ("SML"). SML is owned 80% by African GeoMin Mining Development Corporation Limited ("AGMDC") and 20% by the State of Niger. AGMDC is in turn owned by Etruscan (50%) and Semafo Inc. (50%). Semafo Inc. is the operator of the Samira Hill Gold Mine.
Resources and Reserves
The following table sets forth Semafo Inc.'s estimates of mineral reserves and mineral resources as at December 31, 2007.
Production
The first gold ingot from the Samira Hill Gold Mine was poured on September 25, 2004 and commercial production at the Samira Hill Gold Mine commenced on October 1, 2004.
Notes: (1) Commercial production since October 2004. (2) The 2006 cash operating costs were restated following the application of EIC-160 "Stripping Costs Incurred in the Production Phase of a Mining Operation". For the nine-month period ended September 30, 2008, the Samira Hill Mine processed 1,095,600 tonnes of ore at an average grade of 1.90 g/t, to produce 52,700 ounces of gold at a cash operating cost of US$551 per ounce. Forecast production for calendar year 2009 is 70,000 ounces.
Samira Gold Belt (see map right)
The Samira Hill and Libiri deposits are just two of a number of significant gold deposits along the 50 kilometer Samira Gold Belt extending into neighbouring Burkina Faso. By constructing a central processing facility at Samira, Etruscan expects to extend the 6.3 year mine life with the development of existing satellite deposits and the discovery of new deposits within easy trucking distance of the existing mill.
Maps and Photos
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|  | © 2006 Etruscan Resources Inc. All Rights Reserved. | Disclaimer | | |
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