President Gerry McConnell with Hakim Ouazzani (Project Manager) and Ahmed Elarouri (Mine Manager), holding first Samira Hill Gold Bar.

Samira - Etruscan's First Gold 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.

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.

The following table sets forth Semafo Inc.'s estimates of mineral reserves and mineral resources as at December 31, 2007.

Samira Hill Mineral Resource
Measured Resource			Indicated Resource			Inferred Resource
Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	g/t			g/t			g/t
12,976,000	1.14	476,900	20,390,400	1.15	751,800	18,755,875	0.99	597,800

Samira Hill Mineral Reserves
Proven Reserves			Probable Reserves			Total
Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	g/t			g/t			g/t
10,339,800	1.81	600,100	2,281,200	1.85	135,800	12,621,000	1.81	735,900

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.

Year Ended December 31
Production Update	2007	2006	2005	2004(1)	Total
Gold production (ounces)	79,300	47,600	96,500	21,500	244,900
Plant throughput (tonnes)	1,510,500	880,600	1,373,600	398,400	4,163,100
Head-grade (g/t)	1.99	2.14	2.41	2.03	2.16
Recovery (%)	83	80	88	89	85
Cash operating cost(2) (US$/ounce)	425	397	216	192	317

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.

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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.