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Etruscan, through its subsidiary, Etruscan Diamonds (Pty) Limited ("Etruscan Diamonds"), has acquired strategic properties in the Ventersdorp and Lichtenberg alluvial diamond districts, located approximately 150 kilometers and 200 kilometers respectively west of Johannesburg, South Africa. Etruscan holds a 47% interest in Etruscan Diamonds which owns the Blue Gum Diamond Mine.
The Company has signed a term sheet with Rockwell Diamonds Inc. (TSX.RDI) whereby Rockwell proposes to purchase the Company's diamond interests. The price to be paid to the Company is an amount not exceeding ZAR 33.5 million (approximately $4.4 million) payable in Rockwell shares valued at C$0.068 each. Completion of the disposition is subject to a number of conditions including South African mining ministry consent and securities regulatory approvals including TSX. Completion is targeted for the third calendar quarter of 2010.
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