Positive Feasibility Study For Finkolo JV

HALIFAX, Etruscan Resources Inc. has received a positive feasibility study for the Tabakoroni Gold Deposit located on the Finkolo Exploration Permit in southern Mali, West Africa.
The Finkolo Exploration Permit forms part of the Finkolo Joint Venture in which Resolute Mining Limited holds a 60% interest and Etruscan Resources Mali SARL holds a 40% interest. Resolute is the operator under the joint venture.
The feasibility study is based on proven reserves of 1.0 million tonnes of ore with an average grade of 3.3 grams per tonne containing 109,000 ounces and probable reserves of 1.4 million tonnes of ore with an average grade of 2.9 grams per tonne containing 127,000 ounces with a strip ratio of 9.5 to 1 and cash costs of US$710 per ounce.
The study proposes open pit mining of three pits using a contract mining fleet with the ore to be trucked and processed through Resolute's nearby, operating Syama gold mine (pit optimizations were carried out using a gold price of US$900 per ounce).
The initial mining rate is 9.8 million tonnes per annum decreasing to 6.3 million tonnes per annum in the final year of the mining operation.
The average gold recovery ranges from 89% in the oxide ore to 65.6% in the primary ore. Initial capital costs for the Finkolo Gold Project are estimated to be US$1.7 million.
Dr. Sally Eyre, President and CEO of Etruscan, stated "the completion of the feasibility study and the subsequent submission to the Malian Department of Geology and Mines is an essential step towards securing a Mining Permit in order for the Finkolo Joint Venture to proceed with mine development at the Finkolo Gold Project".
The company's address is Suite 306, Royal Bank Building, 1597 Bedford Highway, Halifax, Nova Scotia B4A 1E7, (902) 832-6700, Fax: (902) 832-6702, email: [email protected], www.etruscan.com.