Etruscan Resources Inc.
TSX : EET

Etruscan Resources Inc.

October 19, 2007 09:22 ET

Etruscan Announces Pricing for Proposed Public Offering

HALIFAX, NOVA SCOTIA--(Marketwire - Oct. 19, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Etruscan Resources Inc. (TSX:EET) (the "Company") announced today that it has entered into an underwriting agreement with CIBC World Markets Inc. and Cormark Securities Inc. as co-lead underwriters, to sell 11,700,000 units of the Company at a price of $3.00 per unit to raise gross proceeds of approximately $35 million pursuant to a preliminary short form prospectus filed in all the provinces of Canada (except Quebec) (the "Offering"). Each unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company for a period of 3 years following the closing date of the Offering at an exercise price of $4.00 per common share. The Company has granted the underwriters an overallotment option to purchase that number of additional common shares and half-warrants equal to up to 15% of the aggregate number of units sold pursuant to the Offering, exercisable at any time up to 30 days from the closing of the Offering.

The net proceeds of the offering will be used to fund the completion of the Youga Gold Project, to complete a feasibility study on the Agbaou Project, to fund exploration on its properties in West Africa and Namibia and for general corporate purposes. The Offering is subject to normal regulatory approvals.

The Offering is expected to close on or about November 2, 2007.

The securities referenced by this news release have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy common shares of Etruscan Resources Inc. in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Etruscan Resources Inc.

Etruscan Resources Inc. is a gold focused Canadian junior mining company with dominant land positions in district scale gold belts covering more than 13,000 square kilometers in West Africa. Its principal properties include the Youga Gold Project in Burkina Faso (Press release dated October 3, 2007), the Agbaou Gold Project in Cote d'Ivoire where its feasibility drilling program has been completed (Press release dated October 11, 2007), the Diba Gold Project in Mali where a major drill program was recently completed (Press release dated July 26, 2007), the Finkolo Gold Project in Mali where an 6,700 meter reverse circulation and diamond drilling program was recently completed (Press release dated August 30, 2007) and the Banfora Gold Belt in Burkina Faso with eight major gold targets identified and where a single sample auger drilling program began in March 2007 (Press release dated November 27, 2006). Etruscan recently announced a significant acquisition of strategic properties in Ghana (Press release dated August 7, 2007). Etruscan also has a 53.7% interest in Etruscan Diamonds Limited which has a dominant land position in the Ventersdorp Diamond District located in South Africa. (Press release dated October 9, 2007). The common shares of Etruscan are traded on The TSX Exchange under the symbol "EET". More extensive information on Etruscan can be found on its home page at http://www.etruscan.com

This press release may contain certain forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements may include statements regarding exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, mine operating costs, production targets and timetables, future commercial production, strategic plans, market price of precious metals or other statements that are not statements of fact. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Various factors that may affect future results include, but are not limited to: fluctuations in market prices of precious metals; foreign currency exchange fluctuations; risks relating to mining exploration and development including reserve estimation and costs and timing of commercial production; requirements for additional financing; political and regulatory risks, and other risks and uncertainties described in the Company's annual information form filed with the Canadian Securities regulators on SEDAR (www.sedar.com). Accordingly, readers should not place undue reliance on forward-looking statements.

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE.

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