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Etruscan Resources Inc

Monday, February 4th, 2008

Etruscan Resources Inc. announce that Etruscan Diamonds (Pty) Ltd. has received a National Instrument 43-101 compliant independent resource update on its Blue Gum Diamond Project in South Africa which substantially increases the resource on the project. The independent resource update prepared by Dr. Tania Marshall of Explorations Unlimited estimates that the Blue Gum Diamond Project contains 20.5 million cubic meters of indicated diamond resource and 17 million cubic meters of inferred diamond resource as follows:
Indicated Resources(Million m3), Inferred Resources(Million m3), Grade(ct/100m3), Value(USD/ct)
Upper Gravel Package 12.762 9.175 1.77 466
Lower Gravel Package 7.752 7.824 2.85 466
TOTAL 20.514 16.999 466
A 43-101 compliant report on the Blue Gum Resource Update will be filed on SEDAR within 45 days.
Kevin MacNeill, President of Etruscan Diamonds stated:
“We are extremely pleased with the increase in the resource on the project. We believe the potential exists to expand the resource even further with additional bulk sampling and continued exploration on other portions of the Blue Gum property. We will continue infill drilling in the inferred blocks to upgrade these areas to indicated resource ahead of mining.
Over the past six months, our sales of diamonds have achieved an average price of $545 per carat and we believe this increase will continue and further improve prices of our 2008 diamond sales. This will obviously enhance the economics of an already robust project.”
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