$1 Million Offer of Debt Financing Received.Business Editors WINDSOR, Nova Scotia--(BUSINESS WIRE)--March 20, 2002 Etruscan Resources Inc. (EET.TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ) and Mountain Lake Resources Inc. (MOA.CDNX CDNX See Canadian Venture Exchange (CDNX). ) jointly announced today that an offer of financing for R7.8 million (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $1.04 million) has been extended to Mountain Ash (Pty) Ltd. by the Industrial Development Corporation of South Africa Limited ("IDC"). Mountain Ash is owned 75% by Etruscan and 25% by Mountain Lake and is the beneficial owner of seven diamond concessions located 150 kilometers west of Johannesburg. The IDC financing is structured as a 48 month debt facility for the Ventersdorp Diamond Project which is presently under construction and scheduled to be in production in the third quarter of 2002. The IDC is a major South African financing institution with over 60 years of experience. In 2001 the IDC provided in excess of R7 billion (CDN$1 billion) to some 506 projects in South Africa and member states of the Southern African Development Community The Southern African Development Community (SADC) is an inter-governmental organization. It furthers socio-economic cooperation and integration as well as political and security cooperation among 15 southern African countries. It complements the role of the African Union. ("SADC SADC Southern African Development Community SADC State Agriculture Development Committee SADC St Albans District Council (administrative authority for St Albans, Hertfordshire, UK) SADC Sector Air Defense Commander "). The offer of financing for Mountain Ash follows completion of extensive technical and corporate due diligence by the IDC. Gerald McConnell and Allen Sheito, respectively President and Chief Executive Officers of Etruscan and Mountain Lake jointly stated, "We are extremely pleased to have received this offer from the IDC as it is a clear indication of their confidence in both the Ventersdorp Project, and in our approach to doing business in South Africa. Both Etruscan and Mountain Lake are cognizant of the long-term economic and social benefits that this project will bring to the surrounding communities in which we work. This first step in partnering with the IDC would be a logical path to follow for future financings as operations expand." The common shares of Etruscan are traded on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "EET". The common shares of Mountain Lake are traded on the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) under the symbol "MOA". More extensive information on Etruscan including the latest project updates from Ventersdorp can be found on its home page at http://www.etruscan.com. No regulatory authority has approved or disapproved the content of this release |
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