AMENDED RELEASE - Etruscan Enterprises Samira Gold Resource Moves into Drill Indicated and Inferred Categories.

DARTMOUTH, Nova Scotia--(BUSINESS WIRE)--Nov. 8, 1996--(VSE: EET.) Etruscan Enterprises Ltd. announced today that D.R. Duncan and Associates Limited of Coldbrook, Nova Scotia had completed a review of all data on the Tiawa property and made recommendations for additional exploration on the property, all of which are contained in a report dated September 24, 1996 as amended October 30, 1996.

D.R. Duncan and Associates have updated their initial mineral inventory released on May 29, 1996 based upon the subsequent exploration program to June 30, 1996 which included a further 11 diamond drill holes and 2 reverse circulation drill holes. They report the in situ geological mineral inventory to be 22.2 million tonnes averaging 2.11 grams of gold per tonne representing 1.51 million ounces of gold. Of this, 17.1 million tonnes has moved into the drill indicated (probable) category.

The resource reported is as follows:

                    Tonnes     Grade    Tonnes     Grade
Zone             (Indicated)   (g/t)   (Inferred)  (g/t)

Samira (West)       576,113     2.26     437,400    2.01
Samira (Main)    13,762,434     2.37   3,375,000    1.89
Samira (East)     2,813,763     1.41   1,194,168    1.40
Total All Zones  17,152,310     2.21   5,006,568    1.78

The overall mineral inventory has been reduced from the initial figures of 20,700,000 tonnes grading 2.9 grams for a total of 1.937 million ounces primarily due to lower than anticipated grades and thickness in the west and east areas and at depth in the main zone.

The Duncan report noted that the potential to delineate additional near surface mineral inventory in the Samira Area is very high to excellent. Therefore, a reverse circulation drilling program has begun in the Samira (West) and Samira (East) areas and results are expected shortly.

As well, at least six other areas of the Tiawa property are targeted for exploration as part of the ongoing program. Numerous coincident geochemical (gold and arsenic) and geophysical anomalies are present on the Tiawa property and remain to be fully investigated.

D.R. Duncan and Associates' budget to complete the fall program, which began in September, is estimated to be CDN $3,850,000. $400,000 has been funded from the proceeds of a special warrant offering of Etruscan completed in April of 1996 and the remainder will be funded from the proceeds of a special warrant offering completed by Etruscan in October of 1996.

Dr. William Young, Vice President of Etruscan, said "We are extremely pleased to see the resource at Samira move into a more solid category with this additional information, which clearly establishes Samira as one of the larger gold deposits in West Africa. In addition, our very encouraging exploration results continue to demonstrate that we have unlocked the key to West Africa's next gold belt."

The Tiawa property covers 1,240 square kilometers of the Sirba greenstone in the Liptako District of Niger, West Africa near the border with Burkina Faso. The Tiawa concession is held by African GeoMin Mining Development Corporation. Etruscan purchased a 56 percent interest in African GeoMin in the spring of 1996 and immediately began an integrated multi-disciplinary exploration program to evaluate the full nature and extent of gold mineralization on the property. On August 23, 1996, Etruscan announced that it had signed a letter of intent to acquire the remaining 44 percent in African GeoMin in consideration of the issuance of 6,500,000 shares of Etruscan. The terms of the share purchase agreement are presently being finalized. The proposed acquisition will be subject to the receipt of an acceptable valuation and fairness opinion, the approval of the independent committee of the Board of Directors, shareholder approval and regulatory approval.

Etruscan enterprises Ltd. is involved in the acquisition, exploration and development of mineral properties in North America and West Africa.

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ON BEHALF OF THE BOARD OF DIRECTORS

Angus G. MacIsaac, Secretary, Treasurer

The Vancouver Stock Exchange has neither approved nor disapproved of the contents of this news release.

CONTACT: Etruscan Enterprises Ltd. (Geneva, Switzerland)

Pierre Besuchet, 22/732 53 55

or

Etruscan Enterprises Ltd. (Dartmouth, Nova Scotia, Canada)

Angus G. MacIsaac, 902/468-9270

or

Etruscan Enterprises Ltd. (Toronto, Ontario, Canada)

William Young, 416/368-0882