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Etruscan Enterprises Ltd. Update.

DARTMOUTH, NOVA SCOTIA --(BUSINESS WIRE)--March 10, 1997--(VSE EET.) Etruscan Enterprises Ltd. reported today that additional results from the on-going gold exploration program on the Tiawa Concession in Niger, West Africa have outlined significant target areas outside of the Placer Dome option area with similar potential to the Samira Horizon. The company also announced that exploration programs have been initiated on the Koma Bangou and Kossa Concessions.

TIAWA CONCESSION Tonde Boubangou

A major gold target has been identified at Tonde Boubangou coincident with a regional arsenic anomaly which covers an area of 30 square kilometers. Auger drilling on widely spaced sample lines spread 400 meters apart has delineated a gold trend in saprolite with a strike length of 8 kilometers and up to 200 meters in width with values up to 1.74 grams gold per tonne. The gold trend is coincident with the entire arsenic anomaly and with a regional geophysical trend identified from a recently completed airborne survey. Geologic teams report extensive quartz veining in outcrops along the trend. The geochemical and geophysical response of this anomaly is very similar to the Samira Horizon which is located 16 kilometers to the south. More detailed auger drill sampling is on-going and a 2,000 meter trenching program will explore the zone along its 8 kilometer strike length. Reverse circulation drilling will follow the trenching program.

Tonde Boubangou North

The alluvial gold anomaly previously reported at Tonde Boubangou North has now been confirmed by auger drilling in saprolite and the strike length has increased from 800 meters to 3 kilometers with gold values up to 1.88 grams per tonne. Much of the anomaly lies under a north-south trending laterite plateau. More detailed auger drilling has been completed and results are pending.

Boulon Djounga West

More detailed auger drilling has confirmed the Boulon Djounga West target where coincident gold anomalies in saprolite coincide with geophysical trends over a strike length of 2.5 kilometers. This trend is the probable strike extension of the Samira Horizon outside of the Placer Dome option area. An excavator has been mobilized to the area to begin trenching prior to a 2,500 meter reverse circulation drilling program.

KOMA BANGOU CONCESSION

Etruscan is making application to proceed with a 50,000 tonne test leach pad at Koma Bangou where a geologic resource of 308,000 ounces has been drilled off. Following the very significant developments on the Tiawa Concession, the Company has completed a re-evaluation of the existing data on Koma Bangou and identified four major gold targets for immediate follow up. These targets are similar to the Samira gold deposit with coincident gold and arsenic geochemical anomalies in sedimentary rocks along airborne geophysical conductors over strike lengths up to 4 kilometers. Previous diamond drilling in the Central Zone area had intersected 17.59 grams per tonne gold over 10.5 meters in quartz veins in argillaceous and graphitic sediments. Field crews are being mobilized to carry out ground geophysical surveys and auger drilling programs.

KOSSA CONCESSION

As previously announced on January 31, 1997, Etruscan recently completed an airborne geophysical survey over the 1875 square kilometer Kossa Concession which identified major regional structures coincident with areas of active gold diggings. During a recent property visit Etruscan geologists reported that new gold digging fields have been started by local orpailleurs over one of these trends with a potential strike length of 10 kilometers. Large quartz veins were found in a felsic intrusion known to cover an area of 200 square kilometers with reported copper showings. Geologists report the occurrence of Tarkawaian conglomerates on the permit. A US$850,000 exploration program including geochemical prospecting and drilling over the primary areas of interest will be completed before the rainy season starts in June.

Gerald J. McConnell, President of Etruscan said "We believe that our decision to take the lead in Niger was the right move. Today, Etruscan is poised to see the development of a world class gold mine with Placer Dome at Samira, and the emergence of a mining camp on the Tiawa Concession. Our experience at Tiawa is opening up new opportunities at Koma Bangou and our expectations at Kossa, one of the largest gold concessions in West Africa, are high. Etruscan has established itself as one of the major players in West Africa."

Etruscan is involved in the acquisition, exploration and development of mineral properties in North America and West Africa. Etruscan is 9 percent beneficially owned by NovaGold Resources Inc. which is listed on the Toronto Stock Exchange under "NRI" and 19 percent by Placer Dome Exploration Inc.

ON BEHALF OF THE BOARD OF DIRECTORS

Gerald J. McConnell, President

More extensive information on Etruscan, can be found on our home page at http://www.etruscan.com -0- The Vancouver Stock Exchange has neither approved nor disapproved of the contents of this news release.

CONTACT: Etruscan Enterprises Ltd. - Dartmouth, Nova Scotia

Andrew London, 902/468-9270

or

Etruscan Enterprises Ltd. - Geneva, Switzerland

Pierre Besuchet, 22/732 53 55

or

Etruscan Enterprises Ltd. - Toronto, Ontario

William Young, 416/ 368-0882
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Date:Mar 10, 1997
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