- Published: 08 October 2008
- Written by Editor
Etruscan's Youga Gold Mine produces over 6,500 ounces in September
Etruscan Resources Inc. (EET.TSX) reported today that its Youga Gold Mine located in Burkina Faso, West Africa poured in excess of 6,500 ounces of gold in the month of September representing 98% of the design output of 6,700 ounces per month. With the Youga Mine now stabilizing, Etruscan is focusing its attention on optimizing the operation and increasing production. Etruscan has recently retained the services of the Jamieson Group (www.jamiesonconsulting.com.au), a leading operational improvement firm specializing in mining operations, to assist in identifying areas where productivity improvements can be made.
The production statistics for the third quarter 2008 and the month of September follow:
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Q3 2008
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June to August September*
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Tonnes Milled 183,851 74,976
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Head Grade (g/t) 2.43 3.51
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Gold Poured (oz) 11,790 6,572
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* Note: Production numbers are preliminary and are subject to final
adjustments
>>
Mining is currently being carried out from two pits: the A2 Main and the West Pit Zone 1. The West Zone 1 pit is a higher grade, low strip orebody which started production in August and will continue to allow for the steady improvement of gold production over the coming months.
The Youga Gold Project is comprised of open pit mining from five pits with the ore being processed though a conventional CIL/gravity plant having a design capacity of one million tonnes per annum. Mineable reserves are 6.6 million tonnes with an average grade of 2.7 grams per tonne containing 580,000 ounces of gold. The project benefits from a year-round water supply from a nearby major river system (the White Volta) and access to grid power supplied via the northern grid of the Volta River Authority in Ghana is forecast for fourth quarter 2008. The current diesel powered generator system will then act as a back-up power plant to ensure constant power to the site. The Youga facility has been designed for maximum operating availability and in particular, the mill drive system was supplied new with a second new drive train (motor and gearbox) being stocked on site as a spare.
Robert Harris, P.Eng., Vice President of Operations of Etruscan, is the Qualified Person overseeing production and development in West Africa and South Africa and has reviewed and approved this press release.
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 mine development projects include the Youga Gold Project in Burkina Faso (latest press release dated August 20, 2008), the Agbaou Gold Project in Côte d'Ivoire (latest press release dated February 21, 2008), and the Finkolo Gold Project in Mali (latest press release dated July 2, 2008). Advanced and early stage exploration projects are on-going in Burkina Faso, Mali, Côte d'Ivoire, Ghana (see press release dated June 10, 2008) and Namibia (see press release dated June 19, 2008). See press release dated May 6, 2008 for a comprehensive update of explorations projects. Etruscan also has a 52.1% interest in Etruscan Diamonds Limited which has a dominant land position in the Ventersdorp Diamond District located in South Africa. (latest press release dated September 11, 2008). 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
SOURCE: Etruscan Resources Inc.
Richard Gordon, Investor Relations, This email address is being protected from spambots. You need JavaScript enabled to view it., (877) 465-3674, Fax (902) 832-6702
