ETRUSCAN REPORTS 2006 YEAR END RESULTS

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1 ETRUSCAN REPORTS 2006 YEAR END RESULTS Windsor, Nova Scotia, February 28, Etruscan Resources Inc. (EET.TSX) has reported its financial and operating results for the year ended November 30, The 2006 audited financial statements and management s discussion and analysis are available on the SEDAR website at or at the Company s website at All figures are reported in Canadian dollars unless otherwise noted. Highlights from operations during 2006 include: Development of the Youga Gold Project in Burkina Faso significantly advanced and on schedule for June 2007 commissioning; Drilling at the Diba property in Mali confirmed a significant new gold discovery; Continued significant high grade gold intercepts from the Finkolo Gold Project in Mali; Agbaou Gold Project in Côte d Ivoire advances toward feasibility; Eight major gold targets identified on the Company s properties located on the Banfora gold belt in Burkina Faso; Etruscan established itself as the dominant property holder in the major West African gold belts; US$35 million project debt facility secured for the Youga Gold Project and CDN$34 million of equity raised during May 2006; 139% increase in the share price and 203% increase in market capitalization during fiscal 2006; and Initiated bulk sampling on Hartbeestelaagte diamond property in South Africa to support compliant resource statement. During 2006, Etruscan continued with its strategy of acquiring dominant land positions within district scale gold and diamond belts in Africa. The Company presently has an interest in properties covering in excess of 10,000 km 2 on proven gold belts in five West African countries and in excess of 800 km 2 in the Ventersdorp alluvial diamond district in South Africa. While the Company has interests in operations that produce gold and diamonds together with advanced stage projects, these projects cover only a small portion of the Company s landholdings, the remainder of which is yet to be explored.

2 - 2 - Youga Gold Project, Burkina Faso Development has progressed well at the Company s Youga Gold Project which is on schedule for commissioning in June The Youga Gold Mine is located approximately 180 kilometers southeast of the capital city of Ouagadougou and near the border with northern Ghana and is comprised of open pit mining from five pits with the ore being processed through a conventional carbon-in-leach (CIL) plant having a design capacity of one million tonnes per annum. The Mine is owned and operated by Burkina Mining Company SA (BMC) which is 90% owned by Etruscan and 10% by the State of Burkina Faso. The construction of Youga will be funded, in part, by a US$35 million project debt facility provided by a member of the First Rand Group of South Africa and Macquarie Bank of Australia. The current Youga reserves (6.6 million tonnes grading 2.7 grams per tonne equating to 580,000 ounces) have been delineated from five open pits located on the 29 km 2 Youga mining permit. Outside of the Youga mining permit area, Etruscan holds, or has applied for renewal of, an additional eight exploration permits covering greater than 1,000 km 2 over the 80-kilometer strike length of the Youga gold belt. The Company has completed regional and detailed mapping as well as airborne and ground geophysics identifying a number of exploration targets within the Youga mining permit and the surrounding exploration permits. Etruscan continues to evaluate these near-surface mineralized zones that can provide additional mine reserves. An updated feasibility study for the project was completed in October 2006 by RSG Global of Perth, Australia (see news release dated October 31, 2006). The base case financial analysis was prepared using a gold price of US$525 per ounce and indicated an internal rate of return, before tax and debt service, of 31% and an undiscounted net present value of US$66.7 million. Assuming a gold price of US$700 per ounce, the internal rate of return, before tax and debt service, increases to 69% and the undiscounted net present value increases to US$159 million. During 2006 the Company invested a total of $19.4 million in development activities related to the Youga Gold Project. Diba Gold Project, Mali A significant gold discovery was made at Diba as a result of a systematic regional exploration program that has been carried out over the past two years. The Diba gold discovery covers an area measuring 2.5 kilometers in length and meters in width. The mineralized zone has been defined by single sample auger values in saprolite/bedrock exceeding 0.1 grams per tonne gold. Deeper drilling with augers subsequently confirmed the widespread mineralization and in some holes exceptionally high grades were intersected (up to 114 grams per tonne). A rotary air blast ( RAB ) drill program was designed to test the width, grade and depth extent of the mineralization on the southern end of the anomaly over a distance of 650 meters within the 2.5 kilometer strike length of the anomaly. As the water table was typically encountered at vertical depths of meters below surface, RAB drill holes were often prematurely ended in the mineralized zone due to the water table incursion. Approximately 75% of the holes ended in the mineralized zone due to this factor. As of January 31, 2007, a total of 3,890 meters of diamond drilling had been completed in 27 holes together with 3,241 meters of reverse circulation drilling in 33 holes in the southern extension of the Diba anomaly, leaving about two thirds of the anomaly yet to be tested.

3 - 3 - These results from continued drilling on the southern extension of the Diba gold anomaly show the deposit to be open in all directions and at depth. Furthermore, RAB drill results over the northwestern extension of the Diba anomaly confirm that the mineralized system extends into bedrock along the entire 2.5 kilometer strike length of the anomaly. In light of the significant results, the entire Diba deposit area has been covered by a systematic and detailed geophysical survey. Diamond drilling is continuing to test the strike and depth extensions in the southern zone. Over the past four years, Etruscan has assembled a strategic portfolio of properties on several gold belts in Mali covering approximately 3,900 square kilometers, including the Diba Gold Project. During 2006 the Company invested a total of $2.4 million in exploration activities in Mali including the Diba Project. Finkolo Gold Project, Mali The Company s most advanced project in Mali is the Finkolo Gold Project located on the Syama gold belt, approximately 200 kilometers southeast of Bamako, the capital of Mali. The Finkolo permit is contiguous with the Syama holdings of Resolute Mining Limited which host the 6.4 million ounce Syama gold deposit. Pursuant to an option and joint venture agreement, Resolute has the option to earn up to a 60% interest in the Finkolo Gold Project. Drilling by Resolute to date has confirmed the continuity of the main mineralized zone at Tabakoroni and the presence of high grade lodes. Continuity of this mineralized zone has now been confirmed over a strike length of 1.6 kilometers with the potential to extend to more than 2 kilometers. Resolute is currently completing a 61-hole (5,600 meters) drill program that will test for strike extensions of the Tabakoroni and Porphyry Zones. Two meters of grams per tonne gold in hole TAC-083 represents the highest grade intercept drilled to date at Tabakoroni. Agbaou Gold Project, Côte d'ivoire The Agbaou Gold Project is located on the Agbaou gold belt in Côte d Ivoire, approximately 200 kilometers northwest of the port city Abidjan. Agbaou is the third largest undeveloped gold resource in Côte d Ivoire and the permit covers 939 km 2 with 40 kilometers of strike length on the major regional shear zone which hosts the known deposits. The Project has excellent infrastructure including a paved highway crossing the permit and the national power grid is within 2 kilometers of the deposit. Following positive results from a 5,000 meter drilling program, which was completed in the fall of 2005, the Company commenced an 11,000 meter drilling program in mid The objectives of the drilling program are: (a) to provide sufficient information to bring historic resource estimates for Agbaou into compliance with National Instrument ; (b) to provide sufficient information to determine mineral reserves as the basis for a feasibility study; (c) to provide samples for metallurgical test work; and (d) to test for depth and strike extensions of gold mineralization. This drill program is scheduled to be completed by April and the Company is targeting to complete a feasibility study by the end of 2007.

4 - 4 - An independent resource estimate prepared in April, 2000 by RSG Global for Durban Roodeports Deeps Limited using a 0.5 gram per tonne cut-off concluded that the Agbaou property contains indicated resources of million tonnes at an average grade of 1.5 grams per tonne containing 855,000 ounces of gold and inferred resources of 5.21 million tonnes at an average grade of 1.5 grams per tonne containing 248,000 ounces of gold (* see foot note below). During 2006 the Company invested a total of $2.1 million in exploration activities relating to the Agbaou Gold Project. Burkina Faso Exploration Etruscan now holds, or has applied for renewal of, a total of 16 exploration permits in Burkina Faso in addition to the Youga Mining Permit. These exploration permits cover approximately 2,900 square kilometers. Eight of the exploration permits consolidate Etruscan's land position in the Youga gold belt. Six of the exploration permits provide strategic coverage over the Banfora gold belt and one provides coverage in the Houndé belt, all of which are located in western Burkina Faso. One permit is located in the Yeataga greenstone belt in eastern Burkina Faso. During 2006 in-fill soil sampling confirmed the first two of eight regional gold-in-soil anomalies identified on its extensive permit holdings in the Banfora gold belt in western Burkina Faso. The eight gold anomalies (see news release dated September 6, 2006) vary in strike length from 1-5 kilometers and in width from meters. The Baboro target area measures 2 kilometers long and up to 700 meters wide with 12 gold-in-soil values in excess of 200 parts per billion (ppb) gold and four samples in excess of 500 ppb gold. The Siniko target area measures 5 kilometers long and up to 800 meters wide with 29 gold-in-soil values in excess of 200 ppb gold and 11 samples in excess of 500 ppb gold. These two anomalies, which are both on the Komoé Permit, represent kilometer-scale gold targets that will be tested with single sample and multi-sample auger drilling techniques, the same methodologies that led to the gold discovery at Diba on Etruscan s large land holdings in Mali West. Much of the terrain at Banfora is covered by laterite and Etruscan s auger drills have proven to be a very reliable sampling tool to effectively delineate gold mineralization in the underlying bedrock/saprolite. Single sample augering, scheduled to commence in March 2007, will obtain samples of saprolite just below the lateritic crust and multi-sample augering will obtain a series of samples in a drill hole to approximately 30 meters depth. During 2006 the Company invested a total of $1.0 million in exploration activities on its various property holdings in Burkina Faso. * Important - This report is historical in nature and was compiled before NI came into effect. Etruscan has not completed the work necessary to verify the classification of the mineral resource estimates. Etruscan does believe these historical results provide an indication of the potential of the resource but warns that the indicated and inferred resource on the deposit have not been verified by a qualified person as defined under NI standards.

5 - 5 - Operating Results The net loss for 2006 was $10.5 million ($0.12 per share) compared to a loss of $16.2 million ($0.23 per share) for The 2006 results from operations include a loss from the equity investment in African Geomin Mining Development Corporation Ltd.(Samira Hill Gold Project) of $4.5 million ($0.05 per share) as compared to a loss of $1.0 million ($0.01 per share) in The 2005 results include an $8.8 million loss ($0.13 per share) recorded on the disposition of 50% of the Tirisano Diamond Mine operations resulting from the 50% earn-in by Mvelaphanda Exploration (Pty) Ltd. effective June 6, Cash and marketable securities aggregated $16.7 million and working capital was $7.6 million as at November 30, The financial statements have been prepared in accordance with Canadian generally accepted accounting principles. In February 2007 the Company conditionally granted 1,500,000 stock options to sixteen directors, officers and senior employees. The stock options are exercisable at $4.45 per share and, in accordance with the Employee Stock Option Plan, are valid for a period of ten years. The option grants are subject to receipt of shareholder approval to increase the number of shares reserved for stock options. K. Kirk Woodman P.Geo., Etruscan's Chief Project Geologist, is the Qualified Person overseeing Etruscan's exploration programs in West Africa and Robert Harris, P.Eng.,Vice President of Operations of Etruscan, is the Qualified Person overseeing production and development in West Africa and South Africa. Etruscan Resources Inc. is a diversified Canadian junior mining company focused on acquiring dominant land positions in district scale gold and diamond belts within Africa. Etruscan has an aggressive exploration strategy and now holds strategic land positions in a number of gold belts covering over 10,000 km 2 in five countries in West Africa. The Company also holds a dominant land position in the Ventersdorp alluvial diamond district in South Africa. 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 For more information from Etruscan contact: Richard Gordon, Investor Relations, rgordon@etruscan.com Tel: (877) / Fax (902) Tony Hayes, thayes@etruscan.com Tel: (866) /Fax (905) 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 ( Accordingly, readers should not place undue reliance on forward-looking statements. NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE -30-