Mountain Lake Resources fka MOA

[kcjones]

Etruscan Resources Inc. and Mountain Lake Resources Inc.: First Diamond Sale From Tirisano Includes 26.8 Carat Stone


WINDSOR, NOVA SCOTIA--Etruscan Resources Inc. (EET.TSX) and
Mountain Lake Resources Inc. (MOA.TSX Venture) jointly announced
today that the first parcel of diamonds from production at the
Tirisano Diamond Mine was sold for US$211,115 for an average
price of US$515 per carat. This initial parcel comprised 409.8
carats with individual stones ranging in weight from 0.2 to 26.8
carats. The parcel included a 1.8 carat rare, fancy yellow which
sold for US$4,555 per carat. The diamonds were sold through
public tender process in Kimberley on January 23, 2003. The
auction was conducted by sealed bid through Orange West Coast
Diamonds (Pty) Ltd., a certified diamond sales company of
Kimberley, South Africa.

Gerry McConnell and Allen Sheito, President and CEO of Etruscan
and Mountain Lake jointly stated "We are extremely pleased to see
such a high value placed on the first parcel of diamonds sold
from Tirisano. Furthermore, the recovery of a 26 carat diamond
and a fancy yellow stone confirms historic records that indicated
stones of exceptional size and quality exist in these gravels. We
can expect to see such stones on a regular basis and as the plant
settles into full production we will begin to realize the
benefits of the economy of scale. Every sale that exceeds the
projected revenue base of US$400 per carat adds significantly to
the bottom line."

Project economics at Tirisano were based on an average selling
price of US$400 per carat and the $515 per carat selling price
from the first parcel represents a 29% increase in value. Annual
diamond production is anticipated to be 19,200 carats from the
recently commissioned Phase I plant and a proposal to expand the
plant later in 2003 is under study. As previously announced,
details on grade and tonnage will be reported once sufficient
material has been processed from the controlled mining block. Not
all the gravel processed during the commissioning of the plant
came from the controlled mining block.

The common shares of Etruscan are traded on The TSX Exchange
under the symbol "EET". The common shares of Mountain Lake are
traded on the TSX Venture Exchange under the symbol "MOA". More
extensive information on Etruscan can be found on its home page
at http://www.etruscan.com.