Mountain Lake Resources fka MOA

[kcjones]

WINDSOR, Nova Scotia, Feb 27, 2003 (BUSINESS WIRE) -- Etruscan Resources Inc. (TSX:EET) and Mountain Lake Resources Inc. (TSX VENTURE:MOA) jointly announced today a 25% increase in diamond resources for the Tirisano Diamond Mine operated by Etruscan Diamonds (Pty) Ltd in South Africa. An independent resource estimate was recently completed by RSG Global Pty Ltd. (RSG) of Johannesburg, South Africa and reported the in situ indicated diamond resources to be 10.4 million cubic meters at an average global grade of 2.9 carats per 100 cubic meters (1.6 carats per 100 tonnes) using a bottom cutoff screen size of 2mm.

This resource update builds on a previous report by RSG in 2000 and incorporates the results of recently completed geophysical surveys, delineation drilling, and the current mine pit that is excavating into a large gravel-filled sinkhole on the East Gravel Run on the Nooitgedacht 131 IP property. Etruscan Diamonds continues to conduct exploration along the East Gravel Run and has delineated other sinkholes with gravel to depths exceeding 60 meters on the adjacent Hartbeestlaagte and Zwartrand properties. Etruscan Diamonds expects to report future resource updates for the entire deposit as additional drilling is completed.

RSG has prepared the updated resource estimate in accordance with international codes for the assessment of mineral assets. In particular, RSG has applied the Valmin and JORC codes as adopted by the AusIMM and the SAMREC code developed for South Africa (with special guidelines for the diamond industry) and adopted by the Johannesburg Stock Exchange (JSE). The on-going exploration program is managed by Etruscan Diamonds with oversight provided by David Duncan, P. Geo., Chief Geologist for Etruscan Resources.

Etruscan Diamonds also reported today that its second parcel of diamonds from the Tirisano Mine was sold for US$188,000. The tender parcel was comprised of 504.0 carats. The average sales price for the sales to date is US$437 per carat compared to the forecast business model price of US$400 per carat.

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.

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CONTACT: Etruscan Resources Inc.

Richard Gordon, 902/798-9701
Fax: [phone]
or
Tony Hayes, 416/368-0882
Fax: [phone]
or
Mountain Lake Resources Inc.
Allen Sheito, 902/542-9773
Fax: [phone]
or
Frank Metcalf, 902/420