Mountain Lake Resources fka MOA

[kcjones]

Etruscan Resources: Diamond Sales Completed from Controlled Mining Block at Tirisano
08:54 EDT Tuesday, April 15, 2003
WINDSOR, NOVA SCOTIA--Etruscan Resources Inc. (EET.TSX) and Mountain Lake Resources Inc. (MOA.TSX Venture) jointly announced today the last parcel of diamonds from the 100,000 tonne controlled mining block at the Tirisano Diamond Mine in South Africa were sold for an average price of US$498 per carat. This completes the sale of all diamonds recovered from the controlled mining block. The actual revenues have exceeded projections as a result of a 10% increase in value per carat realized from the diamond sales.

The purpose of reporting on the grade and value of this 100,000 tonne block was to confirm the basic parameters of the business model for Tirisano upon which projected revenues were based. The grade of the controlled mining block was reported on March 31, 2003 as 1.51 carats per hundred tonnes (2.72 carats per 100 cubic meters) compared to the projected grade of 1.6 carats per 100 tonnes (2.9 carats per 100 cubic meters). All resource and reserve work is carried out under the supervision of David Duncan, P. Geo., Chief Geologist for Etruscan Resources.

Grade and Revenue Comparisons for the 100,000 Tonne
Controlled Mining Block
Value per Revenue per
Grade Grade Carats Carat Revenue Tonne
(cpht) (cphm3) (US$) (US$) (US$)
Projected 1.60 2.88 1,600 400 640,000 6.40
Actual 1.51 2.72 1,510 440 664,400 6.64


The companies also wish to advise that in future, all volumes and production results will be reported in cubic meters (m3) rather than in tonnes, and that grade will be reported in terms of carats per 100 cubic meters (cphm3) rather than carats per 100 tonnes to conform with industry standards for reporting on alluvial diamond mining operations.

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 and Mountain Lake can be found on their respective websites at http://www.etruscan.com and http://www.mountain-lake.com .

FOR FURTHER INFORMATION PLEASE CONTACT: Etruscan Resources Inc., Richard Gordon, Investor