Gold Exploration in West Africa

[FL]

Etruscan (EET.T) high grades at Finkolo in Mali

ETRUSCAN RESOURCES INC.

Finkolo continues to deliver high grade gold for Etruscan in Mali

WINDSOR, NS, Jan. 23 /CNW/ - Etruscan Resources Inc. (EET.TSX) reported today on additional drill results from the Finkolo Gold Project in Mali, West Africa which continue to confirm 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 over 2 kilometers. The Finkolo Permit is contiguous with the Syama holdings of Resolute Mining Limited which host the 6.4 million ounce Syama gold deposit. Highlights from the current round of drilling at Finkolo include:

14 meters of 67.9 g/t Au from 33 meters in TAC-083 (including 2 meters of 465.2 g/t Au)
7 meters of 15.0 g/t Au from 24 meters in TAC-070 (including 2 meters of 43.3 g/t Au)
5 meters of 16.8 g/t Au from 114 meters in TAC-082 (including 1 meter of 73.8 g/t Au)
25 meters of 3.4 g /t Au from 71 meters in TAC-077 (including 4 meters of 9.3 g/t Au)

This most recent drill program was initially planned to encompass only 5,200 meters however the program was expanded to a total of 6,075 meters in 62 holes (TAC066-127) to the end of December. The two meter intercept of 465.2 g/t Au in hole TAC-083 represents the highest grade intercept drilled to date at Tabakoroni, and comprised 1 meter of 336.9 g/t Au and 1 meter of 593.4 g/t Au. There is a significant backlog of samples at the assay laboratory and results have only been reported to hole TAC-083. Additional results from another 44 holes (TAC-084 to TAC-127) are pending and are expected shortly, after which drilling will continue. Resolute Mining Limited is managing and funding the exploration program at Finkolo pursuant to an option and joint venture agreement.

Strong results continue to be reported from infill drilling in the central part of the Tabakoroni Zone and good results were reported along strike to the south in hole TAC-077 (25 meters @ 3.4 g/t Au from 71 meters) which is some 400 meters south of the centre of the high-grade zone. Drilling has also been completed on nominal 50 meter sections throughout the northern part of Tabakoroni Zone right up to the Porphyry Zone where reconnaissance drilling had previously been conducted by Etruscan. Significant down the hole intercepts from the most recent drilling are reported as follows:

------------------------------------------------------------------------
Hole ID From(m) To(m) Length(m) Au Grade(g/t)
------------------------------------------------------------------------
TAC-066 15 26 11 4.01
incl. 15 18 3 7.5

TAC-068 4 12 8 6.28
incl. 7 12 5 9.44

TAC-069 15 28 13 3.48
incl. 17 22 5 5.27

TAC-070 24 31 7 14.95
incl. 27 27 2 43.3

TAC-073 22 33 11 2.58
incl. 22 26 4 4.47

TAC-074 59 84 25 1.69
incl. 59 65 6 4.59

TAC-075 84 89 5 2.03
incl. 85 87 2 3.63

TAC-077 71 96 25 3.39
incl. 90 94 4 9.28

TAC-078 34 39 5 3.1
incl. 36 39 3 4.11

TAC-080 69 72 3 10.99
incl. 69 70 1 31.28
and 79 81 2 2.79

TAC-081 73 77 4 2.57
incl. 75 77 2 3.36

TAC-082 86 92 6 3.74
incl. 88 91 3 5.31
and 114 119 5 16.8
incl. 116 117 1 73.79

TAC-083 33 47 14 67.88
incl. 36 38 2 465.16

TAC-084 19 24 5 1.75
incl. 20 22 2 3.03
------------------------------------------------------------------------

All gold analyses were performed by Analabs Laboratories at Morila, Mali using standard screen metallics assay procedures. K. Kirk Woodman P.Geo., Etruscan's Chief Project Geologist, is the Qualified Person overseeing Etruscan's exploration programs in West Africa.

As previously reported, detailed structural studies have been conducted at Finkolo and re-logging of all current and historical drill core has now been completed with the assistance of a consultant structural geologist. The broad structural geometry of the central north plunging fold at Tabakoroni is now considered to be similar to the structural setting at Syama, and three styles of hypogene mineralisation have been identified including Syama style pyrite-dolomite hosted mineralization, mineralization within the main graphite shear zone, and a very high-grade (lode) stylolite quartz vein hosted mineralization which carries abundant visible gold.

A detailed 3D induced polarisation survey was also completed over the main Tabakoroni drilling area. Results of this geophysical survey are currently being evaluated and initial interpretations suggest the method is able to model the mineralised zone effectively, and will assist with future drill planning.

Resolute has the option to earn a 50% interest in Etruscan's 100% interest in the Finkolo Permit by expending US$2,000,000 prior to October 1, 2006. Resolute has the right to earn an additional 10% interest by either contributing a further US$1,000,000 to expenditures on the permit or completing a feasibility study within two years following its initial earn-in.

Etruscan Resources Inc. is a diversified Canadian junior mining company focused on the development of gold properties in West Africa and diamond properties in South Africa. Etruscan has an aggressive exploration strategy and holds strategic land positions covering over 7,000 km2 in ten gold belts throughout West Africa. The Company is developing a number of gemstone quality alluvial diamond operations in South Africa and looking to expand other opportunities in southern 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 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

For more information from Etruscan contact: Richard Gordon, Investor Relations, email: [e-mail], Tel: [phone], Fax [phone]; Tony Hayes, email: thayes@etruscan .com

Tel: [phone], Fax [phone]
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