Mountain Lake Resources fka MOA

[Ed Monton]

Etruscan and Mountain Lake: Debt Financing for Diamond
Plant Expansion

WINDSOR, NOVA SCOTIA--Etruscan Resources Inc. (EET.TSX) and
Mountain Lake Resources Inc. (MOA.TSX Venture) announce jointly
that debt financing of R7.7 million (Cdn$1.5 million) has been
secured for Etruscan Diamonds (Pty) Ltd. ("Etruscan Diamonds")
through the Industrial Development Corporation of South Africa
("IDC"). The IDC is a major South African financial institution.
The loan proceeds will be used to fund the first expansion phase
of the Tirisano Diamond mine in South Africa. The projected
payback is only two months, however, the IDC financing is
structured with a five-year term and bears interest at the South
African prime-lending rate. Closing of the financing is subject
to completion of documentation and fulfillment of standard
conditions.

The first phase of the Tirisano expansion involves the addition
of extra scrubbing and screening capacity, to increase plant
throughput from 600,000 to 960,000 cubic meters per annum. This
expansion is expected to be completed by September of this year
and to increase diamond production from 19,200 to 27,600 carats
per annum.

Etruscan Diamonds has also initiated engineering and design
studies for the second phase expansion for Tirisano. This will
involve the construction of a second, much larger processing
plant. The second plant is expected to increase plant throughput
to 2.7 million cubic meters per annum and to increase diamond
production to 78,000 carats per annum. The construction period
for this second phase expansion is expected to take 12 months
commencing in the fall of 2003. Diamond production will continue
during both expansion phases. Etruscan Diamonds has received
expressions of interest for financing the second phase expansion
from several South African financial institutions including IDC.

Bateman Minerals Limited ("Bateman") has been contracted to carry
out the engineering and the majority of equipment supply for the
first phase expansion. Bateman is also expected to be involved
as project manager and major supplier for the second larger
expansion. Bateman is a leading South African firm in the supply
of engineering services and plant equipment to the South African
diamond industry.

To the end of March 2003 the Tirisano Diamond mine has generated
revenues of US$906,000 from the sale of 2,064 carats giving an
average value of US$439 per carat. The next tender of diamonds
is scheduled in early May.

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.

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FOR FURTHER INFORMATION PLEASE CONTACT:
Etruscan
Richard Gordon
Investor Relations
[phone]
[phone] (FAX)
or
Etruscan
Tony Hayes
Vice President
[phone]
[phone] (FAX)
or
Mountain Lake
Allen Sheito
President and CEO
[phone]
[phone] (FAX)
or
Mountain Lake
Frank Metcalf, QC,
Director
[phone]
[phone] (FAX)
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT
OF THIS RELEASE.