Replies to post #3 on Etruscan Resources Inc. (ETRUF)

[desertdirt]

I became aware of this company about 2 years ago when they signed a JV agreement with Haber Inc. ( HABE ) on an African gold concession in Ghana; which at that time Etruscan was trading at $1.92. From what I can tell, Etruscan is producing gold on a monthly basis.
Following is from Haber, Inc.'s website
http://www.habercorp.com

Haber Inc. Partners with Etruscan Resources Inc.
Haber has entered into a joint venture with Etruscan Resources Inc. (EET:TSX) to explore 1,331 square kilometers of gold concessions in the Western and Brong Ahafo Regions of Ghana. These gold concessions are located in the Sefwi Volcanic Belt and the Kumasi Sedimentary Basin which host significant gold deposits including the 60 million ounce Obausi deposit, the 13 million ounce Ahafo deposit, the 9 million ounce Bogoso-Prestea, the 5 million ounce Bibiani deposit, the 2 million ounce Obotan deposit, and the 2 million ounce Chirano deposit.

Agreement with Etruscan
Under the terms of the joint venture, each company will initially have an equal interest in the project. The parties have formed "Etruscan Haber Joint Venture Limited," a Ghanaian corporation through which Etruscan will manage the project and provide exploration and mining expertise on all the concessions. Etruscan has the option to increase its interest to 75 percent of the joint venture by investing an additional $2.5 million dollars over a period of three years. If this option is exercised, for every three dollars that Etruscan subsequently invests, Haber must contribute an additional dollar to the project in order to maintain a 25 percent interest in the joint venture. Should Haber's participating interest drop below 10%, its interest shall be converted to a 5% net smelter return royalty. Geological teams will begin exploration activities this month. K. Kirk Woodman, Project Geologist, will be the Qualified Person overseeing Etruscan's exploration programs in Ghana. Additionally under the agreement, Haber retains the right to unilaterally explore, mine and process all alluvial gold on the properties, so long as such activity does not interfere with the joint venture's mining operations or objectives.

Also, in the event that the joint venture decides to begin mining operations on the properties, Haber's environmentally friendly Haber Gold Process (HGP) technology would be used under a licensing agreement, provided that Haber can prove its process is at least as economical as traditional extraction technologies. The terms of the licensing arrangement for the joint venture would then be negotiated between the parties. The license would also include granting Etruscan Resources Inc. the right to use HGP technology on any of its other gold processing operations.