Etruscan Resources Inc. expected to Report Fiscal Year 2009 Results on February 22, 2010. This event was calculated by Capital IQ (Created on October 23, 2009).

Etruscan Resources Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended August 31, 2009. For the quarter, the company reported loss before special items of CAD 4,827,769 and net income of CAD 1,426,990 or CAD 0.01 per basic and diluted share on gold revenue of CAD 17,728,794 compared to loss before special items of CAD 7,668,758 and net income of CAD 2,069,783 or CAD 0.02 per basic and diluted share on gold revenue of CAD 7,284,685 for the same period of last year. The company reported net cash used in operating activities of CAD 5,748,221 and property, plant and equipment expenditures of CAD 2,000,728 compared to net cash used in operating activities of CAD 2,232,440 and property, plant and equipment expenditures of CAD 5,299,010 for the same period of last year. For the nine months, the company reported loss before special items of CAD 16,588,626 and net loss of CAD 45,817,532 or CAD 0.29 per basic and diluted share on gold revenue of CAD 51,260,350 compared to loss before special items of CAD 12,626,206 and net loss of CAD 20,512,585 or CAD 0.16 per basic and diluted share on gold revenue of CAD 7,284,685 for the same period of last year. The company reported net cash used in operating activities of CAD 15,971,761 and property, plant and equipment expenditures of CAD 4,525,858 compared to net cash used in operating activities of CAD 10,725,669 and property, plant and equipment expenditures of CAD 23,974,744 for the same period of last year.

Etruscan Resources Inc. announced that it completed an update of its December 2008 feasibility study of the Agbaou Gold project which has resulted in a significant increase in both the reserves and the project economics. For the update, the gold price assumption for economic modeling and pit optimization was set at $1,000/oz versus $850/oz (pit at $750/oz) in the past feasibility study. This change resulted in an increase in reserve ounces to 731,000 ounces, a 29% increase from the past study, and a pre-tax project internal rate of return (IRR) of 24.9% based on 100% equity financing. The Agbaou project is now based on ore reserves of 10.9 million tonnes with an average grade of 2.1 grams per tonne containing 665,000 of recoverable ounces. Using an un-hedged gold price of $1,000 per ounce, the base case scenario concludes that Agbaou will produce an average of 77,000 ounces per year at a cash operating cost of $516 over a 9.1 year mine life. The study proposes open pit mining of three pits via owner operated mining equipment with the ore to be processed through a conventional gravity-CIL (carbon-in-leach) plant with a design capacity of 1.2 million tonnes per annum. The average gold recovery and mining strip ratio are 91% and 7/1 respectively.