Etruscan Resources Inc.

Etruscan Resources Inc. (TSX: EET) has a 10,000km² land package in West Africa, the largest of any mining company
operating in Niger, Burkina Faso, Côte d’Ivoire, Mali, and Ghana. EET’s exploration concessions are contained within
prospective greenstone belts known for hosting gold deposits. EET has a joint venture in one operating mine plus diamond concessions in South Africa. The company intends to become a dominant mid-tier mining company in West Africa. Milestones and catalysts for appreciation in the next 12-months include:

• Initial diamond core drill results on highly prospective
Mali targets due 4Q06
• Start gold production in 2Q07 in Burkina Faso
• Upgrade resource in Côte d’Ivoire with Feasibility Study
scheduled for 4Q07
• Monetize diamond concessions in South Africa

We believe the stock price reflects identified resources and gives little credit to several prospective exploration targets in various countries in West Africa. We are initiating coverage of EET with a Buy recommendation and 12– month price target of C$8.00 per share.

Investment Thesis
EET is on track to achieve their goal of becoming the dominant mid-tier gold producer in West Africa. They are starting with the largest land package in historically prospective yet unexplored greenstone belts. By aggressively drilling and eliminating less prospective holdings, they aspire to reduce the land position to only proven and probable deposits, with the goal of establishing a portfolio of operating mines in West Africa.