Reiterate Strong Buy Rating

We recently visited the Etruscan Resources Inc. (TSX: EET) corporate office in Bedford, Nova Scotia. Despite recent weakness in the price of the company’s stock price we remain confident of the positive near-, mid-, and long-term prospects of the company. We were reminded on our visit of the company’s depth in multiple dimensions of important components of fundamental value. These include the overwhelming importance of management, the significant potential for the first “second generation” gold discoveries in West Africa, and potential to advance numerous projects to either production or feasibility. In addition, the company has additional unappreciated fundamental value in its diamond assets in South Africa, as well as hints of early “blue sky” exploration in Nambia. See full report.