Etruscan sees first gold from Agbaou mine by 2012

CAPE TOWN, Feb 3 (BestGrowthStock) – Toronto-listed Etruscan
Resources (EET.TO: ) expects to produce 80,000 ounces of gold a
year when its new Agbaou mine starts production in 2012, the
chief executive said on Wednesday.

“The construction period would probably take eighteen months
and if you take the long end of getting the permit, it’s two
years from now, so by 2012 we may be saying our second mine is
in production,” Gerald McConnell, Etruscan’s chief executive
officer told Reuters at a mining conference in Cape Town.

McConnell said based on the findings of a feasibility study,
Agbaou’s production would be 80,000 ounces a year, but this
could increase as the company sought to expand.

McConnell said raising funds to initially develop the $106
million Agbaou mine wouldn’t be difficult, with Etruscan’s
majority shareholder Endeavour Financial (EDV.TO: ) able to assist
in sourcing capital.

Etruscan’s only mine is the Youga Gold project in Burkina
Faso, which is expected to ramp up production to 80,000 ounces
per year by late 2010 from 65,000 ounces a year output in 2009.

The company is also exploring in Mali, Ghana and Namibia,
said McConnell.

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(Reporting by Wendell Roelf; Editing by James Macharia)

Etruscan sees first gold from Agbaou mine by 2012