Etruscan updates Blue Gum

Etruscan Resources Inc. announced that Etruscan Diamonds (Pty) Ltd. has received a National Instrument 43-101 compliant independent resource update on its Blue Gum Diamond Project in South Africa which substantially increases the resource on the project. The independent resource update prepared by Dr. Tania Marshall of Explorations Unlimited estimates that the Blue Gum Diamond Project contains 20.5 million cubic meters of indicated diamond resource and 17 million cubic meters of inferred diamond resource.

Kevin MacNeill, President of Etruscan Diamonds said that we are extremely pleased with the increase in the resource on the project. We believe the potential exists to expand the resource even further with additional bulk sampling and continued exploration on other portions of the Blue Gum property. We will continue infill drilling in the inferred blocks to upgrade these areas to indicated resource ahead of mining.

He further said that over the past six months, our sales of diamonds have achieved an average price of $545 per carat and we believe this increase will continue and further improve prices of our 2008 diamond sales. This will obviously enhance the economics of an already robust project.

The Blue Gum Diamond Project consists of three adjacent diamond properties (Nooitgedacht, Hartbeestlaagte and Zwartrand) covering over 10,000 hectares located in the Ventersdorp Alluvial Diamond District of South Africa with the Tirisano Diamond Mine being located on the Nooitgedacht property. Etruscan Diamonds is presently undertaking a pre-feasibility study on the Blue Gum Diamond Project which is scheduled to be completed in April 2008. The pre-feasibility study is being led by MDM of South Africa. Upon successful completion of the pre-feasibility study, a public offering is planned together with an application for a stock exchange listing in order to advance the Blue Gum Diamond Project to full scale production.

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