Mountain Lake Resources Inc V.MOA

NEWS...

[sar]

Hot off the wire... Etruscan Resources Inc.: 1 Million Financing Completed WINDSOR, NOVA SCOTIA, Sep 3, 2002 (CCNMatthews via COMTEX) -- Etruscan Resources Inc. (EET.TSX) and Mountain Lake Resources Inc. (MOA.TSX Venture) jointly announced today the signing of a loan agreement for a R7.8 million (CDN$1.1 million) debt facility from the Industrial Development Corporation of South Africa Limited ("IDC"). The loan proceeds will be used for the development and expansion of the Ventersdorp Diamond Project located 150 kilometers west of Johannesburg. The IDC is a major South African financing institution with over 60 years of experience. In 2001 the IDC provided in excess of R7 billion (CDN$1 billion) to some 506 projects in South Africa and member states of the Southern African Development Community ("SADC"). More extensive information on the IDC can be seen on their website at www.idc.co.za Gerald McConnell and Allen Sheito, respectively President and Chief Executive Officers of Etruscan and Mountain Lake jointly stated, "The signing of this loan agreement is a significant step in the expansion plans of our companies. Building a solid relationship with the IDC, one of South Africa's leading lending institutions, provides the opportunity to access capital for future increased diamond production. The stated objective of the Etruscan-Mountain Lake partnership is to accumulate one billion tons of diamondiferous gravels. We want to increase production as rapidly as possible and having the opportunity to access capital through the IDC is an important ingredient for our future growth." The common shares of Etruscan are traded on The TSX Exchange under the symbol "EET". The common shares of Mountain Lake are traded on the TSX Venture Exchange under the symbol "MOA". More extensive information on Etruscan including the latest project updates from Ventersdorp can be found on its home page at www.etruscan.com CONTACT: Etruscan Resources Inc. Richard Gordon Investor Relations [phone] [phone] (FAX) or Etruscan Resources Inc. Tony Hayes Vice President [phone] [phone] (FAX) or Mountain Lake Resources Inc. Allen Sheito President and CEO [phone] [phone] (FAX) or Mountain Lake Resources Inc. Frank Metcalf QC, Director [phone] [phone] (FAX) Copyright (C) 2002, Canadian Corporate News. All rights reserved. NEWS RELEASE TRANSMITTED BY CCNMatthews NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OFTHIS RELEASE