Reported to have reduced the work force at the Blue Gum Project to a skeleton staff to allow the Project to be placed on care and maintenance. The Blue Gum Project remains on care and maintenance.
September 11, 2008
Announced updated resources estimates contains 25.5 million cubic meters of indicated diamond resource which represents almost a 24% increase in the indicated resource from the previous resource calculation in January of this year.
September 11, 2008
Etruscan Resources announced that its 52-precent owned subsidiary, Etruscan Diamonds, has received a NI 43-101 compliant independent resource update on its Blue Gum diamond project in South Africa which substantially increases both the indicated resource on the project and the in situ value of the resource. The project now contains 25.5 million cubic meters of indicated diamond resource, which represents almost a 24% increase in the indicated resource from the previous resource calculation in January of this year, as well as 15.3 million cubic meters of inferred diamond resource. The value per carat in the report has increased from US$466 per carat to the present value of US$606 per carat. Etruscan Diamonds is presently completing a pre-feasibility study on the viability of expanding the operations on the Blue Gum diamond project from the forecast production rate of 100,000 cubic meters per month to a monthly rate of 260,000 cubic meters.
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