RARE EARTHS, SPECIALITY & MINOR METALS INVESTMENT SUMMIT

THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 18 MARCH 2010www.ObjectiveCapitalConferences.com

Investment Conferences

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3.45 – 4.10 Focus on rare earths projects around the worldExploring for rare earths in NamibiaDon Burton – Vice President, Etruscan Resources

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Rare Earth Element Potential of the Lofdal Carbonatite Complex, Namibia - An Investment Opportunity

(March 2010)

This presentation may contain certain forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Etruscan to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements may include statements regarding exploration results or budgets, mineral reserve or resource estimates, work programs, capital expenditures, mine operating costs, production targets and timetables, future commercial production, strategic plans, market price of precious metals or statements that are not statements of fact. Although Etruscan believes expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Various factors that may affect future results include, but are not limited to: fluctuations in market prices of precious metals; foreign currency exchange fluctuations; risks related to mining exploration and development including reserves estimation and costs and timing of commercial production; requirements for additional financing; political and regulatory risks, and other risks and uncertainties described in Etruscan’s annual information form filed with Canadian Securities regulators on SEDAR (www.sedar.com). Accordingly, undue reliance should not be placed on forward-looking statements.

Cautionary Statement

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Etruscan is Restructured andRefocused on Gold

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• New ownership (55% Endeavour Financial), board & management

• Restructured project debt

• Completed equity financing

• Stabilized gold mine operations, optimizing gold development projects and streamlined exploration programs & initiatives in West Africa

• Divested of diamond assets in South Africa

• Corporate head office relocation to London underway

“GOLD IN WEST AFRICA”

Background of Etruscan in Namibia

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• Etruscan entered Namibia in 2005 with the objective of exploring for IOCG deposits

• Major ground positions were established east of Windhoek and in the north near Khorixas

• Ground in the north was taken in part because of numerous Cu occurrences and a known REE occurrence at Lofdal farm

• There is an association of REEs with IOCG deposits

• No IOCG systems have been identified but exploration of the REE occurrence at Lofdal has provided strong evidence for the potential discovery of a world class REE deposit that could be enriched in the more valuable heavy rare earths

The Investment Opportunity

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• REEs have captured the interest of a very specific sector of the investment community which understands their high tech and green applications, creating a window of opportunity

• Legitimate REE projects (especially those with enrichment in heavy rare earths) having a serious production potential are scarce and the market is dominated by the Chinese (+/-95%)

• Recent changes in control and management at Etruscan have affirmed that the strategic objectives for the Company are to be focused on gold in West Africa

• The Board of Etruscan has mandated that a suitable means/vehicle for value creation of the REE project be determined

Creation of a New Rare Earth Company

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• Early exploration results from Lofdal have demonstrated the viability of the project and Etruscan’s exploration expertise, Namibian infrastructure and experience would allow for growth in the REE space in Namibia

• The Namibian assets will be rolled into a private company within the next 3 months, with a subsequent IPO to be completed within 12 months

• Creation of the private company presents an investment opportunity for qualified investors

• NewCo will be focused on discovery and resource delineation

• Strategic alliances with rare earth industry leaders are being considered

The Lofdal Rare Earth Project

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Lofdal Carbonatite Complex

450 km northeast of Windhoek

Paved highway to the town of Khorixas then 20 km by gravel road

Lofdal EPL covers 1,000 km2

History at Lofdal is Very Recent – This is an Emerging Exploration Story

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• Carbonatite dykes discovered in 1980s

• Mapping by the Geological Survey of Namibia (“GSN”) delineated the main carbonatite intrusion in 2007; recognition of the economic potential of the HREE-enriched dykes by the GSN in 2008; discovery of the second carbonatite intrusion by the GSN in 2008

• Etruscan is the first company to explore the area for rare earths and has conducted two field campaigns since 2008, collecting over 3,000 rock samples from a 25 km2 area

• Classic “boot and hammer prospecting” approach being merged with an outstanding government database

Project Geology

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The alkaline intrusive complex at Lofdal is comprised of carbonatites, syenites and nepheline syenites that have intruded highly metamorphosed gneisses and schists of the +/-1700 Ma Huab Metamorphic Basement Complex which is bounded by Damara Sequence sediments to the north and south.

The carbonatite dykes and intrusions clearly cross-cut all of the other rocks and represent the youngest intrusive event. REE mineralization has been dated coeval with nepheline syenites at +/-764 Ma.

This age is very distinct from the younger (+/-135 Ma) rift-related magmatism of other alkaline and carbonatite complexes in the region

Project Geology

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Area Explored to date

Carbonatites are Very Distinctive Rocks

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Dyke PlugLow Grade

High Grade

Carbonatites are intrusive or extrusive igneous rocks defined by mineralogy that comprises more than 50% carbonate minerals. Carbonatites may be confused with marble or limestone.

First Pass Prospecting and MappingHighlights

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• Mapping and rock grab sampling has covered approx. 25km²

• First 1,426 grab samples have returned an average grade of 0.7% TREE+Y (database now in excess of 3,000 samples)

• 602 samples >0.5% average 1.3% TREE+Y

• 292 samples >1% average 2% TREE+Y

• The highest individual sample graded 8.9% TREE+Y and the highest heavy rare earth (HREE) enriched sample graded 1.75% HREE

Main Intrusion

Main Intrusion

Emanya Plug

Emanya Plug

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Exploration at Lofdal: Surface Sampling Over 25 Km2

Only 2 press releases: - October 2008 - January 2009 (n = 1,426 samples)

Short campaign from November to December 2009 continued surface sampling with similar results (n > 3,000 samples)

Rare Earth Deposits are “Polymetallic” with High Value in the Heavies

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The value per tonne is determined by the mix of REEs in a deposit. Heavy rare earths are much more valuable than light rare earths

Most REE deposits are predominantly enriched in light rare earths

At Lofdal there is a complete suite with significant enrichment in heavy rare earths and yttrium

Lofdal is Real and It Has Heavies

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Element Atomic Lofdal Dykes

1Emanya

Carbonatite 2 Mt. Weld 3Mountain

Pass 4 Hoidas Lake 5

Symbol (%) (%) (%) (%) (%)

Lanthanum La 25.9 28.8 21.9 33.0 19.8Cerium Ce 40.9 43.9 46.4 49.0 45.8

Praseodymium Pr 3.9 4.3 4.9 4.0 5.8Neodymium Nd 12.0 13.4 17.3 13.0 21.9Samarium Sm 1.8 1.6 2.5 0.5 2.9Europium Eu 0.6 0.4 0.6 0.1 0.6

Gadolinium Gd 2.1 1.6 1.7 0.2 1.3Terbium Tb 0.3 0.2 0.2 Insig 0.1

Dysprosium Dy 1.6 0.7 0.9 Insig 0.4Holmium Ho 0.3 0.1 0.1 Insig InsigErbium Er 0.9 0.4 0.3 Insig 0.2Thulium Tm 0.1 0.1 0.1 Insig Insig

Ytterbium Yb 0.7 0.4 Insig Insig InsigLutetium Lu 0.1 0.1 0.0 Insig Insig

Yttrium Y 9.0 4.1 3.1 Insig 1.3Total % 100.0 100.0 99.9 99.8 99.9

5 Great Western Minerals Website

LREE

Rare Earth Element Distribution of Lofdal Dykes Compared to Some Major Rare Earth Deposits (percent distribution calculated from oxides)

HR

EE

1 Etruscan Resources 1,208 samples of carbonatite dyke2 Etruscan Resources 218 samples of the new carbonatite intrusion3 Lynas Corporation Website4 Molycorp Website

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Lofdal is Real and It Has Heavy Rare Earth Elements

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10

100

1000

10000

100000

1000000

La Ce Pr Nd Sm Eu Gd Tb Dy Ho Er Tm Yb Lu

LOFDAL ‐ All Dykes >1%

LOFDAL ‐ Emanya Plug >1%

Mountain Pass, California

Chinese laterite ore

Rare Earth Elements

REO

/C1

(Cho

ndri

te N

orm

aliz

ed

Light Rare Earths Heavy Rare Earths

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Rare Earth Element Minerals Identified to Date

Light Rare Earth Minerals:

Bastnaesite, parisite, synchysite, monazite, allanite

Heavy Rare Earth Minerals:

Xenotime, aeschynite

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Putting Grade into Perspective:Lofdal is an exploration stage project. There is no ore body yet, and extraction and processing characteristics would be key factors in determining economics. The economic significance of the preliminary data from Lofdal is related to the mix of REEs present, which shows certain samples are extremely enriched in heavies.

Rare Earth Element Lanthanum Cerium Praseodymium Neodymium Samarium La-ppm Ce-ppm Pr-ppm Nd-ppm Sm-ppm

Mt. Weld Central Zone 35,328 63,121 7,480 25,696 3,367( 2.5 TREO % cutoff) Mountain Pass 28,050 41,650 3,400 11,050 425( 5% TREO cutoff)Lofdal Dykes (n = 292) 4,882 7,874 771 2,289 353 (1% TREO+Y Cutoff) Selected Samples:ERN15768 632 1,200 149 631 938ERN15746 250 450 53 220 583ERN15425 525 1,030 124 523 392ERN 18198 22,000 33,700 3,110 8,780 1,220ERN15451 19,950 31,300 2,840 7,760 823ERN15444 21,000 37,200 3,510 10,600 1,690ERN15424 22,400 44,200 4,120 11,100 1,290

LREE Enrichment?

Crustal Abundance 35 70 8 30 7

TREE+Y Lights Heavies% % %

Mt. Weld Central Zone 13.80 13.50 0.25(2.5 TREO % cutoff) Mountain Pass 8.48 8.46 0.03( 5% TREO cutoff)Lofdal Dykes (n = 292) 1.86 1.62 0.12 (1% TREO+Y Cutoff) Selected Samples:ERN15768 2.58 0.36 0.86ERN15746 3.40 0.16 1.18ERN15425 2.72 0.26 0.83ERN 18198 7.67 6.88 0.41ERN15451 6.63 6.27 0.20ERN15444 7.92 7.40 0.31ERN15424 8.85 8.31 0.31

Average Grades“Lights”

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Putting Grade into Perspective:Europiuim and gadolinium concentrations seem equally concentrated in both populations, with yttrium enrichment favouring the HREE population. Dykes at Lofdal are potentially economic but early exploration focus is on the discovery of an intrusive plug with the same HREE concentrations as found in the dykes.

Rare Earth Element Europium Gadolinium Terbium Dysprosium Holmium Erbium Thulium Ytterbium Lutetium Yttrium Eu-ppm Gd-ppm Tb-ppm Dy-ppm Ho-ppm Er-ppm Tm-ppm Yb-ppm Lu-ppm Y-ppm

Mt. Weld 759 1,339 124 221 14 28 0 14 0 511(2.5 TREO % cutoff) Mountain Pass 85 170 0 0 0 0 0 0 0 0 @ 5% TREO cutoffLofdal Dykes (n=292) 107 409 56 278 51 133 17 92 12 1,267( 1% TREO+Y cutoff)Selected Samples: HREE ENRICHMENT?ERN15768 551 1,805 421 2,610 511 1,390 178 978 123 13,650ERN15746 524 1,910 547 3,730 790 2,150 303 1,655 219 20,600ERN15425 280 1,140 370 2,770 603 1,680 221 1,135 137 16,300ERN 18198 403 1,630 232 1,045 167 396 38 178 20 3,810ERN15451 201 952 90 353 64 184 17 87 11 1,660ERN15444 364 1,485 156 587 93 240 21 106 12 2,140ERN15424 328 1,500 149 567 96 272 26 136 15 2,300

Eu-Gd CONSISTENT?

Crustal Abundance 1 7 1 6 2 4 1 4 1 35

“Heavies” and Yttrium

What is the Relationship Between Dykes and Intrusive Plugs at Lofdal?

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Potential Area of Interest Covers 125 km2

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Carbonatite complex responds well to airborne radiometrics

Additional ground to be prospected

Pending News on Lofdal

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Etruscan Resources/NewCo

• Additional rock samples

• Geophysical targeting

• Preliminary mineralogy

Geological Survey of Namibia Initiatives

• Hyperspectral airborne

• VTEM airborne

• PhD thesis

• Undergraduate theses

Next Steps at Lofdal

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1. Continued Regional Exploration: i) Mapping/sampling covering entire thorium anomaly

ii) Detailed airborne high resolution radiometric and magnetic coverage of entire prospective area

iii) Study and interpretation of hyperspectral data, integration of all geophysical and geological databases to identify additional carbonatite plutons/dykes at shallow depth

2.

Detailed Exploration i) Mapping, channel sampling and trenching of the highest grade carbonatite dykes and Emanya plugii) Scintillometer surveys to delineate HREE-enriched portions of

dykes and plugs

Next Steps at Lofdal (continued)

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3. Mineralogy:i) General characterization of REE minerals (oxides, phosphates, silicates)ii) Focused study of the samples with potential economic gradeiii) Grain size characteristics, preliminary extractive issues

4. Drilling5,000 to 10,000 meters of diamond drilling based on surface results and mineralogical characteristics

Working in Namibia:Why Lofdal can Succeed

• Political stability and support for the mineral sector

• Mining history

• Infrastructure

• An outstanding government commitment to geoscience and the mineral 

sector with high quality regional mapping, airborne geophysical and 

specialized remote sensing (hyperspectral) data available to the

public

• Strong cooperation with the Geological Survey of Namibia with continued 

mapping and REE focused studies at Lofdal 

• Lofdal database includes 200 m airborne magnetics and radiometrics, 

Quickbird, Landsat and Aster imaging, hyperspectral survey completed in 

2009 and VTEM survey to be made available in 2010

• Surface sampling rock database (outcrop) now in excess of 3,000 samples

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Working with an Outstanding Database Towards Discovery

Airborne Radiometrics Thorium

Rock Sampling

20 km

Main Intrusion

Emanya Plug

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Working with an Outstanding Database Towards Discovery

Hyperspectral Coverage over Lofdal

20 km

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Working with an Outstanding Database Towards Discovery

Hyperspectral Coverage over Lofdal

Rock Sampling

20 km

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Working with an Outstanding Database Towards Discovery

Hyperspectral Image Processing Ongoing

20 km

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Working with an Outstanding Database Towards Discovery

Rock Sampling

Hyperspectral Image Processing Ongoing

20 km

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Working with an Outstanding Database Towards Discovery

Using hyperspectral imaging to map carbonatite dykes

1 km

1 km

1 km

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Working with an Outstanding Database Towards Discovery

Combining hyperspectral imaging with magnetics to search for

plugs

+ =

1 km

1 km

1 km

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The Lofdal Carbonate Complex: Potential for the Discovery of an Economic Source of Heavy Rare Earths

Rock Sampling

20 km

Ideal Target:

300 m diameter plug >25MT…

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Rare Earth Element Potential of the Lofdal Carbonatite Complex, Namibia – An Investment Opportunity

• District scale potential for a heavy rare earth discovery

• Backed up by an extensive, high quality database comprising recently 

acquired airborne geophysical surveys coupled with complete REE suite of 

over 3,000 rock samples

• Ready for detailed follow up in most prospective areas (trenching and 

channel sampling) and then drilling

• Corporate mandate to fund in a new vehicle

• Early stage investment opportunity in a legitimate heavy rare earth 

exploration project

• Subsequent opportunity within 12 months via IPO  

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Rare Earth Element Potential of the Lofdal Carbonatite Complex, Namibia - An Investment Opportunity

“Thank You for Your Attention”