Alexco Resource Corp. is an environmental services/junior exploration company nearing production at its wholly owned Keno Hill silver district. Alexco is also receiving revenue for cleanup of the district and has unfettered access to develop the district indemnified from all prior environmental liability. See full report.

Paramount Gold and Silver Corp. (AMEX, TSX: PZG) is an aggressive exploration company operating in the prolific and historic Sierra Madre silver-gold belt near Chihuahua, Mexico. The Company has established a 35.8 million silver equivalent resource and is currently about half way through a 50,000 meter drill program. See full report.

We consider Sonic Foundry Inc.’s (NasdaqNM: SOFO) suite of Mediasite Internet recording products to be the most effective manner to communicate “serious” content on the Internet. Our opinion is based on our personal experience using the product in both education and in corporate communications. The product excels when the source of serious content has an earnest and important message to share with an audience equally anxious to fully understand and make good use of the message. See full report.

NovaGold Resources Inc. (AMEX: NG) and Teck Cominco Ltd. (NYSE: TCK) placed the Galore Creek project in British Columbia on hold until construction costs are brought into balance with conservative long-term copper metal price assumptions. NovaGold’s share price closed down about 50% on the announcement. See full report.

We recently toured the projects of several companies in the southeast corner of the State of Chihuahua, Mexico. One of our favorites was Paramount Gold and Silver Corp. (AMEX,TSX: PZG). This was due to the combination of management, project(s) potential, and the fact that Paramount’s aggressive exploration activities are relatively unknown. See full report.

NovaGold Resources Inc. (AMEX: NG) reported drill results at Donlin Creek that we believe could be some of the most exceptionaldrill results of any mining company in 2007. The release represents the results of 156,000 meters of drilling completed over nearly two full years.See full report.

Having provided research coverage on Sonic Foundry since March 15, 2005, when the price was $1.36 per share, we find their progress in creating a revolutionary product while responding to customer preferences and creating a new market to be historic. See full report.

Mercator Minerals Ltd. (TSX: ML) is rapidly approaching completion of its initial phase of expansion at its Mineral Park Mine in northwest Arizona.Phases I and II were designed to increase production at Mineral Park to an average of 56.4 million pounds of copper, 10.3 million pounds of moly, and 600,000oz. of silver on an annual basis over the first 10 years of the 25 year mine life.See full report.

Beacon Rock Research is initiating research coverage on Minefinders Corporation. Minefinders is scheduled to complete is first gold pour in early 2008 at its gold/silver project near Chihuahua, Mexico. The mine is anticipated to reach full commercial production by mid-2008 at which time they may be prepared to make a decision to expand the mine. See full report.

Etruscan Resources Ltd. is scheduled to complete a Feasibility Study on its Agbaou project in Côte d’Ivoire in April of 2008, anticipating production in 2009. The combination of production from Agbaou, and cash flow from its Youga project with first gold pour scheduled for December 2007, should provide significant financial flexibility to explore its dominant land position in West Africa. See full report.

Etruscan Resources Inc. (TSX: EET) reports that construction at its Youga project in Burkina Faso is again accelerating now that the summer rains are receding. Progress is advancing, allowing the Company to schedule their first gold pour in December of 2007 with anticipation of reaching full commercial production by the end of March, 2008. Production from Etruscan’s 100% owned Youga project should provide approximately $20 million for exploration of its land position in West Africa, the largest of any mining company, without diluting shareholders See full report.

Etruscan Resources Inc. through Etruscan Diamonds has acquired the remaining 50% interest in the Tirisano Diamond Mine in South Africa. The acquisition of Tirisano increases the resource of the consolidated Blue Gum effectively doubling the previously scheduled production to 100,000 cubic meters per month. See full report.

We recently joined NovaGold Resources (AMEX: NG) and Teck Cominco (NYSE: TCK) for the 2007 analyst day at their jointly owned Galore Creek project in northwestern British Columbia. This was our third visit to Galore Creek in three years and the progress is nothing short of amazing. The scope of the project has even attracted videographers from the Discovery Channel for their Extreme Engineering series. See full report.

Sonic Foundry, Inc. (NasdaqNM: SOFO) is a technology leader providing solutions for the growing rich media (audio, video, and graphics) communications marketplace. The Company provides an elegant means for capturing and viewing rich media over the Internet. The Company has demonstrated its leadership position by a high level of repeat sales to existing customers and widespread acceptance among the largest higher education, corporate, and government institutions. Sonic Foundry has consistently improved its product, driven by a focus to meet the changing needs of its customers. See full report.

We recently visited the Etruscan Resources Inc. (TSX: EET) corporate office in Bedford, Nova Scotia. Despite recent weakness in the price of the company’s stock price we remain confident of the positive near-, mid-, and long-term prospects of the company. We were reminded on our visit of the company’s depth in multiple dimensions of important components of fundamental value. These include the overwhelming importance of management, the significant potential for the first “second generation” gold discoveries in West Africa, and potential to advance numerous projects to either production or feasibility. In addition, the company has additional unappreciated fundamental value in its diamond assets in South Africa, as well as hints of early “blue sky” exploration in Nambia. See full report.