Gold

We believe that the stocks of these companies have the greatest potential to appreciate relative to their peers. In addition, they should have the greatest financial flexibility for furthering exploration, advancing projects or making acquisitions.See full report

We believe that the market does not fully recognize Etruscan Resources Ltd's (TSX: EET) position as a major exploration company, the current fundamental value of its achievements or its growing portfolio of opportunities.See full report.

Beacon Rock Research analyst completes tour of exploration companies in Sierra Mardre including Silverstone Resources Corp., Nayarit Gold, Inc., Soho Resources Corp., and Premium Exploration Inc.
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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.

NovaGold Resources Inc. (AMEX, TSX: NG) announced completion of a Feasibility Study for its world-class gold/silver/ copper project in British Columbia. The study provides information and third party validation establishing project viability essential to secure bank financing. In addition, as mentioned in our note dated October 25, 2006, we believe completion of the Feasibility Study should allow NG to be viewed by the investment community in an entirely new way. The following at minimum should be considered to determine the adequacy of Barrick Gold Corporation’s (NYSE: ABX) revised tender offer of US$16.50 per share. See full report.

NovaGold (AMEX,TSX: NG) announced the formation of a partnership allowing Teck Cominco (NYSE: TCK) to earn a 50% interest in the Galore Creek copper-gold project in British Columbia. It was expected that NovaGold would secure a partner for Galore Creek in 2007. We see the partnership with Teck, one of the industry’s most credible companies, as clear validation of the feasibility of the Galore Creek project and the work of NovaGold’s management team. See full report

NovaGold Resources Inc. (AMEX: NG) recently announced a significant increase in their copper, gold, and silver resources following completion of its 2006 drill season at Galore Creek. This increase is important as it demonstrates both the ability of the company’s exploration team and the likelihood of upgrading the classification of Measured and Indicated resources to Proven and Probable reserves with additional drilling and further study. The company plans to complete a minimum of 15,000 meters of drilling in 2007 at Galore Creek. See full report.

NovaGold Resources Inc. (AMEX: NG) reported receiving an additional installment of drill results on Barrick Gold Corporation’s(NYSE: ABX) 2006 drill program at the Donlin Creek project in Alaska. Barrick released the first 45,000 meters of the 82,000 meter 2006 drill program. NovaGold anticipates receiving the balance of the results by the end of March. Despite the aggressive 2006 drill program we believe that the extent of the deposits at Donlin Creek and the eventual proportions of the eventual pit design are preliminary. We anticipate additional expansion of the pit outline, depth, and number of containedounces of gold. See full report.

NovaGold Resources Inc. (AMEX: NG) announced Friday that it had received its Environmental Assessment Certificate from the Province of British Columbia necessary for construction, operation, and closure of its Galore Creek project. An Environmental Assessment Certificate in Canada is similar to an Environmental Impact Statement in the US. This is a major milestone for the company and a significant reduction in risk for the project which should result in an increased valuation by the market. See full report.

Etruscan Resources Inc. (TSA: EET) announced additional high grade assays from the Finkalo Gold Project in South Mali. Resolute Mining Ltd. (ASX: RSG) is the project manager, holding a 50% interest, with the ability to earn an additional 10% by spending $1 million in exploration. The next drill program is scheduled to include 61 holes (5,645 meters) of reverse circulation drilling.See full report.

Etruscan Resources Inc. (TSX: EET) announced results from rotary air blast (RAB) drilling at its Diba project in West Mali. The results confirm that gold mineralization extends across the 2.5 km strike length of the anomaly. Etruscan is now deploying an RAB drill rig to Kobokotosou, the second of four targets in West Mali. The Diba project is only one of over a dozen targets the company has identified in West Africa.See full report.

Etruscan Resources Inc. (TSX: EET) reported partial results of its 2006 drill program on its Agbaou project in Côte d’Ivoire.Drill results were in line with the results of the 2005 drill program, not with the expectation of increasing numbers of ounces, but with the purpose of upgrading historic resources to reserves. We would expect that upon completion of the drill program that the company will focus on its nearby Didoko target to increase the resources to feed a central mill facility...See full report.

We attended Etruscan Resources Inc.’s (TSX: EET) Analyst Day last week visiting two of its projects in West Aftrica. The trip included an inspection of EET’s Youga project currently under construction in Burkina Faso and exploration activities at its Diba exploration target in West Mali. We are increasing our rating to Strong Buy from Buy and are retaining our 12-month price target of C$8.00 per share and our High risk assessment. Overall, the increase in our rating is due to a higher confidence level in the company’s ability to successfully complete catalysts in the next 12 months important to our investment thesis which include:See full report.

Barrick Gold Corporation (NYSE: ABX) announced it has accepted 13.2 million common shares, representing 12.3% of NovaGold Resource Inc.’s (AMEX,TSX: NG) fully diluted common stock. ABX subsequently extended its tender offer at US$16.00 per share to December 6, 2006. This is the sixth extension of its all-cash tender offer, initiated on July 24, 2006 at a price of US$14.50 per share. See full report .

Etruscan Resources Inc. (TSX: EET) received initial assay results on diamond drill core from its Diba property in Mali. The Diba project is 15 km south of the Sadiola Gold Mine. Drilling covered only 10%, in the southern end, of the Diba anomaly which is approximately 300 to 500 meters wide and 2 km long. EET has a 1,300 km² land package in Mali and the largest land position of any mining company in West Africa.See full report.