Research Update

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.

Paramount is moving forward to form an alliance to jointly develop adjoining properties east of Palmarejo in the Sierra Madre which may lead to eventual merger of the two companies.See full report.

Alexco announced plans to complete approximately 23,000 meters of exploration at its wholly owned Keno Hill silver district in the Yukon. Alexco anticipates receiving a Scoping Study and permit to begin underground development at Bellekeno in 2Q08. See full report.

Paramount continues to enjoy exploration success at its San Miguel project near Chihuahua, Mexico. Expansion of ‘Clavo 99” provides similar characteristics to the nearby Palmarejo deposit.See full report.

Minefinders Corporation’s (AMEX: MFN) Dolores mine near Chihuahua, Mexico is rapidly approaching production. Management recently announced an update that increased the reserve estimate for the project and released drill results on the adjacent high-grade East Dike satellite target.See full report.

Sonic Foundry, Inc. (Nasdaq: SOFO) announced on January 24, 2008 its expectations for revenues of $2.5 million and a loss of $3.5 million for 1Q08, citing slowing market conditions at a time when corporate customers were making buying decisions for 2008.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.

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.

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.

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite recorders are the “Rolls Royce” of the information superhighway and the leading vehicle for transporting serious rich media (video, audio, graphics) content on the Internet. The recent announcement of Mediasite 4.1 and its advanced search technology completes the company’s product offering, securing its position in one-to-many long distance learning. See full report.

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite recorders are proving to be the “Rolls Royce” of the information superhighway and the leading vehicle for transporting serious rich media (video, audio, graphics) content on the Internet. The recent announcement of its advanced search technology completes the company’s product offering securing its position in one-tomany long distance learning. See full report.

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite recordersprovide a revolutionary and elegant solution for producing,distributing, and viewing rich media, leveraging the content of education, corporate, and government organizations. SOFO is now incorporating search capabilities expanding its value proposition. See full report.

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite presentation recorders provide an elegant solution for distributing “one-tomany” rich media content for educational institutions, corporations and government organizations. We see SOFO rapidly approaching profitability and increased investor awareness and market interest. See full report.

We consider Barrick Gold Corporation’s (NYSE: ABX) opportunistic and hostile bid for NovaGold Resources, Inc.(AMEX, TSX: NG) to be unsupportable at US$14.50 per share. We believe the ABX offer significantly undervalues NG’s assets and does not adequately compensate NG shareholders for the increasing value of NG’s properties as they complete permitting, start construction and begin production beginning in mid-2007. This report will seek to explain our opinion as to why the transaction is unlikely to take place at this price. See full report