Downgrade on A-Cap Resources

eResearch analysts, Oliver Schatz, M.Sc. (Geology), and Bob Weir, B.Sc., B.Comm., CFA, have written an Update Report on A-Cap Resources Limited (ASX: ACB). A-Cap Resources is an Australian-incorporated and publicly-listed junior minerals exploration company with three main prospects in Botswana, Africa, the primary one being the Mokobaesi uranium prospect.

The Recommendation is changed from Speculative Buy to Reduce/Sell (short term), and Hold (longer term). The Target Price over the next six months is set at A$1.80 per share. Since the Initiating Report of December 11, 2006, the shares have risen from A$0.78 to a high of A$2.53. At the current price of A$2.10, the gain is 169%. An old stock market adage: when your initial investment doubles, sell one-half and carry the balance for free.

The Analysts state, “We are cognizant of the speculative investor interest in uranium stocks that is based on the unrelenting increase in the spot price of uranium (U3O8), and the fact that this positive industry pricing trend could propel the stock higher. However, with only historic, non JORC-compliant resources and considerable drilling still required to delineate an economically viable uranium deposit, we believe there could be greater downside risk than upside potential for A-Cap’s shares over the near term.”

The Analysts go on to say, “Longer term, for as long as the price of uranium remains high (or continues higher), and as the Company furthers its drilling program and, ultimately, obtains a favourable JORC-compliant resource estimate, we believe the shares of A-Cap have considerable long-term potential.

The Analysts conclude, “Although we recognize that the shares could move higher based on uranium euphoria as well as on good drill results, we deem it prudent for those investors who have been with us since we began coverage to take some profits.”

Initiating Coverage on Jet Gold Corp.

eResearch analysts, Beverly Brooks, MA (Economics), MBA, and Bob Leshchyshen, B.A., MBA, CFA have written an Initiating Report on Jet Gold Corp. (TSX-V: JAU). Jet Gold is a junior resource company with coal properties in northern British Columbia, gold properties in Canada and Myanmar, and oil and natural gas properties in Texas.

The report’s Highlights state the following:

· The Company’s main focus is its Naskeena coal project in northern B.C.
· A NI 43-101 resource estimate on Naskeena is expected later this year.
· The historic resource estimate on Naskeena is 240 million tonnes: high carbon; low ash; low sulphur.
· Production start-up at Naskeena has not yet been determined.
· Texas oil & gas interests now generate moderate revenue.
· Gold exploration activities in Canada and Myanmar are still at an early stage.

Independent Equity Research Corp.

Independent Equity Research Corp.
(operating as eResearch)

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