eResearch

eResearch

February 22, 2008 11:38 ET

eResearch Initiates Coverage on MacDonald Mines Exploration Ltd. With Speculative Buy Rating and One/Three-Year Target Price of $1.35/$3.50

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2008) - MacDonald Mines Exploration Ltd. is a major participant in the so-called "Ring of Fire" area in the James Bay Lowlands of northern Ontario where Noront Resources Ltd. recently made a significant and widely-publicized nickel-copper discovery.

It is now clear that the Noront strike is a large one. Drill core results over significant widths are highly encouraging. A total of more than 5,000 metres of drilling in 27 holes has defined a mineralized zone that remains open to the south and at depth. Five or six companies are expected to drill some 70-80 holes in the immediate vicinity, and a significant "hit" by any one of them should benefit all participants, including MacDonald Mines.

The Noront discovery in September 2007 sparked a major staking rush in the region. MacDonald Mines (the "Company") has operated in the area since 2003, and had a significant first-mover advantage in the staking rush. Management immediately hired a helicopter and was staking the region the day after Noront's announcement.

The Company's land holdings in the region amount to approximately 60,000 hectares, including both wholly-owned properties and properties held with partners.

This Press Release was prepared by eResearch and was not vetted by MacDonald Mines Exploration Ltd. Further, the Recommendation and Target Price contained in this report are strictly those of eResearch and, due to securities laws, are not endorsed by MacDonald Mines Exploration Ltd.

eResearch is Canada's primary source for independent, quality, investment research, focused primarily on small- and mid-cap companies. Our research and analysis is of institutional quality, and has the potential of reaching millions of global investors through our extensive electronic distribution network. eResearch does not engage in retail or institutional sales, trading, or corporate finance activities, nor does it conduct investment banking or investor relations services for the companies covered. Our sole business is providing quality, unbiased research.

MacDonald Mines Exploration Ltd. paid eResearch a fee of C$20,000 + GST to conduct research on the Company, on an Annual Continuous Coverage basis.

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