RVNG Raven Gold Corp (CE)

Dutton Associates initiates coverage of Raven Gold (OTCBB: RVNG) with a Speculative Buy rating and a $1.25 price target. The 17-page report by Dutton senior analyst Jon Ziegler, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg Professional, Zacks, Reuters, Knobias, and other leading financial portals. Raven Gold is a gold mining company, with active exploration and development projects. Raven's mandate is to initiate an aggressive acquisition policy, focusing on under-explored to advanced stage exploration gold deposits in North and South American Countries. Raven is focused on becoming a low cost gold producer. Its most notable current holding is its investment in the La Currita project in Chihuahua, Mexico. The La Currita project includes a mine, a 150 tonne/day operating floatation mill and stockpiled ore. The La Currita mine was in steady production from 1983 until 1998. The existing mine holds potential to increase tonnage through systematic exploration. The property sits amidst an area that is well understood and explored geologically and has been actively mined. The grade expectations for the property are very reasonable and do not require �home run� numbers to be economic. We believe that a defensible valuation for Raven Gold shares can be derived from applying discounted values to its known gold reserves, its gold resources and its silver resources, which gives a total discounted value of $1.28 per share. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 5/01/2008. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.