SOURCE: Drake Gold Resources, Inc.

December 10, 2007 11:45 ET

Drake Gold Resources Announces the Acquisition of Two Silver Strikes in the Atlin Mining District

The Acquisition Involves Two Mining Concessions With Major Silver Strikes Assayed, One of Which Was Formally a Newmont Mining Corporation Lease

PORTLAND, OR--(Marketwire - December 10, 2007) - Drake Gold Resources (PINKSHEETS: DKGR) is pleased to announce it has signed agreements for the Wolverine and LC2 - AG prospects in British Columbia. Both properties are subject to British Columbia laws regulating the handling of sample assay data pointing to significant precious/ industrial metal reserves. The following data were taken from reports required by the British Columbia Government and used to justify the lease agreements for both properties.

The Wolverine Prospect (4000+ acres) has been assayed in two main mineralized areas, vein 2, in the west mineralized area, assayed 914 gpt (grams per ton) silver and 0.34 gpt gold across 15cm. In the east mineralized area, a sample from a 20cm vein with arsenopyrite and pyrite assayed 12.1 gpt gold and 86.7 gpt silver respectively.

The LC2 - AG Prospect (1000+ acres) formally of the Newmont Mining Corporation has returned copper, silver, lead, and zinc results. The main vein, which strikes 029 degrees, dips 85 degreesW and plunges 55 degreesE, is 80m long. Assays from a trench on the vein assayed 9.6% copper, 10.6% lead, 11.2% zinc, 0.33% cadmium and 1,941 gpt silver (approx. 62 ounces per ton).

Each of these figures was subject to the verification of the British Columbia Government's Ministry of Energy, Mines and Petroleum Resources (which can be viewed at

With the combination of both properties Drake Gold Resources has added more than five thousand acres of mineable land to its holdings. This is essential to the company's plan of diversifying its mining development portfolio, ensuring the company a sound footing moving forward. To put these assays into perspective, major discoveries and economical production is on average 240 grams per ton.

"Extensive on-site research and an expanded geological investigation are leading our plan of action for each property, per both our internal and British Columbia regulations, but with the activity in the area and the controls put in place by the provincial government, we believe that we are looking forward to another substantial project," stated Drake Resources President John Marconette. "The prospect has proven, excellent mineral potential -- particularly for silver occurrences, as well as a nearby mining project held by Chevron just 50 miles north of ours on the same trend."

Initial plans include using geological services of area specific experts to be able to provide the Company with the metrics for a NI 43-101 compliant mining report. The NI 43-101 is the standard step toward putting a project into production and will pave the path to enticing the joint venture partners the Company is allied with. Drake Gold Resources has signed agreements entitling it to 96% of everything recovered from both mining projects.

The following link is a copy to the British Columbia Silver and Gold Mining Investigative Report, including copies of supporting geological/assay reports, permitting information for moving into production, and requirements for the 43-101 mining reports.


Drake Gold Resources, Inc. is in the midst of creating a diversified natural-resource holding company, with a portfolio of precious and industrial metal-producing mines, as well as the creation of an oil/gas subsidiary.

Diversification, as well as innovative exploration tactics, are part of an overall strategic plan being carried out by the company's formidable team of natural-resource development executives. Diversification plans include the development of gas, oil, gold, silver, and industrial-metal producing projects. For further information about Drake Gold Resources please visit our website at

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Based upon industry standards Drake would be considered highly speculative. Additional risks to consider and that may apply: failure to meet financial and contractual obligations, managerial errors made due to the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

Contact Information