SOURCE: Drake Gold Resources, Inc.

November 30, 2007 12:15 ET

Drake Gold Resources Announces Significant Gold Discoveries in Georgia

Drake Gold Resources Releases Independent Investigation Reports on Gold Findings in Georgia From Two Independent Geologists

PORTLAND, OR--(Marketwire - November 30, 2007) - Drake Gold Resources (PINKSHEETS: DKGR) is pleased to announce receiving results from two independent geologists. Both reports have shown that Drake's Georgia operations have significant promise with the Gault Group report stating that: "It is evident that [Drake Gold Resources] has targeted a considerable gold deposit." The report goes on to state:

"Assay results (below) indicate a viable gold resource at the surface and indicate a significant gold resource at depth. The hard-rock assay values are of particular interest: max. 0.571 ounces of gold per ton or $340 per ton. The placer gold values are even more concentrated, approaching 1 ounce per ton consistently (combination of DG-20 and DG-15). Typically, when exploring for gold, one has to rely on placer gravels to lead to an area of high concentration in the hard rock. However, the samples assayed at the Georgia property have shown significant gold concentrations in the hard rock as well as the placer.

"To put these samples' concentrations into perspective, the cut-off grade for open-pit gold mines is 0.01 ounces of gold per ton. The Georgia samples have concentrations in the hard rock that are 50 times that of low grade ore."

Samples reported from the Gault Group processed by Hazen Research came back consistent at .566 and .571 ounces per ton. Samples reported by Dr. McLemore processed by ALS Chemex had a max record of 10 grams per ton so that trace elements would be evaluated. 4 of the samples again, both hard rock and placer, came in over 10 grams per ton. The exact amount over is undetermined due to the process. Secondary samples and depth samples will be processed for max amounts in the next couple weeks.

Additionally, Independent Mining Geologist Richard Claus has done two geological investigative reports on this particular project, performed after multiple visits to the site. His findings are based on a limited 650,000 square yard target (approx. 44.7 acres) with 2 yards of pay zone; Mr. Claus determined the example area holds 1.3 million cubic yards of placer gold ore. The samples taken were directly pulled from the gravels and Mr. Claus was able to determine that the conservative average estimate was 1.3 grams per cubic yard of recoverable gold. With these results, the report indicates a projected 54,340 oz of gold. (Both Claus Reports are available as attachments to the Georgia Gold Report found at the link below and on our website.)

Considering these surface samples, geologists point out that bedrock concentrates will most often be significantly higher indicating the need for more in-depth samples that will follow. Company President John Marconette remarked: "We will be following our formula and bringing results to the table as we pave the way towards production."

A report generated internally shows the historic significance of the region's gold recovery as well as placing the current site in context. There have been significant discoveries and production of mines along this trend. The current Drake Gold Resources/Southern Mining and Exploration site is an extension of this belt into a previously unexplored area. With this in mind, the need to keep confidential the exact location of the area is required for Drake and its partner to secure additional land following the trend to identify hard sources.

JV partner Southern Mining and Exploration has already locked up 200-300 acres of prime development land, with an eye on acquiring 1,000 or more additional acres along the trends. The Joint Venture between Drake Gold Resources and Southern Mining and Exploration is contingent not on the issuance of stock, but on the raising of operating capital. The letter of interest regarding the processed aggregate is an aspect of raising these funds and will cut the cost of mining significantly ($1.3M based on expected prices per ton of sands and gravels.)

View the full Georgia Gold Investigation Report here:


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.

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