Drift Lake Resources Inc.

October 26, 2007 11:00 ET

Drift Lake Resources Inc. Releases Unaudited Results for the Three and Six Months Ended August 31, 2007

TORONTO, ONTARIO--(Marketwire - Oct. 26, 2007) -

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Drift Lake Resources Inc. (the "Corporation") today announced its unaudited results for the three and six months ended August 31, 2007.

On August 28, 2007 the Corporation filed its final prospectus dated August 27, 2007. The financing contemplated by the prospectus was completed on September 25, 2007 pursuant to the issuance by the Corporation of 3,735,000 common shares at $0.10 as well as the issuance of 280,125 Broker Warrants to the selling agent, each Broker Warrant entitling the holder to acquire one common share of the Corporation for $0.10 until 5:00 pm on September 25, 2009.

Results for the three months ended August 31, 2007 (as the Corporation was incorporated on September 7, 2006 there are no comparative figures for the period of a previous year):

- The Corporation has no operating revenues.

- Total expenses were $16,818 comprised primarily of professional and consulting fees of approximately $10,000 and filing fees of approximately $6,000.

- Net loss in the quarter was $16,818 ($0.0168 per common share).

Results for the six months ended August 31, 2007 (as the Corporation was incorporated on September 7, 2006 there are no comparative figures for the period of a previous year):

- The Corporation has no operating revenues.

- Total expenses were $24,996 comprised primarily of professional and consulting fees of approximately $18,000 and filing fees of approximately $6,000.

- Net loss was $24,996 ($0.0250 per common share).

The Corporation is a Richmond Hill based mineral exploration company, currently focused on the exploration for gold on the Rossmere Property in Ontario. The Corporation is a reporting issuer in Ontario.

Contact Information

  • Drift Lake Resources Inc.
    L.M. (Gino) Falzone
    President & CEO
    (905) 773-3855
    Email: falzone@sympatico.ca