Pasquale DiCapo

July 22, 2009 14:42 ET

Pasquale DiCapo Acquires Common Shares of Drift Lake Resources Inc.

TORONTO, CANADA--(Marketwire - July 22, 2009) - Mr. Pasquale DiCapo ("DiCapo"), 130 King Street West, Suite 2500, Toronto, Ontario M5X 1A9 announces that on July 20, 2009, it acquired ownership of 1,000,000 common shares ("Common Shares") of Drift Lake Resources Inc. ("Drift Lake") and 1,000,000 common share purchase warrants (the "Warrants") (each Warrant entitling DiCapo to acquire one additional Common Share at a price of $0.10 until January 20, 2010) which securities were acquired by DiCapo directly. These holdings represent approximately 5.3% of the issued and outstanding Common Shares (or approximately 9.98% on a partially diluted basis, assuming exercise of the Warrants only).

Immediately following the transaction noted above, DiCapo owns: (i) 1,900,000 Common Shares of which 1,000,000 Common Shares are owned by DiCapo directly and 900,000 Common Shares are owned by DiCapo indirectly; and (ii) 1,000,000 Warrants which are owned by DiCapo directly. Such securities represent approximately 9.98% of the issued and outstanding Common Shares (or approximately 14.5% on a partially diluted basis, assuming exercise of the Warrants only).

These transactions were made for investment purposes and DiCapo could increase or decrease his investments in Drift Lake depending on market conditions or any other relevant factor.

To obtain a copy of the report filed pursuant to applicable securities regulations in connection with the foregoing, please contact:



Shaun Drake
Tel: 416-848-0107
Fax: 416-848-0790
sdrake@mdcorp.ca
50 Richmond Street East,
Suite 101,
Toronto, ON M5C 1N7


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