SOURCE: Drake Gold Resources, Inc.

May 14, 2008 09:52 ET

Drake Gold Resources, Inc. Announced Sale of 3% NSR for Georgia Project - Raising $180,000 of Additional Capital

ATLANTA, GA--(Marketwire - May 14, 2008) - Drake Gold Resources (PINKSHEETS: DKGR) is pleased to announce the sale of a secured 3% Net Smelter Royalty (NSR) for $180,000. The sale was made between DKGR and two private financiers, each agreeing to purchase a 1.5% NSR for $90,000 from the joint venture with Southern Mining and Exploration. The capital raised will be deposited into Company accounts at the rate of $30,000 per month based on a predetermined operating budget presented by the Board. The third party investors accepted the financing agreement based on evidence demonstrating Drake's profitability.

This sale will prove invaluable to Drake's current efforts to move from a development stage company to a junior producing company. The raised capital will supplement current resources in funding working capital for Drake and providing the means for expanding production. Drake's President, John Marconette, remarked, "The additional capital raised from this sale of NSRs will serve as a means of propelling Drake forward at this crucial time in our development. The increased funding will be maximized to ensure success in Drake's current and future projects."


Drake Gold Resources, Inc. is a development stage mining company that focuses on the exploration and production of precious metals. The Company has a distribution agreement for Dove Mining Equipment which has yielded several opportunities for expansion. Announcements will be made as details are made available.

For further information about Drake Gold Resources please visit our website at and blog at

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