SOURCE: Drake Gold Resources, Inc.

May 08, 2008 11:30 ET

Drake Gold Resources, Inc. Announces Joint Venture With Eagle Mining

This Agreement Establishes Drake's First Permitted and Producing Project

ATLANTA, GA--(Marketwire - May 8, 2008) - Drake Gold Resources (PINKSHEETS: DKGR) announced today that Drake and Texas-based Eagle Mining have entered into a formal Joint Venture Agreement on their fully permitted and producing Abigail and Donovan projects, located in Mohave county Arizona and comprising 300 acres of two mining claims of 140 and 160 acres.

The Abigail and Donovan projects piqued Drake's interest due to the revelation of high concentrations of gold as evidenced in geological assays completed by Southern Spectrographic Laboratory, Inc.

Southern Spectrographic Laboratory, Inc.
Assays based on concentrated material
March 6, 2007                     February 27, 2007
Report#: 0392-05-798              Report#: 0292-26-727
Sample: AZ V-230                  Sample: A-2

Gold              6.00 oz/ton     Gold             0.005%       1.45 oz/ton
Platinum        < 0.01            Platinum       < 0.001      < 0.03
Palladium         1.00            Palladium        0.012        3.50
Rhodium         < 0.01            Rhodium        < 0.001      < 0.03
Iridium         < 0.01            Iridium        < 0.001      < 0.03

Eagle has their own processing/smelting facilities and possess several key pieces of equipment, including, but not limited to, a reverberatory grinder, a hammermill, electronic concentrators, and multiple pieces of earth-moving equipment. Under the agreement Drake will retain 47% of the net proceeds in exchange for Drake furnishing additional dry-processing equipment and jointly covering daily operational expenses. Eagle will continue to be the operator and manager of the operation, as well as maintaining all permits and associated fees. Mining is expected to recommence by end of second quarter of 2008.

This agreement with Eagle Mining is a direct result of our distribution joint-venture with AERO Mining Technologies. Drake's relationship with AERO is generating opportunities for future turn-key, permitted projects of this nature that show compelling geological assays and are production-ready.

Drake Gold Management has prepared a full report of the Eagle Mining Joint Venture including historical data, BLM permits, equipment details, plans of expansion, etc. which is expected to be released this week.

ABOUT DRAKE GOLD RESOURCES, INC.

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 http://www.DrakeGold.com and blog at http://www.drakegold.blogspot.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The reader is advised to read our full Legal, Disclaimer, and Forward Looking Statements by clicking here: http://www.drakegold.com/privacy_policy.asp.

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