SOURCE: Drake Gold Resources Inc.

February 16, 2006 14:15 ET

Drake Gold Resources Inc. Announces Resignation of Management Team to Complete Transition

VANCOUVER, WA -- (MARKET WIRE) -- February 16, 2006 --Drake Gold Resources Inc. (OTC: DKGR), a brand-new company that focuses on the exploration and production of precious metals, is pleased to announce that the full management team from its previous business model are resigning in preparation of new management announcements.

Drake Gold Resources Inc. has just formed under its new symbol "DKGR" and is preparing for the new management team. The new management team of mining professionals including the mining engineer/operators is ready to be announced and begin to hasten the roll out the new operations plan.

The complete resignation consists of Paul Stringer, Jerry Leslie, and Neil Grey, who are the officers and directors of the company.

Shareholders can expect a quick addition of the new management and introduction to their mining credentials as well as a quick move to announce the potential assets, acquisitions and joint ventures they have been evaluating. Letter Of Intents (L.O.I.) are in the final stages and will be released shortly after management is announced to complete the move into valuable precious metal asset sector.

It is anticipated that the new mining CEO will be announced early next week.

Current and future shareholders are encouraged to sign up for email updates on our new website to stay up to the minute on new releases, reports, interviews, industry news and market related information. The sign up is located under the main menu at http://www.drakegold.com.

Shareholder inquires and suggestions are welcomed and should be directed to the Drake Gold Investor Relations Team at the toll free # 1-888-601-9983 or internationally at 1-503-618-0370 or via email at info@novakcapital.com.

This press release contains forward-looking statements involving risks and uncertainties including statements regarding the Company's future performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors which include, but are not limited to, our ability to leverage our technology, manage our growth, protect our intellectual property rights, attract new customers and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism and the conflict with Iraq. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 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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