Drake Gold Resources, Inc.

Drake Gold Resources, Inc.

March 29, 2006 13:36 ET

Drake Gold Resources, Inc. Announces Spin Off of Specialty Assets

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2006) - Drake Gold Resources, Inc. (PINK SHEETS:DKGR) is pleased to announce that we are completing negotiations for the spin off of the specialty assets from our former business model, including patented processes, wheel designs, patent pending switch plates and designs, a series of apparel designs and unique licenses in the sports world.

The assets are very unique and we have had some very interesting offers put on the table. Another company who deals in outdoor products, sports products and apparel has approached us, and they have made several offers for the purchase of these assets.

There are two likely scenarios, either a cash and stock transaction or an all stock transaction in which all stock would be issued as a dividend to current DKGR shareholders as of a soon to be determined record date.

The company is pleased to be able to spin off the former companies assets to benefit current shareholders with added value through a stock dividend. This step completes the full transition from the previous model to the precious metal exploration and production business. We will make the formal announcement of the spin off with all the remaining details within a couple days once the agreements have been solidified.

Drake Gold Resources, Inc. will complete the acquisition of the 1280-acre gold/silver/copper property in South-Eastern Arizona once the formal agreement is completed and begin full-scale operations as soon as possible thereafter. The project manager, Norm Pearson just returned from his latest visit to the area and was able to gather information to determine trends and precious metal deposits which will be made public soon. Mr. Pearson has optioned a series of properties in the same mining rich area through our agreement with Thunder Gulch Resources Ltd. and DKGR is finalizing plans for future acquisitions.

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 on the left.

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.

About Drake Gold Resources, Inc.

Drake Gold Resources, Inc. is an early stage mining company that focuses on the exploration and production of precious metals. DKGR just announced its intent on a 1280-acre property in a mining rich area in Arizona. Several other projects have been identified through Thunder Gulch Resources Ltd. and its resources in North and Central America, which will be released as the agreements are completed. We are looking at properties of merits that contain gold, silver, copper, and molybdenum. The company currently has two consultants including Richard Biscan of Tara Gold Resources Inc. and Norm Pearson of Thunder Gulch Resources Ltd.

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. 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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