SOURCE: Drake Gold Resources Inc.

June 14, 2006 07:30 ET

Drake Gold Resources Inc. Completes Formation of the Diamond Exploration and Development Division (Drake Diamonds)

CENTURY CITY, CA -- (MARKET WIRE) -- June 14, 2006 -- Drake Gold Resources Inc. (PINKSHEETS: DKGR) is pleased to announce the creation of the Diamond Exploration and Development Division or Drake Diamonds.

The formation of this division is based on the targeted zones in Southern Saskatchewan, which are some of the best-known kimberlite discovery areas in the world. The surrounding areas include majors such as De Beers, Shore Gold, Kensington, and Great Western Diamonds among many junior players.

Drake Diamonds also welcomes the newest member of the Drake team, John Marconette. Mr. Marconette has a long-standing reputation in the business of investments and acquisitions of such projects. He has been self-employed for 20 years. He has been involved with turnaround projects, which have moved companies from negative to profitable situations. Most recently he has five years experience in the mining industry and has been exclusively helping DKGR over the last couple months prepare for upcoming acquisitions. The duties will cover the facilitation and acquisition of diamond and mining prospects as well as potential joint ventures in conjunction with targeted areas.

Mr. Marconette is currently aiding in finalizing a potential acquisition for Drake Diamonds of up to 36,000 Hectares in the heart of the southern mining mineral deposit district in Saskatchewan. Complete discloser and maps will be released as soon as possible once the Department of Industry and Resources approves the leases.

The Drake Team is pleased to update shareholders with the most recent activities on the other mining fronts. We have been pending a letter of intent with our strategic partner Thunder Gulch Resources Ltd. and have been informed by our senior consultant, Mr. Norm Pearson that they have completed their decisions on the initial project to acquire.

Information has been drawn up over the last couple months from properties north of the Historical Courtland-Glisan Mining Districts in Arizona that has brought Drake Gold to this point. The intent is to acquire projects that we can put into early production through placer or free gold mining operations to produce a steady cash flow from gold, silver and copper; a very effective and low cost alternative to full scale hard-rock mining for a junior mining company.

Mr. Pearson our senior consultant and President of TGR is a 31-year veteran in the placer mining industry and holds patented rights to placer machining equipment. Mr. Pearson already has equipment to set up operations very quickly and will announce preparations and timeframes to set up the site in Arizona. Complete discloser and maps will be released as the acquisition paperwork is completed.

Please review the previous press release on March 22, 2006 for addition information:

http://www.drakegold.com/default.asp?Page=PressRelease_9

Current and future shareholders are encouraged to sign up for email updates. The new Company website provides current news releases, reports, interviews, industry news and market related information. To sign up, click on the link located under the main menu at www.drakegold.com.

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

About Drake Gold Resources, Inc.

Drake Gold Resources, Inc. (http://www.drakegold.com) is an early-stage mining and energy company that focuses on the exploration and production of precious metals, diamonds and energy, such as petroleum and coal. Several projects have been identified through Thunder Gulch Resources, Ltd. and its resources in North America. Drake intends to complete the acquisition of Pegasus Oil Well Services within the coming weeks. (http://www.pegasusoilwellservices.com) Announcements will be made as agreements are completed.

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.

Contact Information

  • Investor Relations Hotline
    Domestic: 1-888-601-9983
    International: 1-503-618-0370
    Email: info@novakcapital.com