SOURCE: Drake Gold Resources, Inc.

August 10, 2007 13:00 ET

Drake Gold Resources, Inc. Signs Joint Venture With Southern Mining and Exploration

Drake Gold Resources, Inc. Has Signed a 75% Mining Agreement With Southern Mining and Exploration for Participation in All of the Company's Projects Throughout the Southeastern United States

PORTLAND, OR--(Marketwire - August 10, 2007) - Drake Gold Resources (PINKSHEETS: DKGR) has signed an agreement with the privately held Southern Mining and Exploration (SME) after performing preliminary assays on numerous properties the company controls in GA and the wider Southeastern United States. While DKGR currently cannot release specific information on the location of these properties for competitive reasons, it will as further leases are finalized in the next few weeks. "We believe that the Georgia properties contain some of the most exciting assays we've come across," according to John Marconette. Initial investigative work, which has closely followed DKGR's executive summary, has resulted significant results. The company will release the details of these assays in upcoming press announcements.

To assist in both simple and complex sampling as well as the development of these projects, DKGR management has signed William McLemore PhD, PG, CHG, a veteran Georgia state geologist. Dr. McLemore has more than 40 years experience as a geologist in North America and the Middle East. Throughout his career, Dr. McLemore has been involved in all manner of complex geological and hydrogeological projects. These projects have included but are not limited to industrial metals, precious metals, radioactive minerals as well as on and offshore drilling. After working for Dames & Moore, a well-known innovator in sampling techniques, for the better part of a decade assessing nuclear and coal fired power plants, he moved into the public sector.

Dr. McLemore then worked as State Geologist of Georgia on their Geologic Survey for more than two and a half decades. This work involved a comprehensive assessment of the state's geologic resources. William H. McLemore holds a PhD. in geology from the University of Georgia. Dr. McLemore has written or directed over 500 professional reports, given over 50 professional talks and over 200 speeches influencing a generation of geology professionals.

With the insight brought to DKGR by Dr. McLemore, management believes that these properties preliminary assays mesh with data collected in a region wide geological survey that he was integral in developing. "Based on initial review I believe that a significant amount of precious metals can be produced when these projects come on line," was the opinion of Dr. McLemore. The next step, based on the guidelines of our executive summary, is to move into a program of more rigorous sampling and deeper investigation on the properties held by SME. This will include additional mapping of samples to identify gold trends, both in placer and hard rock deposits. Dr. McLemore is scheduled to meet SME's chief prospector early next week to begin this process.

The history of gold mining in Georgia is extensive. Hernando De Soto's voyage was driven to what would become Georgia in the 1540s in search of the highly prized metal. Gold was mined commercially in Georgia from the 1820s through l933 with some non-commercial mines still in operation. Georgia is said to be one of the nation's best states for gold prospecting since its original boom days which began in 1829, famously branding the miners of this time and place 29ers. Originally these gold strikes had been discovered in North Georgia on Cherokee land.

ABOUT DRAKE GOLD RESOURCES INC.

Drake Gold Resources Inc. is in the midst of creating a diversified natural resource company, with a portfolio of precious and industrial metals producing mines as well as the creation of an oil and gas subsidiary. As a result of ever-increasing demand and the resulting scarcity, the market for natural resources becomes increasingly profitable.

Diversification and innovative exploration tactics are part of an overall strategic plan that is being carried out by the company's formidable team of natural resource development executives. Diversification plans include the development of gas, oil, gold, silver and industrial metals producing projects. For further information about Drake Gold Resources please visit our website, http://www.DrakeGold.com.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Based upon industry standards, Drake would be considered highly speculative. Additional risks you should consider, this list is limited and additional risk not mentioned may apply: failure to meet Drake's financial and contractual obligations, Drake's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. 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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