SOURCE: Drake Gold Resources Inc.

March 17, 2006 15:18 ET

Drake Gold Resources Inc. Updates Current Acquisition Plans

VANCOUVER, BC -- (MARKET WIRE) -- March 17, 2006 -- Drake Gold Resources Inc. (OTC: DKGR) is pleased to announce an update for shareholders on current acquisition plans.

Drake Gold Resources Inc. has selected several of 10 locations it will be acquiring from its agreement with Thunder Gulch Resources Ltd. The project manager for DKGR and president of TGR, Norm Pearson, has been on site at our first and most promising asset. Sampling and testing has been occurring. The samples will be taken to the lab over the next week and we will have an official report to the public at that time. The company is prepared to release the info on the properties but has been requested by TGR earlier this week to wait for a couple days to release the geographical news and projections for a variety of reasons.

Due to 25 year highs at approx. $550+ an ounce of gold we are experiencing another gold rush in many gold-rich areas. Because of this factor there is an impending land rush in many areas worldwide and "claim-jumping" is becoming a concern for many companies that have found hot gold areas. The result is competition of land around the main gold findings. The area we are mainly interested in has many established majors and TGR has made sure to lock in the land surrounding our properties. This process does not take that much time but is a necessary step in our exploration and acquisition phase. The company is prepared to make the acquisition news early next week, ideally Monday.

Mr. Pearson, president of Thunder Gulch Resources Ltd., said, "It gets very exciting being in the gold rush areas but we have to be careful not to alert possible claim-jumpers, I believe we have found a special trend that has had some history but not fully explored and the geographical charts show promise on all surrounding areas, so we are securing those areas as well."

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.

About Thunder Gulch Resources LTD.

Thunder Gulch Resources Ltd. (TGR) is an independent mining operator and project developer. The history of TGR is expansive and lengthy with success in mining ventures. The principle of TGR has operated exploration and development programs in Canada, United States, Venezuela, Africa and Russia and have set up mines on four continents: Asia, South America, Africa, and North America. The company combines over 30 years of mining, prospecting, evaluation, and operation expertise through its team of engineers and professionals.

Currently TGR has access and is completing evaluation and sampling in over Ten (10) projects located in a diversified array of areas for Drake Gold Resources Inc. to acquire. The company is reviewing areas throughout the United States along popular trends in Arizona, Oregon and Alaska. TGR is also reviewing locations throughout Canada in British Columbia and the Yukon Territories. Other properties have been presented to the company in popular gold districts in Northern Mexico as well that TGR is now considering. TGR recently agreed to a 48-month contract to performing services and operations for Drake Gold Resources Inc.

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. Several 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. The company has allied itself with a team of professionals 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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