SOURCE: Drake Gold Resources, Inc.

July 17, 2007 13:30 ET

Drake Gold Resources, Inc. Welcomes the Addition of a New CFO

New Chief Financial Officer Thomas E. Conar Joins Drake Gold Resources, Inc.

SCOTTSDALE, AZ--(Marketwire - July 17, 2007) - Drake Gold Resources (PINKSHEETS: DKGR) is pleased to announce the addition of CFO Thomas E. Conar to its management team. Mr. Conar brings a decade's long history of successful work in corporate manufacturing accounting to Drake Gold Resources. His combination of organization building and contacts in the investment banking industry is an incalculable asset that will complement his fellow corporate officers. "I see Mr. Conar's addition as a crucial piece of the core leadership team that will handle a number of logistical concerns, not least of which is his ability to address capital finance needs, so that the company can continue its drive to create a formidable portfolio of development projects. Our mining executives are now free to pursue these projects knowing that they have his support," according to newly appointed company president John Marconette.

Thomas E. Conar was a cum laude accounting graduate who quickly moved into a career that came to focus on making organizations more efficient and thus more viable. One of the more impressive credits in Mr. Conar's resume, which led Drake Gold Resources to seek him out, was his leadership at Athens Furniture. With the help of his investment banking contacts, Mr. Conar was able to take the company private and reorganize it into a manufacturer whose products were in high demand. The company essentially doubled in size; under Conar's guidance it went from 400 to 800 employees with sales revenue increased from $30 million to $50 million yearly. The company eventually opened additional facilities in North Carolina and Scotland, selling to all of the lower 48 states and Great Britain.

As CFO, Thomas E. Conar is charged with the financial health of the organization, including a responsibility for ensuring DKGR resources are effectively employed toward the achievement of the company's strategic plan. Mr. Conar will also be responsible for management oversight of all financial functions and will track all capital finance initiatives, revenues, costs, expenditures, investments and debt. As the company continues to grow it has become necessary to bring on a seasoned professional to handle these duties and assign accountability.


Drake Gold Resources Inc. is an early-stage mining and energy company that focuses on the exploration and production of precious metals and energy, such as petroleum and coal. Several projects have been identified in North America. Announcements will be made as agreements are completed.

DKGR intends to be a diversified company by operating in the natural resource, petroleum, and alternative energy markets. As a result of ever-increasing scarcity, the market for natural resources is clamoring for diversification and innovative exploration tactics. Potential opportunities for diversification include gold, silver and other minerals. DKGR also plans to capitalize on current and long-term trends in energy prices to operate in the petroleum and alternative energy markets.

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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