Drift Lake Resources Inc.

July 14, 2008 15:55 ET

Drift Lake Resources Inc. Announces Non-Brokered Private Placement of Up to 4.7 Million Shares

TORONTO, ONTARIO--(Marketwire - July 14, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Drift Lake Resources Inc. ("Drift Lake") is pleased to announce a non-brokered private placement (the "Placement") of up to 4.7 million common shares of Drift Lake at a price of $0.10 per share for gross proceeds of up to $470,000.

Gross proceeds from the Placement will be used for continued exploration on the Rossmere gold property in Ontario, and for general working capital.

The closing of the Placement remains subject to the receipt of all required regulatory approvals.

About Drift Lake

Drift Lake is a Richmond Hill based mineral exploration company, currently focused on the exploration for gold on the Rossmere Property in Ontario. Drift Lake is a reporting issuer in Ontario.

Forward-Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Drift Lake, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information