Drift Lake Resources Inc.

May 09, 2008 11:14 ET

Drift Lake Resources Inc.: Rossmere Property Update

TORONTO, ONTARIO--(Marketwire - May 7, 2008) -


Drift Lake Resources Inc. (the "Company") wishes to announce that the Rossmere Property Option Agreement has been amended in respect to the interests being acquired and the work requirements for the Company to acquire its interests. The amendment provides that in order for the Company to acquire a 50% interest in the Rossmere Property (subject to a 2% NSR), the Company must pay for work on the Rossmere Property as follows:

(i) $100,000 by February 25, 2008; and
(ii) a further $200,000 by February 25, 2009.

The Company may acquire a further 10% interest (for a total 60% interest)
by paying for an additional $500,000 work on the property as follows:

(iii) a further $200,000 by February 25, 2011;
(iv) a further $200,000 by February 25, 2013; and
(v) a further $100,000 by February 25, 2015.

To date the Company has paid for approximately $108,000 work on the Rossmere Property and accordingly has satisfied the first phase of its work commitment as set out above.

The Company has recently completed a 49 km IP survey and a 57.8 km magnetic-VLF EM survey on the Rossmere Property and has identified several new potential drill targets to the west and northwest of the Bandore gold deposit. Previous geological mapping had been carried out and all of the new IP anomalies lie within shallow overburden cover along projected shear structures typical of the geological setting for gold deposits in the area.

Robert Middleton, P. Eng., is the designated qualified person responsible for the preparation of this news release.

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

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.

Certain information regarding Drift Lake Resources Inc. contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Drift Lake Resources Inc. believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Drift Lake Resources Inc. cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Drift Lake Resources Inc. currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.

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