Drake Gold Resources, Inc. Has Completed Updates for All Financial and Corporate Information
2007-11-20 13:47 ET - News Release
PORTLAND, OR -- (MARKET WIRE) -- 11/20/07
Drake Gold Resources (PINKSHEETS: DKGR) today announced that the Company, under guidance of counsel Joe Kaufman, has completed its financial disclosure information for filing with Pink Sheets to ensure that its shareholders and the investing public are provided with adequate current information. The Company has met, if not exceeded, full financial disclosure information requirements as posted on the Pink Sheets, LLC website.
Drake Gold Resources, Inc. has completed the financial compliance executive summary plan (http://www.drakegold.com/docs/DKGR-Financial-Compliance-Formula-11-20-07.pdf) bringing up to date current filings in accordance with the newly invigorated requirements of being a "current information provider" as outlined by Pink Sheets, LLC. This has included the following:
-- Completing The Initial Company Information and Disclosure Statement
-- Posting All Financials For The Last Two Years On PinkSheets.Com
-- Obtaining Opinion Letter From Legal Council
As a result, Drake Gold Resources joins the ranks of the top 21% of all Pink Sheet-quoted companies in regard to compliance specifications. This is a result of management's pledge of continually improving the level of transparency regarding disclosure to all concerned parties. With the current level of disclosure, the company is now moving towards meeting the even more stringent requirements of a PrimeQX listing as set forth by Pink Sheets, LLC.
Thomas Conar, CFO of Drake, commented: "My first goals when joining the Drake team were to help direct the reinstatement of Drake's quote on Pink Sheets and achieve current reporting status. I am pleased to report these have been accomplished.
"The gathering of all information necessary to obtain the opinion from our attorney took considerable time and effort. This was necessary to ensure him of the credibility of Drake's current management team and their efforts of taking the company into its business-expansion plan, following the executive summary as previously announced," Mr. Conar concluded.
ABOUT PINK SHEETS, LLC.
Pink Sheets, LLC is the leading electronic inter-dealer quotation system, trading technology and financial information provider for the over-the-counter (OTC) securities markets. Its centralized information network includes services designed to benefit market makers, issuers, brokers and OTC investors. Pink Sheets information enhances the efficiency of OTC trading, provides better executions for OTC investors and improves the capital formation process for OTC issuers. For more information visit the Pink Sheets website at http://www.PinkSheets.com.
ABOUT DRAKE GOLD RESOURCES, INC.
Drake Gold Resources, Inc. is in the midst of creating a diversified natural-resource holding company, with a portfolio of precious and industrial metals producing mines as well as the creation of an oil and gas subsidiary.
Diversification, as well as innovative exploration tactics, are part of an overall strategic plan 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-metal producing projects. For further information about Drake Gold Resources please visit our website at 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.
Contact:
Drake Gold Resources, Inc. (DKGR)
Investor Relations Hotline
1-888-601-9983
Email: info@DrakeGold.com
Website: http://www.DrakeGold.com
Public Relations Contact
1-310-606-1244
Email: Info@DrakeGold.com
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