DKGR..
March 22, 2006 11:08:01 (ET)
VANCOUVER, British Columbia, Mar 22, 2006 (BUSINESS WIRE) -- Drake Gold Resources, Inc. (PINK SHEETS:DKGR) is pleased to announce that we have signed a Letter of Intent on 1280-acres south of the famous Commonwealth Mine that is located in the Dragoon Range in a poplar Arizonan mining district.
The section of property that we plan to be our first acquisition is a combination of gold, and silver. There are recent discoveries and current operations in surrounding areas North, South, East, and West of this property. Beneficially the property has access to water and electric already, which will hasten the time to set up operations.
The 1280 acres is just north of the historical Courtland/Gleeson District, which is in Cochise County, AZ. The Commonwealth Mine just north of this section was active during 1895 till 1942 and sporadically had operations during economical years, until 1994. Workings include a shaft(s), which produced over 1,000,000 tons of ore.
The Commonwealth Mine was said to be one of the richest mines ever found in Arizona in the early 1900's, producing over 15 million dollars in Gold at prices between the years of 1895-1942. (Gold Prices have ranged from where gold was just $20 before 1930 to a high on January 21, 1980 of $850).
Depending on further trend studies Drake Gold Resources, Inc. will be able to determine continued plans for acquisition with other properties that Thunder Gulch Resources Ltd. (TGR) has mineral rights too which are surrounding the current purposed 1280-acre section. After initial sampling and testing is completed we will be able to establish potential trends and estimated ounces.
Most recently, General Minerals Corporation and BHP Billiton signed a Letter and Intent in early 2005 and completed a joint venture on Dragoon Copper Hill property in Arizona a copper and molybdenum rich area which is just to the West of this property.
Mr. Pearson, president of Thunder Gulch Resources Ltd., said, "Pending further due diligence and other related information, DKGR will acquire the rights to this section and begin operations."
He continued to say; "TGR has optioned several other sections in this area that show high potential, which DKGR has indicated plans to us to sign Letters of Intent with potential acquisition. More details will be released on these other sections as TGR makes them publicly available."
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 on the left.
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.
Currently TGR has access and is completing evaluation and sampling in over Ten (10) other 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. We are looking at properties of merits that contain gold, silver, copper, and molybdenum. The company currently has two consultants 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.
Drake Gold Resources, Inc. (PINK SHEETS:DKGR)
SOURCE: Drake Gold Resources, Inc.
Drake Gold Resources, Inc.
Clayton Smith
Domestic: 1-888-601-9983
International: 1-503-618-0370
info@novakcapital.com
www.drakegold.com
