DKGR news
News Editors
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 29, 2006--Drake Gold
Resources, Inc. (PINK SHEETS:DKGR) is pleased to announce that we are completing
negotiations for the spin off of the specialty assets from our former business
model, including patented processes, wheel designs, patent pending switch plates
and designs, a series of apparel designs and unique licenses in the sports
world.
The assets are very unique and we have had some very interesting offers put on
the table. Another company who deals in outdoor products, sports products and
apparel has approached us, and they have made several offers for the purchase
of these assets.
There are two likely scenarios, either a cash and stock transaction or an all
stock transaction in which all stock would be issued as a dividend to current
DKGR shareholders as of a soon to be determined record date.
The company is pleased to be able to spin off the former companies assets to
benefit current shareholders with added value through a stock dividend. This
step completes the full transition from the previous model to the precious
metal exploration and production business. We will make the formal announcement
of the spin off with all the remaining details within a couple days once the
agreements have been solidified.
Drake Gold Resources, Inc. will complete the acquisition of the 1280-acre
gold/silver/copper property in South-Eastern Arizona once the formal agreement
is completed and begin full-scale operations as soon as possible thereafter.
The project manager, Norm Pearson just returned from his latest visit to the
area and was able to gather information to determine trends and precious metal
deposits which will be made public soon. Mr. Pearson has optioned a series of
properties in the same mining rich area through our agreement with Thunder
Gulch Resources Ltd. and DKGR is finalizing plans for future acquisitions.
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 Drake Gold Resources, Inc.
Drake Gold Resources, Inc. is an early stage mining company that focuses on the
exploration and production of precious metals. DKGR just announced its intent
on a 1280-acre property in a mining rich area in Arizona. Several other
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)
CONTACT: Drake Gold Resources, Inc.
Clayton Smith
Domestic: 1-888-601-9983
International: 1-503-618-0370
info@novakcapital.com
www.drakegold.com
