Universal Apparel and Textile Co. (DKGR)

[Self Made]

They have the equipment for the AZ Property and are going to start mining A.S.A.P. The AZ property is a little smaller and can pull gold out faster. Once the money comes out of it more mines and Bigger will be obtained.


Drake Gold Resources Inc. Advances with the Acquisition of the Jackpot Placer Gold Project in Arizona with Estimated Gold of $36 Million

Thursday July 13, 12:37 pm ET

CENTURY CITY, CALIFORNIA--(MARKET WIRE)--Jul 13, 2006 -- Drake Gold Resources, Inc. (Other OTC:DKGR.PK - News) is pleased to announce the completion of a long-term lease acquisition of the Jackpot Placer Gold Project located about seven miles southeast of the town of Quartzsite in La Paz County, Arizona. The placer gold reserves on the Property are estimated to be 60,000 ounces, which, at $600 per ounce, would be worth approximately $36 Million. The leased property consists of three unpatented placer gold mining claims.

Cost of production and operations is estimated at $75-100 per ounce for placer operations. There is also a plan to sell existing gravel on the property, which is estimated at $3-8 million dollars based on information from the lessor. There is a potential market for gravel in local construction areas and would lower cost of operations significantly by selling the gravel on the placer gold project.

THE PROJECT

Geologic evaluations show the placer gravels are up 20 feet deep and contain an estimated 5 million cubic yards of gold-bearing material. Initial assessments suggest area-specific gold resources greater that 60,000 ounces with local values of .250 ounces gold per cubic yard. Evaluation of the Property showed gold is present both in drainages and in numerous trenches on the property that are up to 15 feet deep. The Property is located in the historical Plomosa Mining District, T3N R18W, Sections 4 and 9. The Property consists of three claims comprising 200 acres.

Drake Gold will make monthly advance royalty payments to the lessor, which will be credited against 10% production royalties on the gold recovered from the Property. The remaining 90% of the value of the recovered gold will belong to Drake Gold.

Access to the Jackpot Property is via well-maintained asphalt and dirt roads from Interstate 10 at the town of Quartzsite. The alluvial placer gravel consists of schist, granite, and volcanic rocks derived from the Plomosa Mountains to the east, and the gravels are locally cemented by caliche. The schist exposures in the mountains contain gold-bearing quartz veins and stringers, and probably were the original source of the placer gold deposits. The schists are geologically important because they are the host rocks of the numerous prolific vein-controlled gold mines in Arizona.

ACCESS AND INFRASTRUCTRURE

Infrastructure and equipment existing on the property includes: One heavy-duty Hardinge Scrubber, three concrete holding ponds with 150,000 gallons total capacity, 8-inch water well 775 feet deep, 4-inch water well 700 feet deep, 40-foot steel storage trailer, one hopper, and two small fuel tanks. Also the site comes with a watchman on site to provide security for operations.

PARKINSON GEOLOGICAL SERVICES (PGS)

In addition to this new acquisition for the Drake Gold collection, we have enlisted the services of a fully registered Arizonan geologist, Craig L. Parkinson, RG, CPG, Arizona Registered Geologist #30843 and AIPG Certified Professional Geologist #10098, National Instrument 43-101: Independent Qualified Person. Mr. Parkinson is the president of the successful consulting firm Parkinson Geologic Services or PGS. (http://www.parkinsongeologic.com)

Parkinson Geological Services will aid Drake Gold in efforts to develop the Jackpot property and begin gold production as soon as possible. PGS can provide professional mining services in the following areas: obtain Notice of the Intent (Permit) to conduct surface mining operations, conduct preliminary geologic evaluation of the property to estimate additional gold resources, recommend specific area(s) for initial gold exploration and development, aid in review of additional properties, development of the operations model and assist with preparation of press releases.

Mr. Parkinson of PGS said, "It is exciting with recent gold prices to work with an aggressive team like Drake Gold and to bring this company into production as soon as possible, The Jackpot Property is the first of many projects I hope to do with Drake Gold."

The Jackpot Property could receive the necessary permit(s) in a few weeks time, which could put the project into operations within 60 to 90 days. Additional information, including studies and maps, will be posted to the Drake website as they are made available.

The Drake Team is pleased to present the second project for DKGR shareholders. This project is part of the corporate strategy of expanding cash flow operations to build a diversified base as a profitable company during our first year of operations. Drake Gold just completed the acquisition of Pegasus Cementers D.B.A. Pegasus Oil Well Services (http://www.pegasusoilwellservices.com) that is already projected to do $2.3 Million in 2006. In addition to the Jackpot Project, we plan to complete the initial letter of intent on a placer gold, silver and copper project between the two large deposits in southeastern Arizona, the Commonwealth Mine that produced over a million ounces of gold over the last century and another key location that will be later disclosed.

Current and potential shareholders are encouraged to sign up for e-mail updates. The new Company website provides current news releases, reports, interviews, industry news and market related information. To sign up, click on the link located under the main menu at www.drakegold.com.

Shareholder inquiries and suggestions are welcome and should be directed to the Drake Gold, Investor Relations Team at (toll free) 1-888-601-9983, at the corporate office 1-310-728-6995, or via email at [e-mail] or [e-mail].

About Drake Gold Resources, Inc.

Drake Gold Resources, Inc. (http://www.drakegold.com) is an early-stage mining and energy company that focuses on the exploration and production of precious metals and energy, such as petroleum and coal. Several projects have been identified through our strategic partner Thunder Gulch Resources, Ltd. and its resources in North America. Recently the company acquired oil well service provider Pegasus Oil Well Services, an established company in the South Texas Area since 2001. http://www.pegasusoilwellservices.com.