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Drake Gold Resources Signs Joint Venture and Distribution Agreement With Aero Mining Technologies

2008-02-04 09:30 ET - News Release


PORTLAND, OR -- (MARKET WIRE) -- 02/04/08


Drake Gold Resources (PINKSHEETS: DKGR) is pleased to announce the agreement with Dove Mining USA d.b.a. Aero Mining Technologies. Aero has agreed to use Drake as a distributor and finance banking arm of the products it has to offer. In addition to the distributor and financing arrangements, it has entered into a joint venture to provide necessary equipment for Drake's Georgia operations.

The joint venture agreement with Aero Mining Technologies has secured The Explorer 500 a $300,000 piece of equipment with accessories. The equipment will be sent directly to Georgia via boat crate transport as soon as possible. The agreement provides the unit at no cost to Drake but guarantees Aero a 10% net smelter royalty of net revenues from Drake's 75% working interest. Once Aero has obtained $600,000 from the proceeds the agreement will change to a 1% NSR, at which time Drake will own the equipment entirely.

The Explorer 500 is a wash and portable gravity separation plant which insures continuous and efficient concentration and recovery of (100%) of gold over the selected sieve size. The gold processing plant is supplied as a complete plant, including Ore Feed Hopper, Trommel (Classifier), Duplex Jig Concentrator, Trailer, Centrifugal Pump, Piping and Maintenance kit. On Drake's Georgia project this unit will process 50 tons per hour. No chemicals are necessary and water can be recycled. The Explorer 500 can recover gold as small as flour gold.

For more information about the Explorer 500 visit:

http://www.aerominingtech.com

http://www.dovemining.com/portable_mining_equipment_explorer.htm

The distribution agreement will allow for Drake to showcase the products Dove Mining has -- including gold mining equipment and engineering expertise. The agreement includes a fee-based commission for all purchases that Drake introduces to Aero. The agreement has been set up to include the expansion of a financing arm whereas Drake and its board of advisors will use their investment banking contacts to secure equipment lease financing. First-hand review of such financing opportunities will give Drake the ability to review a large group of proven and turnkey projects, as well as negotiating working interests and joint ventures. Both directors of Drake, Clayton Smith and John Marconette, will be joining the board of Aero Mining Technologies.

"We are very excited with recent advancements in Georgia to be able to secure the main component of our gold recovery efforts on our target area. As promised to Drake shareholders, we are building the infrastructure of our operations without any Drake dilution," said President John Marconette. "Forming an alliance with such a well-established mining equipment company like Aero Mining Technologies will give Drake a big boost forward -- advancing its business model on all fronts."

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 metal-producing mines, as well as the creation of an oil/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. 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 to consider and that may apply: failure to meet financial and contractual obligations, managerial errors made due to 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: [e-mail]
Website: http://www.DrakeGold.com

Public Relations Contact
1-310-606-1244
Email: [e-mail]