OT-In case someone would like to know-Drake Gold Dividend Issuance and the Jackpot Placer Permit Process
SCOTTSDALE, AZ -- (MARKET WIRE) -- 01/24/07 -- Drake Gold Resources, Inc. (PINKSHEETS: DKGR) would like to make known the present state of affairs in regard to the recent announcement of its subsidiary dividend issuance. After the record date was established it became evident that shares held in escrow and those due for cancellation would dilute the dividend for the average shareholder. Upon further review of the current share structure and plans to cancel shares, Drake is rescinding the originally announced record date of January 3rd, 2007 to be replaced by an updated record date to be announced. Drake anticipates this change will allow more dividend shares to be issued to the common shareholder.
With regard to the Jackpot Placer project, it has become apparent to management that there exists a need to have a more measured expectation of the BLM permit filing and approval process. New standards and additional approval steps have been brought to light as staff changes occur at the BLM office. These changes are also affecting many other companies in the area. Therefore, Drake Gold Resources, Inc. has hired a local area professional geologist to work closely with the BLM, and obtain a clear understanding of all paperwork and filings necessary to acquire a permit for placer operations on the Jackpot property. In addition, this professional will fill out and submit these filings as well as monitor its approval status on a regular basis.
The professional geologist met with the Bureau of Land Management on January 17th to discuss in detail all necessary steps for obtaining the permits. This meeting has yielded the necessary information to enable Drake Gold to obtain approval without further delay. At this time Drake Gold is doing all it can to complete this process but will wait to release timeframes until it is closer to completion.
In this regard, interim CEO Clayton Smith stated that, "Though this temporary delay is very frustrating for management as well as shareholders, we value the BLM's desire to protect natural resources and ensure the well being of the environment. Bringing in a local geologist will grant us the ability to comply with all guidelines and expedite mining operations for the Jackpot Placer Project. We need to keep in mind that making sure we are in compliance insulates us from liabilities down the road."
While we continue the transition to becoming a precious metal producer, important updates on permitting, acquisitions, the OTCBB listing process and further developments will be posted at WWW.DRAKEGOLD .COM. Current and future shareholders are encouraged to submit comments and questions for review and public replies released via the CEO Corner and its eNewsletter, both available on the site.
Past Press Releases
Drake Gold Signs Joint Venture with North Star Strategic Minerals Inc.
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