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Drake Gold Resources Inc. Signed First Letter of Intent


2006-03-22 11:08 ET - News Release

VANCOUVER, British Columbia -- (Business Wire) -- March 22, 2006
Drake Gold Resources, Inc. (PINK SHEETS:DKGR) is pleasedto announce that we have signed a Letter of Intent on 1280-acres southof the famous Commonwealth Mine that is located in the Dragoon Rangein a poplar Arizonan mining district. The section of property that we plan to be our first acquisitionis a combination of gold, and silver. There are recent discoveries andcurrent operations in surrounding areas North, South, East, and Westof this property. Beneficially the property has access to water andelectric already, which will hasten the time to set up operations. The 1280 acres is just north of the historical Courtland/GleesonDistrict, which is in Cochise County, AZ. The Commonwealth Mine justnorth of this section was active during 1895 till 1942 andsporadically had operations during economical years, until 1994.Workings include a shaft(s), which produced over 1,000,000 tons ofore. The Commonwealth Mine was said to be one of the richest mines everfound in Arizona in the early 1900's, producing over 15 milliondollars in Gold at prices between the years of 1895-1942. (Gold Priceshave ranged from where gold was just $20 before 1930 to a high onJanuary 21, 1980 of $850). Depending on further trend studies Drake Gold Resources, Inc. willbe able to determine continued plans for acquisition with otherproperties that Thunder Gulch Resources Ltd. (TGR) has mineral rightstoo which are surrounding the current purposed 1280-acre section.After initial sampling and testing is completed we will be able toestablish potential trends and estimated ounces. Most recently, General Minerals Corporation and BHP Billitonsigned a Letter and Intent in early 2005 and completed a joint ventureon Dragoon Copper Hill property in Arizona a copper and molybdenumrich 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, DKGRwill acquire the rights to this section and begin operations." He continued to say; "TGR has optioned several other sections inthis area that show high potential, which DKGR has indicated plans tous to sign Letters of Intent with potential acquisition. More detailswill be released on these other sections as TGR makes them publiclyavailable." Current and future shareholders are encouraged to sign up foremail updates on our new website to stay up to the minute on newreleases, reports, interviews, industry news and market relatedinformation. The sign up is located on the left. Shareholder inquires and suggestions are welcomed and should bedirected 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 atinfo@novakcapital.com. About Thunder Gulch Resources Ltd. Thunder Gulch Resources Ltd. (TGR) is an independent miningoperator and project developer. The history of TGR is expansive andlengthy with success in mining ventures. The principle of TGR hasoperated exploration and development programs in Canada, UnitedStates, Venezuela, Africa and Russia and have set up mines on fourcontinents: Asia, South America, Africa, and North America. Thecompany combines over 30 years of mining, prospecting, evaluation, andoperation expertise. Currently TGR has access and is completing evaluation and samplingin over Ten (10) other projects located in a diversified array ofareas for Drake Gold Resources Inc. to acquire. The company isreviewing areas throughout the United States along popular trends inArizona, Oregon and Alaska. TGR is also reviewing locations throughoutCanada in British Columbia and the Yukon Territories. Other propertieshave been presented to the company in popular gold districts inNorthern Mexico as well that TGR is now considering. TGR recentlyagreed to a 48-month contract to performing services and operationsfor Drake Gold Resources Inc. About Drake Gold Resources, Inc. Drake Gold Resources, Inc. is an early stage mining company thatfocuses on the exploration and production of precious metals. Severalprojects have been identified through Thunder Gulch Resources Ltd. andits resources in North and Central America, which will be released asthe agreements are completed. We are looking at properties of meritsthat contain gold, silver, copper, and molybdenum. The companycurrently has two consultants including Richard Biscan of Tara GoldResources Inc. and Norm Pearson of Thunder Gulch Resources Ltd. This press release contains forward-looking statements involvingrisks and uncertainties including statements regarding the Company'sfuture performance. Such statements are based on management's currentexpectations and are subject to certain factors, risks anduncertainties that may cause actual results, events and performance todiffer materially from those referred to or implied by suchstatements. In addition, actual future results may differ materiallyfrom those anticipated, depending on a variety of factors whichinclude, but are not limited to, our ability to leverage ourtechnology, manage our growth, protect our intellectual propertyrights, attract new customers and general economic conditionsaffecting consumer spending, including uncertainties relating toglobal political conditions, such as terrorism. Readers are cautionednot to place undue reliance on these forward-looking statements, whichspeak only as of the date hereof. The Company does not intend toupdate any of the forward-looking statements after the date of thisrelease to conform these statements to actual results or to changes inits expectations, except as may be required by law. Drake Gold Resources, Inc. (PINK SHEETS:DKGR)Contacts:
Drake Gold Resources, Inc.Clayton SmithDomestic: 1-888-601-9983International: 1-503-618-0370info@novakcapital.comwww.drakegold.com