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Drake Gold Resources Inc. Announces Expansion of Drake Diamonds Monday July 10, 12:24 am ET
CENTURY CITY, CALIFORNIA--(MARKET WIRE)--Jul 10, 2006 -- Drake Gold Resources, Inc. (Other OTC:DKGR.PK - News) is pleased to announce the expansion of Drake Diamonds. ADVERTISEMENT
The recently formed division is based on the targeted zones in Southern Saskatchewan, which are some of the best-known kimberlite discovery areas in the world, quoted by some as the World's largest. Due to the recent potential projects that are now under review by the Drake Diamond Team the company has decided to open an office in the township of Melfort, SK, Canada.
The new office is mandatory to the Drake Diamond Team to fully be able to implement the strategy for exploration and development of key locations in the Fort a la Corne area. The office number will be set up later this week and will be updated on the contact page on the website. The current mailing address during set up is:
P.O Box 3655
Melfort SK SOE1A0
The Fort a la Carne region is a diamond-studded area with majors such as such as De Beers, Shore Gold, Kensington, and Great Western Diamonds among many junior players. The Fort a la Corne area of Saskatchewan hosts one of the most extensive kimberlite fields in the world. Over 71 kimberlites exist in the Fort a la Corne province and over 70 percent of these have been shown to contain diamonds. The 71+ diamondiferous bodies of the Fort a la Corne (FALC) field form one of the largest diamondiferous kimberlite clusters in the world.
Drake Diamonds also welcomes the newest member of the Drake team, Melvin O'Neil. Being that Mr. O'Neil has been a resident of the Fort a la Corne area for over 53 years, he comes with the knowledge and expertise Drake Diamonds needs to build a strong operation in Saskatchewan. Mr. O'Neil has had 10 years of diamond exploration in which the last three he was with an exploration company in the region. He has the opportunity to work hands on in the area of drilling and core sampling. He has a long-standing reputation with all the locals, providence offices and staff as well as some of the World's largest diamond mining companies in the region. The duties will cover the facilitation and acquisition of diamond and mining prospects as well as potential joint ventures in conjunction with targeted areas.
Mr. O'Neil will be working mono a mono with Mr. Marconette, Drake Gold's most recent addition to the project development team. The two of them together will be working with local officials to lock in some key areas to conduct project exploration.
Mr. Marconette is currently aiding in finalizing a potential acquisition for Drake Diamonds of up to 36,000 Hectares in the heart of the southern mining mineral deposit district in Saskatchewan. Complete discloser and maps will be released as soon as possible once the Department of Industry and Resources approves the leases.
Mr. O'Neil commented on his newly appointed post, "I am very excited to be part of Drake Diamonds and I am looking forward to talking to shareholders and to helping Mr. Marconette in getting this area strong in assets for the shareholders of Drake Gold.
The Drake Team is pleased to update shareholders with the most recent activities on the other fronts. The acquisition of Pegasus Oil Well Services (POWS) is to be announced within the next couple days. Projections of 2006 revenues will be released as well as additional information on the operations of POWS.
Several other Gold Mining Projects have been identified as well as our primary target in South Eastern Arizona in conjunction with Thunder Gulch Resources. We plan to release the acquisition details as soon as they are made available. The initial targets have potential to have cash flows within the first couple months that will provide a diversified income for Drake Gold as it unfolds into a larger resource company.
Current and future shareholders are encouraged to sign up for email 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, internationally at 1-503-618-0370, or via email at info*novakcapital.com.
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, diamonds and energy, such as petroleum and coal. Several projects have been identified through Thunder Gulch Resources, Ltd. and its resources in North America. Drake intends to complete the acquisition of Pegasus Oil Well Services within the coming days. (http://www.pegasusoilwellservices.com) Announcements will be made as agreements are completed.
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.
-------------------- FurrySound -DD-GLTA-Unless I've quoted a source, I know not what I speak of. YahooIM=FurrySound Posts: 2170 | From: Pennsylvania, USA | Registered: Mar 2004
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I heard Melvin O'Neil was involved in CMKX a shell/scam diamond company, is this true!?
Oh man, yeah this is a real legit company here boys and girls. Just about everyone involved as been head of a stock that has TANKED and lost many many people, thousands of dollars.
And Clayton Smith, a stock PROMOTER, is the CEO running the show!?
Guess anything goes on the PINKSHEETS, an unregulated market. Hell maybe I should dream up some company, put out BS PR after PR and use it as my own cash cow too.
Posts: 71 | From: Bronx NY | Registered: Dec 2005
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DKGR (.0115)Advances with the Acquisition of the Jackpot Placer Gold Project in Arizona with Estimated Gold of $36 Million Jul 13, 2006 12:37:00 PM
CENTURY CITY, CALIFORNIA -- (MARKET WIRE) -- 07/13/06 -- Drake Gold Resources, Inc. (PINK SHEETS: DKGR) 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 info*drakegold.com or info*novakcapital.com.
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.
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.
Contacts: Drake Gold Resources, Inc. Investor Relations Hotline 1-888-601-9983
Drake Gold Resources, Inc. Corporate Office (310) 728-6995 info*drakegold.com or info*novakcapital.com www.drakegold.com
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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CENTURY CITY, CA, Jun 14, 2006 (MARKET WIRE via COMTEX) -- Drake Gold Resources Inc. (PINKSHEETS: DKGR) is pleased to announce the creation of the Diamond Exploration and Development Division or Drake Diamonds.
The formation of this division is based on the targeted zones in Southern Saskatchewan, which are some of the best-known kimberlite discovery areas in the world. The surrounding areas include majors such as De Beers, Shore Gold, Kensington, and Great Western Diamonds among many junior players.
Drake Diamonds also welcomes the newest member of the Drake team, John Marconette. Mr. Marconette has a long-standing reputation in the business of investments and acquisitions of such projects. He has been self-employed for 20 years. He has been involved with turnaround projects, which have moved companies from negative to profitable situations. Most recently he has five years experience in the mining industry and has been exclusively helping DKGR over the last couple months prepare for upcoming acquisitions. The duties will cover the facilitation and acquisition of diamond and mining prospects as well as potential joint ventures in conjunction with targeted areas.
Mr. Marconette is currently aiding in finalizing a potential acquisition for Drake Diamonds of up to 36,000 Hectares in the heart of the southern mining mineral deposit district in Saskatchewan. Complete discloser and maps will be released as soon as possible once the Department of Industry and Resources approves the leases.
The Drake Team is pleased to update shareholders with the most recent activities on the other mining fronts. We have been pending a letter of intent with our strategic partner Thunder Gulch Resources Ltd. and have been informed by our senior consultant, Mr. Norm Pearson that they have completed their decisions on the initial project to acquire.
Information has been drawn up over the last couple months from properties north of the Historical Courtland-Glisan Mining Districts in Arizona that has brought Drake Gold to this point. The intent is to acquire projects that we can put into early production through placer or free gold mining operations to produce a steady cash flow from gold, silver and copper; a very effective and low cost alternative to full scale hard-rock mining for a junior mining company.
Mr. Pearson our senior consultant and President of TGR is a 31-year veteran in the placer mining industry and holds patented rights to placer machining equipment. Mr. Pearson already has equipment to set up operations very quickly and will announce preparations and timeframes to set up the site in Arizona. Complete discloser and maps will be released as the acquisition paperwork is completed.
Please review the previous press release on March 22, 2006 for addition information:
Current and future shareholders are encouraged to sign up for email 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, internationally at 1-503-618-0370, or via email at info*novakcapital.com.
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, diamonds and energy, such as petroleum and coal. Several projects have been identified through Thunder Gulch Resources, Ltd. and its resources in North America. Drake intends to complete the acquisition of Pegasus Oil Well Services within the coming weeks. ( http://www.pegasusoilwellservices.com ) Announcements will be made as agreements are completed.
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.
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