By: Drake Management
Drake Gold Resources is excited to announce the establishment of a new office location in Georgia. In order to effectively complete the permitting process of our Georgia mining operation, we are establishing an Atlanta-based office for necessary meetings with local/state officials and organizations, regarding plans to move our operation to full production. We believe a local address will aid our permitting efforts, helping us gain further ground in this process and increasing our accessibility to officials, organizations, and local landowners. The office is virtual, providing us with meeting rooms and fractional office space. All calls to our Georgia phone number will be routed to Drake team members regardless of their location.
The acquisition of this office will serve as a strategic base of operations as our endeavors in Georgia grow. Chief Operating Officer James Goularte agrees, remarking: “With our new office location, combined with other exciting developments, Drake is moving closer to the day when it will be a salient name within the mining and mining-equipment distribution industries.”
Please feel free to contact us at:
Drake Gold Resources Inc.
260 Peachtree Street NW
Suite 2200
Atlanta, GA 30303
Phone: (404) 563-7049
Fax: (678) 731-1650
Email: MGT@DrakeGold.com
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Friday, March 28, 2008
Monday, March 24, 2008
Drake Announces Management Restructuring
by: Drake Management
Drake Gold Resources announces the resignation of its Chairman, Board Director and General Manager, Clayton Smith. Two years ago, when Mr. Smith took over Drake as the interim CEO, the company had over 1000 share holders, but was decidedly failing. His leadership gave a new hope and direction to Drake. Recognizing the changing economic climate and the vast potential of the natural resource industry, Mr. Smith developed Drake’s business plan to focus on the mining of precious metals. To this end he played an important part in Drake’s mining operation in Georgia, which is in the process of moving forward to production in the coming months.
During his two years of involvement with the company, Mr. Smith increased the shareholder base to over 2000 investors and personally financed the company’s working capital needs. He managed to decrease the authorized shares from 1.4billion to 950million. He canceled all preferred stock and canceled over 120million common shares, bringing the current number of shares lower than when he initially took over the company. Throughout this time, Mr. Smith was able to safeguard the company structure from any dilution, never issuing free trading shares or accepting dilutive financing offers.
Prior to his work with Drake, Mr. Smith worked in Investor Relations, but was frustrated by his lack of control over the follow through of company executives. He chose a path where shareholders would benefit from his personal efforts and he could escape those that conduct business as a means to only benefit themselves. Having a large personal stake in the company, Mr. Smith targeted Drake Gold Resources and implemented a plan of action to create a true and solid investment that would provide long term benefits for all parties involved, a rare commodity in our small cap markets. Upon reaching this turning point in the company, Mr. Smith feels efficacy as interim management has reached its peak. Though he is stepping down from his official role with Drake, he will remain available to the board if needed for his expertise on an advisory basis, regardless of any future endeavor.
We are immensely grateful for Mr. Smith’s consistent efforts and the progress Drake has experienced under his tenure. Because of his incredibly hard work and dedication to forging a path of success for Drake Gold Resources, the company is on the brink of advancing from an exploration company to junior producer. With Drake at this turning point, we have accepted Mr. Smith’s resignation and brought in the necessary operatives to hasten this transformative process and bring in the expertise needed to bring our company to the next level. In this spirit, we are thrilled to announce the addition of a new COO, James Goularte and a VP of Operations and General Manager, Katherine Jones. Mr. Goularte and Ms. Jones will join President John Marconette and CFO Thomas Conar in continuing to implement Mr. Smith’s development plan, ensuring sustained growth and progress in the future. We, the board, would like to thank Mr. Smith for his vigilant efforts to bring Drake Gold Resources Inc. to our current operational level. His diligence and dedication has laid a well structured and solid base upon which we will continue to build.
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Drake Gold Resources announces the resignation of its Chairman, Board Director and General Manager, Clayton Smith. Two years ago, when Mr. Smith took over Drake as the interim CEO, the company had over 1000 share holders, but was decidedly failing. His leadership gave a new hope and direction to Drake. Recognizing the changing economic climate and the vast potential of the natural resource industry, Mr. Smith developed Drake’s business plan to focus on the mining of precious metals. To this end he played an important part in Drake’s mining operation in Georgia, which is in the process of moving forward to production in the coming months.
During his two years of involvement with the company, Mr. Smith increased the shareholder base to over 2000 investors and personally financed the company’s working capital needs. He managed to decrease the authorized shares from 1.4billion to 950million. He canceled all preferred stock and canceled over 120million common shares, bringing the current number of shares lower than when he initially took over the company. Throughout this time, Mr. Smith was able to safeguard the company structure from any dilution, never issuing free trading shares or accepting dilutive financing offers.
Prior to his work with Drake, Mr. Smith worked in Investor Relations, but was frustrated by his lack of control over the follow through of company executives. He chose a path where shareholders would benefit from his personal efforts and he could escape those that conduct business as a means to only benefit themselves. Having a large personal stake in the company, Mr. Smith targeted Drake Gold Resources and implemented a plan of action to create a true and solid investment that would provide long term benefits for all parties involved, a rare commodity in our small cap markets. Upon reaching this turning point in the company, Mr. Smith feels efficacy as interim management has reached its peak. Though he is stepping down from his official role with Drake, he will remain available to the board if needed for his expertise on an advisory basis, regardless of any future endeavor.
We are immensely grateful for Mr. Smith’s consistent efforts and the progress Drake has experienced under his tenure. Because of his incredibly hard work and dedication to forging a path of success for Drake Gold Resources, the company is on the brink of advancing from an exploration company to junior producer. With Drake at this turning point, we have accepted Mr. Smith’s resignation and brought in the necessary operatives to hasten this transformative process and bring in the expertise needed to bring our company to the next level. In this spirit, we are thrilled to announce the addition of a new COO, James Goularte and a VP of Operations and General Manager, Katherine Jones. Mr. Goularte and Ms. Jones will join President John Marconette and CFO Thomas Conar in continuing to implement Mr. Smith’s development plan, ensuring sustained growth and progress in the future. We, the board, would like to thank Mr. Smith for his vigilant efforts to bring Drake Gold Resources Inc. to our current operational level. His diligence and dedication has laid a well structured and solid base upon which we will continue to build.
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Wednesday, March 19, 2008
Georgia Permitting Update
Our previous management update has caused some confusion concerning our efforts to move toward production on our Georgia mining operation. Our full intent is to secure necessary permits in order to mine our Georgia claims. We have been in regular contact with the proper local and state departments to begin the permitting process.
As part of our ongoing preparations for our Georgia mining claim, Drake Gold has discussed at length the permitting process and procedures with several representatives from the Environmental Protection Division (EPD) in Georgia. Over recent months, since the beginning of our preproduction efforts, they have been a helpful resource for us, explaining the required steps toward acquiring all necessary permits for our surface mining endeavors.
We have learned through our dealings with the EPD we will need to apply for several permits from various branches of the EPD, as well as county offices. For example, the Land Protection Branch of the EPD requires a permit for all surface-mining projects, as well as a Surface Mining Land Use Plan, the process of which we have already begun. Also, the Water Protection Branch requires permitting for projects affecting storm water and related water withdrawal. We will need to secure the proper permits for the storm water and have been assured by the EPD that a water-withdrawal permit is only necessary when drawing 100,000 or more gallons of water per day. Because our mining equipment allows us to recycle the water used, we do not foresee the water-withdrawal permit a pressing matter at this time. In the event our future daily water requirements are to exceed 100,000 gallons per day, the necessary permit will be filed for in a timely fashion as to not impede production. As a direct result of recent hard-rock samples, we will be filing for a permit from the Air Protection Branch of the EPD. This particular permit is required when dust or particles rise into the surrounding air. Because we will be processing slurry with our machine, it is unlikely this will be an issue. However, we believe it would be prudent to secure this permit anyway in the remote chance it may be needed in the future.
Another crucial step in securing the necessary permitting for our mining operation is the rezoning of our acreage for commercial mining purposes. Due to the thorough guidelines of the county zoning board, this paperwork needs to be filed in person at their office. In the coming weeks, as we move through the permitting process and get near production capability, our management team will make additional trips to Georgia to make any necessary changes/revisions in person with state and county officials. In-person meetings speed up the permit-application review process and can help us iron out any wrinkles with our ultimate plans for the property. We plan to work closely with county and state representatives regarding form applications other matters.
Recent lab analysis of samples have opened up the need for an expanded plan of operations. While we had intended to focus solely on the placer grades, the recent discovery of substantial gold quantities in the hard rock have prompted us to broaden our intentions in Georgia so as to fully exploit our initial target zone. We expect no delays as a result of this recent development, as our permitting needs remain the same. We are anxiously awaiting the arrival of the Explorer 500 from Dove Mining Equipment. To our knowledge this will be the first Explorer unit to arrive in the USA and will allow Drake the opportunity to showcase this equipment in its role as an official distributor of Dove Mining Equipment.
As part of our ongoing preparations for our Georgia mining claim, Drake Gold has discussed at length the permitting process and procedures with several representatives from the Environmental Protection Division (EPD) in Georgia. Over recent months, since the beginning of our preproduction efforts, they have been a helpful resource for us, explaining the required steps toward acquiring all necessary permits for our surface mining endeavors.
We have learned through our dealings with the EPD we will need to apply for several permits from various branches of the EPD, as well as county offices. For example, the Land Protection Branch of the EPD requires a permit for all surface-mining projects, as well as a Surface Mining Land Use Plan, the process of which we have already begun. Also, the Water Protection Branch requires permitting for projects affecting storm water and related water withdrawal. We will need to secure the proper permits for the storm water and have been assured by the EPD that a water-withdrawal permit is only necessary when drawing 100,000 or more gallons of water per day. Because our mining equipment allows us to recycle the water used, we do not foresee the water-withdrawal permit a pressing matter at this time. In the event our future daily water requirements are to exceed 100,000 gallons per day, the necessary permit will be filed for in a timely fashion as to not impede production. As a direct result of recent hard-rock samples, we will be filing for a permit from the Air Protection Branch of the EPD. This particular permit is required when dust or particles rise into the surrounding air. Because we will be processing slurry with our machine, it is unlikely this will be an issue. However, we believe it would be prudent to secure this permit anyway in the remote chance it may be needed in the future.
Another crucial step in securing the necessary permitting for our mining operation is the rezoning of our acreage for commercial mining purposes. Due to the thorough guidelines of the county zoning board, this paperwork needs to be filed in person at their office. In the coming weeks, as we move through the permitting process and get near production capability, our management team will make additional trips to Georgia to make any necessary changes/revisions in person with state and county officials. In-person meetings speed up the permit-application review process and can help us iron out any wrinkles with our ultimate plans for the property. We plan to work closely with county and state representatives regarding form applications other matters.
Recent lab analysis of samples have opened up the need for an expanded plan of operations. While we had intended to focus solely on the placer grades, the recent discovery of substantial gold quantities in the hard rock have prompted us to broaden our intentions in Georgia so as to fully exploit our initial target zone. We expect no delays as a result of this recent development, as our permitting needs remain the same. We are anxiously awaiting the arrival of the Explorer 500 from Dove Mining Equipment. To our knowledge this will be the first Explorer unit to arrive in the USA and will allow Drake the opportunity to showcase this equipment in its role as an official distributor of Dove Mining Equipment.
Monday, March 17, 2008
Drake Announces Exciting Sampling Results
The final analysis on our last batch of samples from our Georgia pre-production mining site have finally come in and they are exciting. As we have already mentioned, during Drake's last trip to our Georgia operation, our team gathered an array of samples from the site. After the identification of our initial target area, our team conducted depth sampling from seven trenches on the property. In an effort to ensure accuracy, Drake submitted these samples for independent analysis from two separate labs, ALS Chemex and Southern Spectrographic Laboratory.
Both laboratories discovered gold in the vast majority of the samples and showed a maximum placer sample of nearly a half ounce per ton. Also, in our first attempt to test the hard rock of the site, laboratory analysis revealed as much as 4.23 ounces per ton. This revelation has prompted our management team to reconsider its past focus on placer grades alone. We are currently exploring our options to bring in some crushing machinery to fully exploit this initial target zone.
Read the full press release from Drake Gold Resources here:
Drake Gold Resources Announces Successful Sampling of Target Property in Georgia
Both laboratories discovered gold in the vast majority of the samples and showed a maximum placer sample of nearly a half ounce per ton. Also, in our first attempt to test the hard rock of the site, laboratory analysis revealed as much as 4.23 ounces per ton. This revelation has prompted our management team to reconsider its past focus on placer grades alone. We are currently exploring our options to bring in some crushing machinery to fully exploit this initial target zone.
Read the full press release from Drake Gold Resources here:
Drake Gold Resources Announces Successful Sampling of Target Property in Georgia
Thursday, March 13, 2008
Searching for Gold Showings
Down in Georgia, our team also did some basic panning in the creek beds looking for showings of gold. As you can see from several pictures below, even simple panning methods displayed significant sources of gold. Their findings were rather promising, as gold in the on-site streams are a clear indication that gold will be found in the pay dirt areas as well.
Thursday, March 6, 2008
ALS Laboratory Letter
As announced previously, our management team made the journey down to our Georgia mining operation site late last month. While on site, they further explored the on-site streams and took 7 trench samplings down to the bedrock. After discovering substantial gold in the on-site streams, we were confident that these samples from the pay dirt would yield promising results. The samples were carefully bagged, labeled, photographed and prepared for shipment. They were sent to ALS Chemex in Nevada for testing. ALS Chemex had completed our previous assays to our satisfaction and we expected efficient and accurate work from them.
Anxious to learn the outcome, we placed a rush on the analysis of these samples and expected to receive the results in fairly short order. Unfortunately, due to an error at the lab, our samples were overlooked and the analysis was not completed. After diligently following up with the labs in both Nevada and British Columbia, we have received a letter of apology from Sonyia Jhooty in the Client Services department of ALS Chemex with her guarantee that the lab will finish their final analysis by March 2nd. She also mentioned that the lab in Reno is reviewing their standard operating procedures to ensure that such a mistake is not repeated in the future. We’ve posted Ms. Jhooty’s letter below and we will announce the labs results once they are received next month. Plese click on the link below to review.
ALS Laboratory Letter
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Anxious to learn the outcome, we placed a rush on the analysis of these samples and expected to receive the results in fairly short order. Unfortunately, due to an error at the lab, our samples were overlooked and the analysis was not completed. After diligently following up with the labs in both Nevada and British Columbia, we have received a letter of apology from Sonyia Jhooty in the Client Services department of ALS Chemex with her guarantee that the lab will finish their final analysis by March 2nd. She also mentioned that the lab in Reno is reviewing their standard operating procedures to ensure that such a mistake is not repeated in the future. We’ve posted Ms. Jhooty’s letter below and we will announce the labs results once they are received next month. Plese click on the link below to review.
ALS Laboratory Letter
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Wednesday, March 5, 2008
Sampling Prospects of One On-Site Trench
Down in Georgia, Jan Yarrington discusses the history of the land and the minerals present on site. He explains the rich potential present in the samples taken from one section of the site.
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Inspecting the Geology and Rocks
While samples of the pay dirt were carefully gathered, bagged, photographed and prepared for shipment to the lab, our management team also made sure to meticulously inspect the surrounding geology and rocks on site. Here’s some of what they found.
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Georgia Sampling
As promised, here are some more pictures of Drake Gold’s trip down to Georgia. These show our guys collecting the samples and preparing them for shipment to the lab. They carefully labeled everything, took pictures and organized everything before they were sent out.
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Monday, March 3, 2008
Digging Trenches in Georgia
As previously mentioned, some members of Drake Gold’s management team took the long trek down to Georgia to get better acquainted with the site, do a little digging and gather some more samples for lab analysis. Over the next few days, we’ll be posting pictures from the trip, explaining the work that was done down there and sharing the results.
As any of you familiar with mining knows, the first step in gathering samples is digging! With a fairly small backhoe, our team dug up a few trenches and collected several sets of samples, which are currently undergoing analysis at the lab.
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As any of you familiar with mining knows, the first step in gathering samples is digging! With a fairly small backhoe, our team dug up a few trenches and collected several sets of samples, which are currently undergoing analysis at the lab.
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