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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