Georgia Lease Update

By: Drake Management

Drake management has succeeded in restructuring its Georgia lease agreements, by signing directly with the property owner. As previously announced, Company management determined that the previous structuring of lease agreements were insufficient to protect shareholder value. Specifically, the Joint Venture agreement with Southern Mining Exploration was void and the leases held by SME were invalid.

Upon making this discovery, Company management placed a hold on all forward movement with this project until new agreements were in place. After exploring every option, Drake terminated its relationship with SME and entered into lease agreements directly with the Georgia lessor, who is fully supportive of Drake’s endeavors in the area. With the new lease structure, Drake maintains full control over all operational decisions, actions and management.