Shareholder Update from CEO Nicholas J. Slinde

By: Nick Slinde

Georgia

We are continuing to gain support for a zone change from contiguous property owners in an effort to eliminate the existing 500 ft buffers which severely restrict the site’s mineability. Provided sufficient support is secured, we will seek 3rd party verification of past assays and proceed with the land use process. Timelines will be provided once available.

Arizona

Eagle Mining is in the process of contacting the parties who drafted the original bulk sampling applications for the AZ property. As was previously posted, discussions with BLM Arizona, equipment manufacturers and industry consultants suggest that a re-organization of the current workable area depth can and should be expanded to improve the projects footprint. We will evaluate overall feasibility once it is determined whether the area can be expanded.

General Update

Funding for operations, investigation, and advancement of existing and future projects has and will be a challenge for Drake considering its current share structure and the state of the market. Further, creating cash flow and increasing long term shareholder value and sustainability remain our main concerns. To this end, Drake has expanded its current business plan to facilitate the creation of revenue through strategic alliances and market expansion. We are evaluating many possible "turn-key" opportunities and are nearing completion of our due diligence on several of these possibilities. Initial terms are being discussed.

Drake is also working to utilize current management strengths and experience to explore opportunities in the real estate market. Recognizing Drake's main objectives and the precarious state of the economy, we are carefully researching each opportunity and will take no action until we are certain the project will fulfill the needs of the company both short and long term.