Gold Estimtion Raised


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INDEPENDENT GEOLOGIST FOR DRAKE GOLD RAISES ESTIMATION TO $102M of RECOVERABLE PLACER GOLD FROM JACKPOT PLACER PROJECT

Drake Gold Resources, Inc. is pleased to announce the completion of its initial assessment of the Jackpot Placer Gold Project located about seven miles southeast of the town of Quartzsite. Independent geologist, Craig Parkinson, identified approximately 2,050,000 cubic yards of gold-bearing material containing an estimated 205,000 ounces of placer gold resources using a possible grade of .100 ounces per yard. This resource estimate far exceeds the original estimate of 60,000 ounces by previous geologists, and translates into an average of .0667 ounces of gold per ton across the three claims comprising 200 acres.

The numbers reflected in the finalized geological report are conservative therebe revealing the potential for yielding even higher procuction values. Mr. Parkinson has stated that the Jackpot prooperty "yields above average potential especially considering the obtained from past production on the property was extracted using inadequate methods in the past."

Total estimated gold bearing placer gravel: 2,050,000 cubic yards.

Estimated gold per ton: .0667 oz. {Based on 1 ton= 1.5 cubic yards.

Total preliminary estimated ounces of gold: 205,000 OZ.

Total dollar potential: 205,000 OZ. multiplied by $500.00 = $102,500,000 Gross Proceeds

Bob T.

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Hold onto you wallet. Thats the kind of company that is not all that interested in digging for gold - they are there to mine the investor's bank accounts. It may all sound good, but to someone with experience it sounds about as real as a 3 dollar bill or the guy who was selling 100+ big nuggets on ebay.

They sprout up everywhere when the price of gold gets high enough. Imagine what it will be like when gold gets above 1000 per ounce, which it will in the next couple years. Like John B was talking about in another thread, gold brings out the greed in many folks.

Chris

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Hey Chris,

You need to jump on that with both feet. No, I'm just razzing you.

Here is todays history. Drake opened at 0.0105, last trade was 0.0095. That means that they were down 0.0010 or 9.52%. Days range was 0.0090 to 0.0105

Now are we talking big money here or what?? However there are some folks that are taking the leap as the volume is standing at 1,954,970 shares.

Haven't really looked into their history yet. Would be interesting to see just what kind and how much equipt. they have, if any. They claim that they are also into energy. Maybe they are talking about the energy it takes to get in your billfold.

I have saw a number of these guys come and go. I remember one such outfit that came into the Stanton area and set up operation. They came in with four or five trucks a large track-hoe and a small trommel. I noticed that the trommel was much too small to handle the volumn of material that they would be moving. However they did run several yards and the rest was stacked, staked and numbered by the load.

Later on the owner came to my rig and asked me if I would detect this long trench that had been dug, it was about eight feet deep. I did and there was nothing in it but bucket fuzz.

At one point, while talking with him, he told me that they had, [and I forget the exact figure] $60,000 or $80,000 dollars of investors money to spend on the prospect and when that was gone so was they.

About three or four days later they loaded everything and was gone by the end of the day.

The remainder of about 50 stacks of material was never run. After they left I detected that area and never found a grain. Go figure.

Bob T.

Hey Flak, you better bring a #2, I'll stand watch, just in case you get a snakebite, or SOMETHING.

Bob T.

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