Gold Discovery at Tasiast South in Mauritania. May 2012

Transcription

1 . Gold Discovery at Tasiast South in Mauritania May 2012

2 Company interests

3 Corporate profile ASX Code: Share price:* DRK 19c Shares on issue: 82.5M Market capitalisation: Cash position: A$16.5M A$6.18M Main shareholder: Acorn 9.4% Chairman: Managing Director: Brett Fraser Dr Bob Beeson *As at May 15, 2012

4 Gold discovery in Mauritania 17,000m air core drilling reveals elevated gold readings up to 8km in length Gold anomalies extend from Tasiast and Tijirit greenstone belts into Drake permits Values up to 3 g/t in individual 1m air core samples Further assays due in the coming weeks Reverse circulation drilling programme commenced Follow-up air core drilling in progress on best targets to define extent of anomalies

5 Drake s large landholding for gold in Mauritania The West African Craton a proven major gold province which is demonstrated to extend into Mauritania Drake has a significant holding of >11,000km2 in granted permits and applications in two strategic locations in Mauritania. Immediate focus on Tasiast South and Conchita but also extensive portfolio in Mauritania with known gold mineralisation Drilling has shown high grade hits at Conchita Prospect in the North East of Mauritania

6 Mauritania. Why are these so few gold deposits? Kinross Tasiast Project is Mauritania's only known gold resource - 21 Moz and growing Comparisons with similar gold belts argue that many more deposits to be found Tasiast is unfolding into one of the gold sectors best discoveries this cycle Paradigm Capital Tasiast s expanding current production and long-term potential confirms its status as our first growth priority - Kinross, February 2012

7 Tasiast South Air Core Program

8 Tasiast South Project Tasiast Mine 21 Moz Air core traverses Tijirit (Gryphon) Grara Mouchgag

9 Currently defined mineralised zones

10 Tasiast Greenstone: Air Core Drilling on Magnetics (RTP1VD) Au 0.18g/t Au Au Au

11 Tasiast Greenstone: Aircore Drilling on Magnetics (RTP1VD) Au g/t Au

12 APPENDIX

13 Other Drake projects Drake has assembled an extensive package of gold and copper exploration permits in West Africa and Scandinavia Mauritania Hendrix Shear Zone, Oued el Ma Norway Targets for drill testing confirmed Sweden Discovery of Tullsta nickel-copper deposit Finland Drill programme recommenced Strong and experienced Project teams with proven track record in discovering significant gold ore bodies and strong local knowledge and experience in West Africa.

14 Mauritania Gold Conchita and Hendrix Prospects 140 km strike length major shear zone and splays Gold mineralisation and anomalies along these shears Conchita Prospect up to 437 g/t gold in quartz veins at surface Coherent soil anomalies up to five kilometres in length at Hendrix

15 Mauritania Gold Conchita Prospect Anomalous gold values in soils correlate with the distribution of known mineralised quartz veins at the Conchita Prospect Gold anomalies extend the Prospect to 10,000m along strike Zone of anomalism with a width of up to 900m Only a small proportion of the Prospect tested by drilling to date

16 Mauritania Gold Conchita prospect drilling Limited 37 hole drill programme completed in 2011 with strong results Approximately 80% of drill holes returned an intersection >1 g/t gold Including: g/t gold 5.27 g/t gold 5.39g/t gold 6 g/t gold 2.18 g/t gold 2012 RC Drilling program complete 52 holes for 5000m with results due in six weeks

17 Løkken Poorly explored major copper district Løkken past mining 2% Cu, 2% Zn Highly mineralised volcanic belt 333 years of continuous mining Mine closed in 1986 No modern exploration New data and new concepts

18 Board & Management Dr. Bob Beeson Managing Director Bob is a professional geologist with more than 35 years of experience in mineral exploration and development. He has held senior management positions with Billiton Australia, Acacia Resources, North Limited and New Hampton Goldfields. Brett Fraser Non-Executive Chairman Brett has worked in the financial services industry globally for 22 years. For many years he was an analyst in the merchant banking industry focusing on mining and is former chairman of the Securities Institute Education, WA chapter. James Merrillees Executive Director James is a professional geologist with more than15 years applied minerals exploration experience. He has held senior technical and management positions with BHP Billiton and has worked as an independent consultant for a number of public and private groups. Jay Stephenson Non-Executive Director & Company Secretary Jay is a qualified accountant and has been in manufacturing and business development for 18 years. He has served as director, CFO and company secretary for both listed and unlisted entities in the resources, manufacturing, wine, hotel and property sectors. John Hoon Non-Executive Director John has a strong background in financial and audit matters and has an extensive Australian and South East Asian business network across a wide range of sectors.

19 Disclaimer & Competent Persons Statement This presentation has been prepared to provide information on Drake Resources Limited s projects. It is not intended as an offer, invitation solicitation or recommendation with respect to the purchase or sale of any securities. This presentation should not be relied upon as the sole representation of any matter that a potential investor should consider in evaluating Drake. Its affiliates or any of its directors, agents, officers or employees do not make any representation or warranty, express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or forecasts contained in this presentation, and they do not accept any liability for any statement made in, or omitted from, this presentation. Prospective investors should make their own independent evaluation of an investment in the Company. Dr Robert Beeson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking. This qualifies Dr Beeson as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Robert Beeson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Dr Beeson is a member of the Australian Institute of Geoscientists.