Update on Mt Carrington Project, NSW

Drake Resources (ASX: DRK, ?Drake?) is pleased to provide shareholders with an update on the Company?s Mt Carrington gold-silver project in northern New South Wales.

As previously announced, Drake granted an option to Rex Minerals Limited (ASX: RXM) to purchase 100% of the Company?s interests in the Mt Carrington project. This decision was reached in April 2008 in the strategic interest of both companies.

The Mt Carrington project comprises three exploration licences currently held by Drake and 22 mining leases held by Mount Carrington Mines. Cazaly Resources (ASX: CAZ) has a 10% interest in the mining leases and one of the exploration licences.

Today, Rex Minerals announced an update of the existing gold and silver resources at Mt Carrington including a review of the potential mineralisation beyond the existing resources. A copy of Rex?s ASX announcement with a comprehensive review of the resource upgrade can be viewed at http://www.rexminerals.com.au/documents/20081210ResourceupgradeatMtCarrington_Final.pdf

In terms of the option agreement, Rex has a 12-month option to purchase a 100% interest in the Mt Carrington project, including Drake?s 90% participating interest. The consideration for exercising the option over Drake?s interest in the project is $765,000 in cash and $1,350,000 in RXM shares. For further details about the option agreement, please refer to Drake?s ASX announcement on 29 April 2008.

Scandinavia remains a focus for Drake where current drill programmes are underway to assess the economic potential of copper, zinc and gold ore bodies.

Since listing on the ASX in 2005, Drake has established a robust portfolio of projects and believes there are additional opportunities to add value to its Australian assets in Sweden, Queensland and Western Australia.

For further questions, please contact:

Ann M Nahajski
Director
AMN Corporate
+61 (0)400 205 433
ann@amncorporate.com

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Rex Minerals Ltd.


	CODE : RXM.AX

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Rex Minerals is a gold and copper exploration company based in Australia.

Rex Minerals holds various exploration projects in Australia.

Its main exploration property is ST ARNAULT EL 4669 in Australia.

Rex Minerals is listed in Australia. Its market capitalisation is AU$ 58.4 millions as of today (US$ 39.0 millions, € 35.9 millions).

Its stock quote reached its highest recent level on February 11, 2011 at AU$ 3.27, and its lowest recent point on March 27, 2020 at AU$ 0.03.

Rex Minerals has 220 520 000 shares outstanding.

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Rex Minerals Ltd.

completes Resource upgrade at the Mt Carrington gold-silver Project

Rex Minerals Ltd.