sale of its uranium assets

Unit 6, 34 York Street North Perth WA 6006 Ph (+618) 9228 0703 Fax (+618) 9228 0704
PO Box 35 North Perth WA 6906 Web: www.drakeresources.com.au
ASX ANNOUNCEMENT
4 April 2006
DRAKE RESOURCES ENTERS AN AGREEMENT WITH
AURA ENERGY FOR THE SALE OF ITS URANIUM ASSETS
Drake Resources Limited (ASX Code: DRK) has entered into a conditional agreement with Aura
Energy Limited to sell the company’s uranium tenements.
Under the agreement, Drake Resources will gain a substantial shareholding in Aura, an unlisted
public company dedicated to uranium exploration and development. Drake Resources has also
negotiated a priority issue for Drake’s shareholders in the proposed IPO of Aura. The record date
for Drake Resources shareholder entitlement has not been set.
The sale of Drake’s uranium tenements under the agreement is subject to the approval of Drake’s
shareholders. For this purpose, a notice of meeting, together with an accompanying independent
expert’s report, will be sent to Drake shareholders in the near future.
Managing Director of Drake Resources, Bob Beeson said, “The agreement is part of a strategic
decision to position Drake Resources within the market and maximise value for its shareholders”.
“The agreement will enable Drake to capitalise on the value of its gold and silver assets while
retaining a considerable interest in Aura’s uranium assets. Separating the company’s assets will
result in two entities with distinct stories. Aura will seek to capitalise on the strong uranium
market”.
The initial emphasis of Aura’s exploration programmes will be the Altona Project and three
recently acquired uranium tenements in the Yilgarn Province of Western Australia. However, Aura
intends to actively pursue quality uranium projects to further develop its uranium tenement
portfolio.
Drake Resources will continue its current exploration programmes at its Mt Carrington gold–
silver-zinc project in New South Wales and at its other projects in Western Australia, while
seeking to expand the portfolio though further strategic acquisitions.
Dr Bob Beeson
Managing Director
Tel: 0419 500 936
Jay Stephenson
Company Secretary
Tel: (08)9228 0703
The information in this report that relates to Exploration Results, Mineral Resources, or Ore Reserves is
based on information compiled by Dr Robert Beeson. 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 to qualify 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.