www.drakeresources .com.au

L4 66 Kings Park Road West Perth WA 6005

P: +61 8 6141 3585 F: +61 8 6141 3599

E: info@drakeresources.com.au

ASX Code: DRK

Shares on Issue: ~104M

ASX Announcement 4 April 2013

CEO presents strategic path forward

Drake Resources has released a presentation highlighting recent success at Granmuren and Joma and the company’s strategic path. Drake has now provided a fully narrated version which can be accessed via the link below. In this version, Drake’s CEO Jason Stirbinskis gives greater detail and insight into the company’s asset portfolio and path forward. Narrated Presentation http://www.youtube.com/watch?v=BwS6agrIpEo The video can also be viewed on Drake’s website at www.drakeresources.com.au A copy of the presentation and transcript follows.

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For further information, please contact: Mr Jason Stirbinskis Ms Barbara Pesel CEO, Drake Resources Media & Investor, Pesel & Carr +61 (0)8 6141 3585 +61 (0)3 9036 6900 info@drakeresources.com.au barbara.pesel@peselandcarr.com.au Competent Persons Statement

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 is a director of Drake and consents to the inclusion

in the Announcement 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.

Caution Regarding Forward Looking Information

This document contains forward looking statements concerning Drake. Forward-looking statements are not statements of historical fact

and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks,

uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social

uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or

implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other

things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition,

production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking

statements in this document are based on Drake’s beliefs, opinions and estimates of Drake as of the dates the forward looking statements

are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to

reflect other future developments

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About Drake Resources Limited Drake Resources (DRK) is an Australian gold and base metals explorer with advanced and highly prospective projects in resource-rich Scandinavia and West Africa. Projects in Scandinavia focus on nickel and copper and include nickel deposits at Espedalen in Norway, a new nickel-copper discovery at Granmuren in Sweden, and significant remaining mineralisation in the Joma copper-zinc mine. Drake’s aim is to be a successful and profitable mining company delivering strong shareholder value by taking robust projects through to mining, or realising their value at optimal times through merger and acquisition programs. Company Assets Sweden Granmuren - Nickel Bergslagen JV - Copper Orsen - Copper/Magnetite Lainejaur - Copper Finland Kittila - Gold Vihanti - Copper

Norway Espedalen - Nickel Joma – Copper-Zinc Løkken JV – Copper Nordgruva JV - Copper Sulitjelma JV - Copper Kautokeino - Gold Karasjok - Gold

West Africa Tasiast South - Gold Hendrix - Gold Samekouta - Gold Seimana - Gold Australia Mt Palmer – Gold Mallee Hen - Gold

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My name is Jason Stirbinskis, I am the CEO of Drake Resources.

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What I am presenting to you today is Drake’s recently announced corporate strategy and how that translates to on-ground activity, progress and news flow. But first some background

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We are listed on the ASX with about 40% of the stock held by the top 20 with only one of those sitting above the 5% mark. We’ve just completed a small placement that has taken shares on issue to 104M. There are 10M options issued with the closest exercise price at 30c. Our technical team is headed by James Merrillees with a very senior team of specialists across Geochemistry and Geophysics and deep regional experience. We are based in Perth but also have an office in Melbourne and presence in Sweden. As you can see we have a large portfolio of assets with Ni Cu and Au in Scandinavia and Gold in West Africa

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We’ve just complete a strategic review across the company and this has been a key input into establishing our path forward. The key drivers leading to our roadmap include our diversified portfolio. We have such a diversified spread across regions and commodities that we have the enviable position of being able to choose when and in which commodity we direct our efforts based on risk, industry activity, seasons, success etc. Of course it doesn’t make long term sense to frequently swap but this diversified suite has given us a strong base from which to define a path forward based on a great number of variables. Our exploration team has had considerable success across a number of sites, the most interesting being our recent greenfield nickel discovery in Sweden, some incredible soil anomalies at our Guinea operations. We are seeing particular momentum in our flow of encouraging data coming from our Granmuren Nickel project and broader Scandinavian portfolio. Ill talk about this a little later. So what does all that mean for our path ahead? We’ve prioritised a list of targets in Scandinavia these focus on Nickel and Copper with our immediate focus being on the back of recent success at Granmuren Nickel assets and attempting to replicate and build on that success at our Espedalen nickel project in Norway. In 2014 we will look to broaden our focus and include other targets such as Joma copper/zinc prospects also in Norway. You can see from this map that we have a great number of additional targets to explore. With our focus on Scandinavia we believe we’ll have significant market appeal in Europe and want to direct some effort toward the European investment community. We have not committed to a particular strategy at this stage but we see the opportunity and have the motivation to investigate further.

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You are probably aware that the Fraser Institute think tank ranked Finland as the world’s most attractive mining jurisdiction in 2012/13 from a policy and procedure perspective with Sweden #2 and Norway a respectable #10 of 96 jurisdictions. This region has a mining culture with considerable momentum behind it. Of course they have robust environmental standards but they take a pragmatic approach and seek to find solutions to allow interests of the economy and environment to co-exist. The region are big producers of Au, Ag, Cu, Ni, Co, Fe, and Ti and a mining industry that goes way back to the Vikings. There is also a good mix of mining companies ranging from large enterprises like FQM and Xstrata to junior explores like Drake. As you would expect for a mature mining industry we also see very advanced infrastructure such as heavy gauge rail and grid power and extensive service

providers across geotechnical, metallurgy, engineering etc.

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This year a major focus of Drake will be on its nickel assets. Geologically speaking this area is also quite interesting with tectonic links tying southern Scandinavian Nickel occurrences to Canada's Voisey’s Bay Ni province. In other words if you were to wind back time you would see the Atlantic ocean compress and back into the early Proterozoic (the age of the nickel host rocks in Canada and Scandinavia) you would actually see Scandinavia up against Canada and this is one of the reasons we similarities between Southern Scandinavian nickel occurrences and Voisey’s Bay. We also see the truly massive northern low grade Ni deposits in the korelia province such as Pechanga at 1500Mt @ 0.7% Nickel and Kevitsa with 240mt @ 0.3% Nickel. Granmuren is part of the Svecofinnian Province which also hosts Hitura with 23Mt ranging frrom 0.2 to 0.7% Nickel and Katalhti with 24mt and similar grades You can also see our 4 nickel areas in red on the left hand map, the first I want to talk about is Granmuren

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As you can see from the map, we hold numerous licences in the area with many targets and our recent success has been at Granmuren itself at the bottom of the map. This is a substantial intrusion of massive and disseminated sulphides, mainly pyrrhotite, pentlandite and chalcopyrite hosted in gabbros and norites. You can see a photo here from hole 6 which shows the disseminated and massive sulphides. Mineralisation occurs from near surface, we’ve tracked it down to about 300m and it remains open at depth. I previously mentioned the link to Voisey’s Bay but we could also look to First Quantum’s Kevitsa mine and Bevedere’s Hitura deposit in Finland and the same nickel province for geological comparisons. The area is also close to infrastructure including power, roads and community centres and a direct rail line to smelters in Finland and Norway.

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Here are some of the drill results from recent campaigns. As you can see this is your typical Scandinavian nickel deposit with very long intercepts such as 63.5m @ 0.31%Ni and 0.26% Cu 42.0m @ 0.3% Ni and 0.3% Cu 24.5m @ 0.41% Ni and 0.39% Cu But we are also seeing higher grades in places such as 7.8m @ 1.14% Ni and 0.2% Cu 4.5m @ 0.80% Ni and 0.7% Cu The results are at potential open pit depths and we believe we are seeing a general trend towards higher grade with depth in the intrusion. We are particularly interested in chasing the very high EM conductor you can see as a dotted line cutting across holes 6 and 7 and unconstrained deeper past hole 7 and to the south. The plan is to return to Granmuren ASAP and drill for depth and lateral extensions and follow up with more down hole EM. Longer term and assuming ongoing success we intend to look at the many other targets we have scattered across the immediate vicinity of Granmuren. This type of mineralisation usually doesn’t occur as a once off so we are hoping to see other deposits within the region.

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Our second Nickel site is Espedalen in Southern Norway. This is the area that links up to Voisey’s Bay orogenically and again its disseminated and massive sulphides but in ultramific intrusives of mid Proterozoic age. This area is equally convenient in terms of infrastructure but is not greenfield. Various campaigns over the decades has helped to establish a number of targets containing mostly shallow nickel mineralisation. There is a 43-101 report available for Dalen and Stormyra combined and some encouraging met results from the 1970s. There is no one site here that stands out rather 10 or so

locations over 6 kms.

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Some of these targets contain outcropping nickel that has not been drill tested of explored to any meaningful depth. There are 3 targets with a significant story to follow at this stage. We have considerable information about Dalen and Stormyra This is a gravity/UTEM overlay of Dalen and you can see both the south eastern and north western regions of the anomaly are not drill tested and we could potentially build a Resource if we were to convert the historical data to JORC compliant and supplement it with a drilling of these untested regions. The other similar image is from Megrund region, still within Espedalen, we want to explore here soon because this site perhaps more than Dalen has the potential for stronger nickel grades as you can see in the bottom left we have historical intercepts approaching 1%ni and relatively close to the surface

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I want to briefly talk about the other commodities in our Scandinavia portfolio. As you can see, we have a great many copper interests across the region, some in JV’s and others 100% Drake. The one I want to talk about briefly is Joma, one of the Norway projects. This is a Cyprus style VHMS (volcanic hosted massive sulphide) Joma and the nearby Gjersvik site are brownfield sites with past production totalling about 12Mt @ roughly 1.5% cu with Zn credits. The mines are not exhausted so there is potential there but what is more interesting is the anomalies we recently picked up north west of Joma with a geophysics signature similar to Joma itself and therefore the potential for another Joma there. And another anomaly extending to the north east of the known residual mineralisation. We are eager to get back here and follow up possibly later in the year.

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Drake also has an extensive portfolio of gold assets We have a great number of targets in this greenstone belt that hosts some big deposits like suurikuusikko @ over 7moz. This are is sought of like Kalgoorlie/kambalda we see typical structurally controlled gold occurrences in greenstones and head a little to the south and north and we are in nickel mineralisation hosted in Komatiites much like Kambalda to the south of Kalgoorlie and Leinster to the North of Kalgoorlie. I guess the difference here is that it terms of our understanding its like the Western Australian region in the 70’s. ie lots of potential to find interesting mineralisation using modern exploration techniques. Its early days for these projects but you can see some of the historical results thus far 6.05m@ 2.53g/t Au in R402 3.3m@ 2.27g/t Au in R438 1.1m @ 48g/t Au 3m @ 5g/t Au There is no urgency to return here given our other priority targets but certainly worth considering progressing the group in 2014

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And finally to our West African assets. Our focus is in Scandinavia in 2013 but we actually have quite impressive assets across West Africa. These range from our huge Tasiast South footprint in Mauritania which is relatively near and contains the same greenstone unit that host Kinross’ 21mMoz Tasiast project. To our Senegal and Guinea projects which have provided some very encouraging albeit early results. Its that last one, the Siemana project in Guinea that is really interesting. We conducted a large soil sampling program here, the results of which are shown in this table and whist its hard to see the detail you can see that we had a large number of +1g/t a and high sub gram per tonne hits forming 3 clusters with the one in the north east displaying a significant and large anomaly. We are eager to return here with some follow up drilling but in the immediate term our attention is

on Scandinavia.

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As you have probably concluded Drake has made the most of recent market dynamics by acquiring a large, diverse and highly prospective portfolio under favourable terms across many jurisdictions and approach has served Drake well in terms of risk spread and exploration success. Now it is time to start to realise the value within the portfolio. For Drake that is a focus on Scandinavia with the intention of building a potential development story around our assets. That means looking deeper at what we have and broadening our technical investigations into other disciplines We like our West African assets and see great long term potential based on success to date and the performance of the regions we are active in. Our approach is more restrained across West Africa in 2013 in terms of investment and activity but more flexible in our options for progressing and realising their value. Our immediate focus will be drilling at Granmuren to test for depth and lateral extent and a small program at Espedalen at the Megrund target which shows promise for some higher grade Nickel intercepts around historical activity. With our Scandinavian success and inevitable flow of information from our intended activity we want to explore the potential appeal of European equity markets as we believe our story might gain traction there but early days on this front. So its exciting times for Drake as we evolve into our next iteration, we have a large and impressive portfolio and I hope you watch with interest as we go about realising the value in that suite of assets, thanks for your time.

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