Universal Apparel & Textile Co DKGR

News - Emailed

[Oilseeker]

September 30, 2008

CEO Nicholas J. Slinde Updates Shareholders

Based on the numerous issues Drake's former management had advancing the Georgia and Arizona Projects, I felt it necessary to reevaluate Drake's projects and determine if the same were truly viable from a monetary and/or regulatory perspective.  That review has raised certain concerns about both projects which are outlined below:

Georgia

As a preliminary matter, a number of shareholders have inquired as to the legitimacy of the assays previously taken on site.  Although we believe these assays are accurate and verifiable, it is prudent to have them confirmed by an independent third party.  However, before incurring that expense, I felt additional investigation was needed to determine the true area of mineability and regulatory impact a free flowing stream located on site would have on the project.  Applicable code requires a 500' buffer between mining activities and adjacent property lines which severely restricts the mineable area.  To expand the mineable area, it is necessary to secure the rights to neighboring parcels and include them in the zone change application. Drake's current Lessor has been enlisted to help facilitate these acquisitions.  This process should be completed before expending additional resources, monetary or otherwise, on the project. With respect to the stream, its central location further restricts an already limited mineable area.  Applicable code requires a 50' buffer between workable area and water resource.   To minimize impact and ensure an economically feasible project, I believe Drake must first acquire rights to the neighboring properties to effectively expand the mineable area.  Provided additional properties can be secured, every effort will be made to prove up the sites' potential yield through the confirmation of existing assays and ready the properties for production.

Arizona

I was similarly concerned with the restricted area of mineablity and reclamation process allowed/required under the current bulk sampling permit. Under the current Mining Notice, the dimensions in which active mining can occur were severely limited by the filed notice and existing bond. The BLM has confirmed that this area can be expanded by way of revising the mining notice and increasing the bond, if necessary. However, before this avenue is pursued, I believe it necessary to have non-refined assays taken from site evaluated, as existing assays measure the gold content of already refined samples. Management is working to arrange for the removal of non-refined on site material for testing. These processes, although time-consuming, are necessary to confirm the viability of the project.  This process is ongoing and updates will be given as information is made available.

Where We Go from Here

Funding for operations, project investigation and the advancement of projects, existing and future, remain a major concern. The current state of the financial markets has made raising capital extremely difficult and the shareholders' overwhelming opposition to a share restructuring severely limited our ability to generate much-needed funds.  Nonetheless, we are working through a number of creative concepts for expanding Drake's operations to create revenue through strategic alliances and market expansion.  Specifics about any such opportunities will be passed on once it is determined the same offer realistic growth opportunities for Drake.  Ultimately, it is our shareholder base that will facilitate executing on these opportunities.  Your continued involvement and support are appreciated.

As for the blog updates, I originally intended on giving bi-weekly updates and apologize they have not come that often.   In the short term, I think it is more appropriate to provide updates whenever information worthy of distribution becomes available.  This ultimately may be less frequent than originally proposed but will create what I hope to be a more fluid dialogue between management and the shareholders.

Please continue directing any questions and comments you may have to [e-mail].  As I am receiving a number of emails daily, it is becoming increasingly difficult to respond each of them directly.  However, I promise any inquiries are being reviewed and considered at our weekly management meetings.

 

Here at Drake we know our shareholders are our most valuable asset. We encourage you all to get in touch with any questions, comments or suggestions. Please e-mail us at [e-mail]

Also, don't forget that in addition to our newsletter The Drake Report, Drake management will continue to utilize the Drake Blog (https://DrakeGold.Blogspot.com), posting news and updates regularly in order to keep shareholders fully informed.

Well a little news is better than nothing

Year of the Profit, Oilseeker

[drakkar1]

Since there are no official news, is there anyone who can tell me what's going on? Is the company still alive? Do they have any future projects? Any answer will due..

[butterfly5]

I think we are the only two left in this stock!  would cost me more to sell it! lol

[sparta05]

I was lucky i sold during the last run up to almost a penny.. after having held for a long time.. i actually ending up with a profit of $10 dollars after trading fees :) lolIve got some old stocks in my account that cost more to sell then keep.. i dont remember the ticker off hand but one of the companies was pretty much run by a scam artist and never has any volume at all anymore.. wish these

[Oilseeker]

I know how you feelhave traded this several time but have lost interestto many shares for so little money manyby my grandkids can sell the rest of 4 illion sharesYear of thr Profit, Oilseeker