Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

August 24, 2005 08:30 ET

Cabo Subsidiary to Drill Sultan Minerals' Jersey-Emerald Molybdenum & Tungsten Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 24, 2005) - Cabo Mining Enterprises Corp. ("Cabo" or the "Company") (TSX VENTURE:CBE) announces that its subsidiary Advanced Drilling Ltd. has been awarded a contract by Sultan Minerals Inc. to complete a minimum of 1,000 metres of underground diamond drilling on Sultan's Jersey-Emerald molybdenum and tungsten property.

Sultan Minerals Inc.'s property is located near the community of Salmo in southeastern BC. Drilling will commence immediately on the East Dodger Zone of the Emerald Tungsten Mine, where Sultan recently announced sizeable molybdenum and tungsten deposits were intersected in two initial holes completed in July (see Sultan Minerals Inc. News Release of August 2, 2005).

Advanced Drilling Limited utilizes underground drills of various configurations and employs skilled operating personnel who have achieved exceptional success using highly efficient and functional drills that they have manufactured or modified. This gives Advanced Drilling Ltd. the ability to provide a drill for every underground situation and enhances their productivity by minimizing non-productive time.

Cabo Mining Enterprises Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada. The Company provides services through its subsidiaries Heath & Sherwood Drilling (1986) Inc., of Kirkland Lake, Ontario; Petro Drilling Company Limited of Springdale, Newfoundland; Stratacan Inc. of St. John's, Newfoundland; Forages Cabo Inc. of Montreal, Quebec; and Advanced Drilling Ltd. of Surrey, British Columbia. Cabo also holds interests in mineral exploration properties located near Cobalt, Kenora, and Sudbury, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol: CBE.

ON BEHALF OF THE BOARD

(signed "John A. Versfelt")

John A. Versfelt, Chairman, President and CEO

Further information about the Company can be found on the Cabo website (http://www.cabo.ca) and SEDAR (www.sedar.com).

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The Exchange has not in any way passed upon the merits of this news release.

Contact Information

  • Cabo Mining Enterprises Corp.
    Ms. Sheri Barton
    Investor Relations
    (403) 217-5830
    or
    Cabo Mining Enterprises Corp.
    Mr. John A. Versfelt
    Chairman, President and CEO
    (604) 984-8894
    (604) 983-8056 (FAX)
    cabo@cabo.ca
    www.cabo.ca