Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

May 16, 2008 09:12 ET

Cabo to Drill International Millennium Cobalt Area Property in Ontario

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2008) - Cabo Drilling Corp., (TSX VENTURE:CBE) ("Cabo" or the "Company") Ontario Division, has signed a drilling contract with International Millennium Mining Corp. (IMMC) for an initial 2,500 meters of diamond drilling near the Waldman mine on IMMC's Cobalt Area Property in Ontario. The purpose of the program is to test several strong targets identified by a MMI (mobile metal ion) sampling program completed over the Cobalt Area property. The Company commenced drilling April 18, 2008.

The location of the drill holes for this initial program was determined by anomalous MMI results occurring on a grid in Gillies Limit North Township in close proximity to the Waldman Mine Shaft. The Waldman is one of a number of former producers located on IMMC's property. Twelve former mines contiguous to and within 3,000 meters to the east of the IMMC drill project produced in excess of 100 million ounces of silver, along with cobalt, copper, and nickel. The drilling program will also pursue base metal sulphide type mineralization known to occur in the area.

About International Millennium Mining Corp.

IMMC is a mineral exploration and development company engaged in the acquisition and exploration of polymetallic mineral properties in Canada and the Americas. To date, the Company has acquired and is exploring mineral properties in British Columbia and Ontario, Canada; Nevada, USA; and Sonora State, Mexico. Emerging mineral targets include silver, gold, cobalt, molybdenum, zinc, lead, nickel, copper and platinum group metals.

About Cabo Drilling Corp. (TSX VENTURE:CBE)

Cabo Drilling Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada. The Company provides mining related and specialty drilling services through its Canadian divisions in Surrey, British Columbia; Montreal, Quebec; Kirkland Lake, Ontario; and Springdale, Newfoundland; as well as Cabo Drilling de Mexico S.A. de C.V. of Hermosillo, Sonora, Mexico; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; and Cabo Drilling Spain S.L. of Sevilla, Spain. The Company's common shares trade on the Frankfurt Exchange under the symbol: DHL and on the TSX Venture Exchange under the symbol: CBE.

ON BEHALF OF THE BOARD

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 TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cabo Drilling Corp.
    Mr. Garret Greene
    Investor Relations
    (604) 984-8894
    or
    Cabo Drilling Corp.
    Mr. John A. Versfelt
    Chairman, President & CEO
    (604) 984-8894
    (604) 983-8056 (FAX)
    Email: ir@cabo.ca
    Website: www.cabo.ca