Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

July 07, 2005 08:45 ET

Cabo to Drill Lucky Joe and Yukon Olympic Projects for Copper Ridge

NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 7, 2005) - Cabo Mining Enterprises Corp. ("Cabo" or the "Company") (TSX VENTURE:CBE) today announces that its subsidiary Advanced Drilling Ltd. has been awarded a contract by Copper Ridge Explorations Inc. ("Copper Ridge") to drill their Lucky Joe property, located 40 kilometres south of Dawson City in west central Yukon and their Yukon Olympic property, located approximately 120 km north of Dawson City.

The Lucky Joe drill program is underway with a minimum 1,200 metres of drilling to test two large, high chargeability, IP (induced polarization) core zone anomalies coincident with the main copper-gold soil anomaly on the Lucky Joe. Access to the property is by helicopter from a camp on the Quartz Creek Road, approximately 40 km south of Dawson City.

Upon completion of the Lucky Joe Project, the drill will move to Copper Ridge's Yukon Olympic property where drill testing of a strong gravity and coincident magnetic anomaly is to take place.

Cabo Mining Enterprises Corp. is a drilling services and mineral exploration company headquartered in North Vancouver, British Columbia, Canada. The Company provides drilling 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's mineral exploration properties are 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).

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

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 & CEO
    (604) 984-8894
    (604) 983-8056 (FAX)
    cabo@cabo.ca
    www.cabo.ca