Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

July 27, 2005 08:30 ET

Cabo to Perform Deep Hole Drilling Project For Manicouagan Minerals Inc.

NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 27, 2005) - Cabo Mining Enterprises Corp. ("Cabo" or the "Company") (TSX VENTURE:CBE) announces that its subsidiary Heath & Sherwood Drilling (1986) Inc. ("Heath & Sherwood") has entered into a contract with Manicouagan Minerals Inc. to perform a deep hole drilling project. The project will consist of drilling several holes on the Manicouagan Reservoir project, within the 65 km wide inner Manicouagan impact crater, in north central Quebec. The proposed holes will be approximately 5,000 ft in depth and will be used for exploration purposes. Manicouagan anticipates a July 28, 2005 start-up for the drilling program.

The property is situated on a large island, formed by a Triassic Age (214 million yrs.) meteorite. Access to the property will be by transport truck, helicopter and fixed wing aircraft. Trucks will deliver the equipment to the staging area, where it will be flown, piece by piece, to the drill site. Approximately 30 tons of equipment, including some 13 tons of drill rods and casings will be moved to the site. All of the fuel for the drill equipment, camp and helicopter must also be flown to the island by fixed wing aircraft.

The logistics of this program are quite different than most drill projects. Access to the property can only be gained by aircraft. Therefore, everything is moved in, set up, and moved from hole to hole by air. The holes will be drilled deeper than most fly jobs, and will require the use of equipment especially suited for deep drilling and highly experienced drillers.

Heath & Sherwood has many years of deep hole drilling experience, and is able to employ, custom-designed drill programs and innovative transportation logistics programs, integrating the use of ocean going and barge vessels, commercial airlines, fixed wing aircraft and helicopters, to carry out clients' projects.

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