Cabo Subsidiary Awarded Underground Drilling Contract By Aur Resources Inc.
Monday April 24, 9:00 am ET
NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2006) - Cabo Drilling Corp. (TSX VENTURE:CBE - News; "Cabo" or the "Company") announces that its Petro Drilling Company division has been awarded a drilling contract by Aur Resources Inc. for underground definition drilling at Aur's base metal mine at Duck Pond. The contract is for up to 27,000 metres of core drilling.
The Duck Pond Mine, located in central Newfoundland, Canada, is currently under construction and is on schedule to begin production in the fourth quarter of 2006. Petro Drilling started its work mid-April and is expected to continue drilling through to the end of the current year. To achieve the required core production, Petro will provide up to three drill rigs which will work seven days a week, 24 hours a day. The Mine is presently designed to produce approximately 41 million pounds of copper and 76 million pounds of zinc annually over a period of 6.3 years.
The Company, through its mineral drilling divisions, is able to share a wealth of technology and drilling expertise, as well as share people and equipment resources, to meet the needs of larger global customers, such as Aur Resources Inc. Cabo's growth to date has been primarily through acquisitions. The strategy behind the acquisitions was to build a company capable of leveraging its combined technology, know-how and resources to service mineral exploration and mining companies with extensive drilling programs, thereby expanding its market share and creating long term strength.
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 subsidiaries Advanced Drilling Ltd. of Surrey, British Columbia; Forages Cabo Inc. of Montreal, Quebec; Heath & Sherwood Drilling Inc., of Kirkland Lake, Ontario; and Petro Drilling Company Limited of Springdale, Newfoundland. The Company's common shares trade on the TSX Venture Exchange under the symbol: CBE.
ON BEHALF OF THE BOARD
"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 TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Ms. Sheri Barton
Cabo Drilling Corp.
Investor Relations
(403) 217-5830
Mr. John A. Versfelt
Cabo Drilling Corp.
Chairman, President and CEO
(604) 984-8894
(604) 983-8056 (FAX)
Email: ir@cabo.ca
Website: www.cabo.ca
Source: Cabo Drilling Corp.
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