CABO
AWARDED DEEP DRILLING CONTRACT
FOR CYPRESS DEVELOPMENT’S BROULAN REEF PROJECT
North Vancouver, BC - July 23, 2007 - Cabo
Drilling Corp.’s (TSX-V: CBE) (“Cabo” or the
“Company”) Ontario subsidiary, Cabo Drilling (Ontario) Corp.,
of Kirkland Lake, Ontario, has been awarded a contract by Cypress
Development Corp. (TSX-V: CYP) for 15,000 feet of NQ core drilling. The
drilling will occur on Cypress’ Broulan Reef gold project, in the
Bruce Channel area, in Red Lake, Northwestern Ontario.
The Company
will utilize a JKS Boyles BBS-75 Diamond drill capable of drilling to
depths of 2,400 meters. Cabo anticipates the rig being mobilized to the
Broulan Reef property in September 2007.
The program
will commence from a drill site established on the eastern boundary of the
property. A deep “mother-hole” will be drilled at an
approximate angle of 80 degrees, to the northwest corner of the Broulan
Reef property. The geological target is the Balmer Assemblage of rocks and
the mother-hole will enter the Balmer Assemblage at its shallowest point on
the east side of the property and continue in the Balmer Assemblage of
rocks to the northwest corner of the claim group.
Once the
mother-hole has been established to depth across the property, Cabo will
drill a series of holes wedged off the mother-hole to explore the north
half of the property. Cypress intends to drill a 2nd mother-hole from the
same general location on the east side of the property. This second hole
will be directed generally south-southwest across the Broulan Reef property
to explore the known major geological nose fold on the Broulan Reef
property. Cypress plans a series of wedge holes from this 2nd location as
well.
Cypress
Development Corp. is a diversified precious and base metal exploration and
development company based in Vancouver, British Columbia, with properties
in Red Lake, Ontario, Canada, and in Nevada, U.S.A.
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; Montréal, 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 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) or by contacting
Investor Relations Ms. Sheri Barton at 403-217-5830 or Mr. John A.
Versfelt, Chairman, President & CEO of the Company at
604-984-8894.
The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this 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:
John
A. Versfelt, Chairman,
President
and CEO web
site: www.cabo.ca
Telephone: (604)
984-8894 Facsimile: (604) 983-8056 e-mail: ir@cabo.ca
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