CABO AWARDED 15,000 METER DRILL CONTRACT BY
MARATHON PGM CORPORATION
North Vancouver, BC - February 4, 2008 - Cabo Drilling
Corp. (TSX-V: CBE) (“Cabo” or the “Company”)
announces that Marathon PGM Corporation (PGR-V: TSX) has awarded the
Company’s Ontario division, a contract for 15,000 meters
of NQ core drilling.
The drilling
program, which commenced the week of January 20, 2008, at
Marathon’s Marathon Project near Marathon Ontario, will utilize
one BBS-25 unitized diamond drill. The drilling program includes
exploration, definition and condemnation drilling. Marathon’s
primary goals for this drill program are: improvement of resource
categories, resource expansion and provision of data for incorporation
in a definitive feasibility study.
About Marathon PGM Corporation (TSX-V: PGR)
Marathon has a 100% interest in the Marathon Project, located about 10 kilometers
north of Marathon, Ont. The project is currently the subject of a
definitive feasibility study, which Marathon expects to be completed in
Q2 2008. In
November 2007, Marathon announced completion of a NI43-101 compliant
resource estimate showing a measured resource at Marathon of 45.9
million tonnes containing 1.79 million ounces of PGM and gold and 314
million pounds of copper, and an indicated resource of 35.5 million
tonnes containing 1.39 million ounces of PGM and gold and 211 million
pounds of copper. An additional low-grade resource was also identified
in the November 2007 resource estimate completed by P&E Mining
Consultants Inc.
About Cabo Drilling Corp. (TSX-V: 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; Montr�al, 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.
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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