CABO
DRILLING EXPANDS INTO SPAIN
WITH 70,000 METRE DRILL CONTRACT FOR IBERIAN MINERALS
North Vancouver, BC – Cabo Drilling
Corp. (TSX-V: CBE) (“Cabo” or the “Company”)
announces the expansion of drilling operations into Spain through its
wholly owned subsidiary Cabo Drilling Spain S.L., and initial core drilling
contracts totalling 70,000 meters (amended from an initial 65,000 metres)
for Iberian Minerals Corp. (“Iberian Minerals”) (TSX-V:IZN)
wholly owned subsidiaries, Minas de Aguas Tenidas, S.A.U.
(“MATSA”) and Iberian Minerals Spain, S.L.U., at their Aguas
Tenidas Mine located in Huelva Province, Region of Andalucia, SW Spain and
their nearby exploration licence areas of approximately 300 km2 in the
Iberian Pyrite Belt.
Iberian Mineral’s initial drilling
objectives include: 1) underground infill drilling to upgrade the MATSA
Aguas Tenidas indicated mineral resources to proven mineral reserves; 2)
surface drilling to extend the mineral resources westward at Aguas
Tenidas; and, 3) surface drilling within the extensive portfolio of
exploration licenses held by MATSA in the Spanish Pyrite Belt.
Cabo has mobilized two new core drill rigs
(underground and surface), from Sweden and assembled, with MATSA, an
international team from Spain, Chile and Canada to carry out the Iberian
Minerals’ drilling program. Surface drilling has commenced.
Spain has a long history of mining and occupies
about 85% of the Iberian Peninsula, which has some of the most mineralized
territory in Western Europe. The country’s long history of mining
has recently attracted renewed interest from the world’s major mining
companies for gold and base metal exploration and extraction, with a
particular interest in the Iberian Pyrite Belt. International mineral
investment has been encouraged by several factors, including: the highly
prospective geology of the Iberian Pyrite Belt in the south and the recent
gold discoveries in the north, a transparent legislative framework and
positive fiscal environment covering the extraction of natural resources,
well-developed infrastructure and available skilled work force and extended
mining tradition and track record of exploration success and mine
development.
“Continuing with
Cabo’s 2007 goal to expand the Company’s geographical markets,
Cabo has identified Spain as an opportune country in which to offer its
drilling services,” stated John Versfelt, Cabo’s Chairman,
President and CEO. “We are pleased with this growth and are happy to
be with working with Iberian Minerals Corp.”
About Iberian Minerals Corporation
Iberian Minerals Corporation
(TSX-V:IZN) is a Toronto, Ontario, Canada based company, developing the
Aguas Tenidas deposit located in the Iberian Pyrite Belt in southwestern
Spain. Aguas Tenidas is a polymetallic VMS deposit with a resource of
approximately 20 million tonnes of Cu-Zn-Pb mineralization. The mine,
which operated between 1999 and 2001, is under construction with a new
operating plan. Production is expected to begin in 2008. Iberian
Minerals’ intention in this drill program is to substantially expand
the current reserve and resource figures for Aguas Tenidas.
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 Montréal,
Quebec; Heath & Sherwood Drilling Inc., of Kirkland Lake, Ontario;
Petro Drilling Company Limited of Springdale, Newfoundland; 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, SL
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 Ms. Sheri
Barton, Investor Relations
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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