CABO TO
DRILL 7,000 METERS FOR
FRONTEER DEVELOPMENT GROUP INC.
North Vancouver, BC – July 30, 2007 -
Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the
“Company”) announces that Fronteer Development Group Inc. has
awarded Cabo’s Pacific division, Cabo Drilling (Pacific) Corp., a
contract to drill 7,000 meters of NQ2 core at Fronteer Development
Group’s Wernecke Mountains Drill Project, 140 km north of Mayo,
Yukon.
The Company
will be working with Equity Engineering Ltd., while Fronteer remains as the
operator of the project. Drilling commenced during the week of July 22,
2007, and will continue into the fall of 2007. Cabo Drilling (Pacific)
Corp will utilize a fly configured Atlas Copco S-2 (B20) drill for the
project.
About Fronteer Development Group Inc. (TSX/AMEX:
FRG)
Fronteer is an exploration and development company with a track record of
making big discoveries. Fronteer will have exposure to approximately C$42
million in exploration/development expenditures and 130,000 meters of
drilling throughout 2007. Fronteer has approximately C$104 million in
cash, no debt, and holds approximately a 46.8% interest in Aurora Energy
Resources (TSX-AXU), a leading Canadian uranium company with a market value
of approximately C$1.0 billion.
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; 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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