CABO TO
DRILL 6,700 METERS FOR NEW MILLENNIUM CAPITAL AT KEMAG IRON ORE PROJECT IN
QUEBEC
North Vancouver, BC - August 21, 2007 - Cabo
Drilling Corp. (TSX-V: CBE) (“Cabo” or the
“Company”) announces that New Millennium Capital Corp. of
Calgary, Alberta, has awarded Cabo’s Ontario division a contract to
drill 6,700 meters (NQ diameter core) on New Millennium’s (TSX-V:
NML) 100% owned KeMag Iron Ore project near Lac Harris in Quebec.
This is Cabo’s
second contract with New Millennium. The Company’s first contract
for 8,000 meters of BTW size core was completed in October 2006 on New
Millennium’s LabMag and KeMag Iron Ore Projects in the Provinces of
Newfoundland & Labrador and Quebec respectively.
The Company has
mobilized two, JKS Boyles BBS-25-A, Diamond drills to complete the 80-hole
program. New Millennium’s goal for the program is to increase and
upgrade existing Mineral Resources at KeMag. Drilling commenced near the
end of July 2007.
About New
Millennium Capital Corp. (TSX-V: NML)
New Millennium holds a 100% interest in the
KeMag Project (Quebec) and an 80% interest in the LabMag Project
(Newfoundland & Labrador). Both properties are located within the
Millennium Iron Range, the centre of which is located approximately 230 km
north of Labrador City, NL and 40 km northwest of Schefferville, QC.
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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