CABO TO DRILL 5,000 METERS FOR RICHMONT IN COLORADO
North Vancouver, BC - Cabo Drilling Corp.'s (TSX-V: CBE) ("Cabo" or the "Company") Pacific division, Cabo Drilling (Pacific) Corp., has been awarded a contract by Richmont Mines USA, a subsidiary of Richmont Mines Inc.(AMEX-TSX: RIC), of Rouyn Noranda, Quebec, to complete a minimum of 5,000 meters of NQ2 underground drilling at the Golden Wonder Project located near Lake City, Colorado.
The Golden Wonder Project is a past producing high-grade, epithermal deposit, with veins averaging two to three feet in width, located in the historically precious metal rich Colorado Mineral Belt. The goal of Richmont Mines' underground drill program is to explore and define high-grade gold bearing vein structures at the Golden Wonder. Drilling is expected to commence in early July 2008.
Richmont Mines entered into an option agreement with LKA International Inc., on November 12, 2007, whereby Richmont acquired the right to earn a 50% joint-venture interest in LKA's Golden Wonder Project by investing US$3 million in the project prior to September 1, 2008, and additional investment of US$15 million over a 56 month period.
About Richmont Mines Inc. (AMEX-TSX: RIC)
Richmont Mines produces gold from its operations in Northeast Canada and has extensive experience in gold exploration, development and mining. Its strengths are in its ability to develop advanced exploration projects and to operate underground narrow vein gold mines. The Company was founded in 1981, and since 1991, has produced more than one million ounces of gold from its operations.
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. The Company's common shares trade on the Frankfurt Exchange under the symbol: DHL and 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 Mr. Garett Greene 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.
Cabo Drilling Corp. was recognized as a TSX Venture 50T company in 2008. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.-
John A. Versfelt, Chairman,
President and CEO web site: www.cabo.ca
Telephone: (604) 984-8894
Facsimile: (604) 983-8056