CABO TO DRILL UP TO 11,000 METERS
FOR PARAGON MINERALS CORPORATION
North Vancouver, BC - July 18, 2007 - Cabo
Drilling Corp.’s (TSX-V: CBE) (“Cabo”
or the “Company”) Atlantic division, Cabo
Drilling (Atlantic) Corp., has entered into a contract with Paragon
Minerals Corporation (TSX-V: PGR) of Vancouver, British Columbia, to
drill up to 11,000
meters on eight gold and base metal projects in
central Newfoundland.
Drilling has
commenced on Paragon’s Golden Promise Project (a property under
option to Crosshair Exploration & Mining). The drilling program
will consist of 3,750-meters (23 holes) and will target the Jaclyn Main
Zone (2,950
meters) and the Jaclyn North zone (800 meters). The
planned drill program at the Jaclyn Main Zone will consist of infill
and step-out drilling. The infill drilling is designed to test the
grade continuity within the core of the vein system with the aim of
building a National Instrument 43-101 compliant resource. The step-out
drilling is aimed at further extending the mineralized zone. The Jaclyn
North Zone, located approximately 200 meters
north-northwest of the Jaclyn Main Zone, has seen limited drilling (six
holes, 1,197
meters) with drill intercepts of 5.24 g/t gold
over 1.7 meters
(GP06-51). Drilling will consist of step-out drilling to test the
continuity of the Jaclyn North Zone.
In addition to
Paragon’s Golden Promise Project, Cabo
will drill three of Paragon’s 100% owned base metal VMS projects
(Lake Douglas, South Tally Pond and Harpoon projects) located in the
highly prospective Victoria Lake volcanic belt in central Newfoundland
and four of Paragon’s 100% owned gold projects (JBP Linear,
Appleton Linear, New World and Mt. Peyton) located in the Gander area,
Newfoundland.
About Paragon Minerals
Corporation (TSX-V: PGR)
Paragon Minerals Corporation is a junior exploration company focused on
the acquisition, exploration and development of mineral properties,
specifically in the province of Newfoundland
and Labrador. The company has a
dedicated technical team and an impressive portfolio of gold and base
metal projects that have excellent potential for mineral deposit
discovery. Paragon also provides shareholders increased opportunity for
exploration success on its properties through strategic partnerships
with other senior and junior mining companies.
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 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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