Cabo Drilling Corp. Awarded 35,000 Meter Drill Contract by Goldcorp Canada Ltd.
November 21 2011 - 9:01AM
Marketwired
Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo Drilling" or the
"Company") announces that Cabo Drilling (Pacific) Corp. has been
awarded a 35,000 meter drill contract by Goldcorp Canada Ltd. at
its Musselwhite Mine located on the southern shore of Opapimiskan
Lake in northwestern Ontario, Canada.
The Musslewhite Mine is located approximately 480 kilometres
north of Thunder Bay. The nearest town to the mine is Pickle Lake
which is approximately 130 kilometres by gravel road to the south.
The property is comprised of a combination of leases and mining
claim units covering a total area of 17,548 hectares, entirely on
traditional First Nation's land.
Cabo Drilling will be utilizing multiple barge mounted Max
Drills which have been customized to facilitate the installation of
casing required for core drilling on deep water barges or ice. The
drills will be operated throughout the year on water based barges
and will continue after ice formation with state of the art drill
shacks. The land based provisions of the contract, include an
additional 8,000 meters, which will be performed by a CS-14 long
stroke hydrostatic drill.
To meet environmental guidelines, the drilling rigs are all
equipped with filtration systems that filter the return water from
the drill string to catch and bag all of the rock cuttings from the
drilling operations. The cuttings are collected in plastic tubes
and subsequently taken to an approved land disposal site.
Special Projects Coordinator Grenville Whyte states, "Cabo
Drilling continues to strengthen the Company's broad client base
with long term multiple drill contracts, while at the same time
bringing sophisticated and cost effective drilling solutions to our
customers. These types of drilling services contracts and
relationships demonstrate a winning solution for both Cabo Drilling
and our clients."
Cabo Drilling offers drilling services to major, mid-tier and
junior mining and exploration companies and provides expertise in
projects ranging from early-stage reconnaissance drilling through
to resource definition and advanced stage mining.
About Goldcorp Inc.
Goldcorp is one of the world's fastest growing senior gold
producers, with operations and development projects located in safe
jurisdictions throughout the Americas. A Canadian company
headquartered in Vancouver, British Columbia, Goldcorp employs more
than 12,000 people worldwide. The Company is committed to
responsible mining practices and is well positioned to deliver
sustained, industry-leading growth and performance.
About Cabo Drilling Corp. (TSX VENTURE: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; Montreal, Quebec; Kirkland
Lake, Ontario; and Springdale, Newfoundland; as well as Cabo
Drilling (Nevada) Inc. of the United States; Cabo Drilling (Panama)
Corp. of Panama, Republic of Panama; Cabo Drilling Panama-Pacifico
Corp. of Panama, Republic of Panama doing business as Cabo Drilling
Colombia Corp.; Cabo Drilling Spain S.L. of Sevilla, Spain; Balkan
States Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling
(International) Inc. 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, 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).
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Cabo Drilling Corp. Sheri Barton Corporate
Communications 403-217-5830 Cabo Drilling Corp. Mr. John A.
Versfelt Chairman, President & CEO 604-984-8894
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