Cabo Drilling Corp.: Shares of International Millennium Mining Corp. to Commence Tradingadmin
Cabo Drilling Corp. is pleased to announce that the common shares of International Millennium Mining Corp. (“IMMC”) the company to which Cabo sold its mineral properties for 10,000,000 units, of which no less than 75% are redistributed to Cabo shareholders, will begin trading on the facility of the TSX Venture Exchange commencing at the opening February 27, 2007 under the trading symbol IMI (CUSIP No. 459970). IMMC has 30,122,944 shares issued and outstanding and 44,241,287 shares fully diluted.
IMMC is a mineral exploration and development company focused on the acquisition and exploration of polymetallic mineral properties in the America’s. Approximately 30% of the IMMC shares are owned by management and insiders including Cabo, a further 23% are held by institutional shareholders and the balance by retail shareholders. After paying brokers and finders’ fees and commissions, legal and other expenses related to the IMMC private placements and the listing approval, IMMC will have approximately $3,350,000 working capital, $8,090,679 total assets and no liabilities as it begins trading on the TSX Venture Exchange.
IMMC holds 100% interest in nine mineral properties located in Nevada, USA; Sonora State, Mexico; and British Columbia and Ontario, Canada; plus a 50% interest in a second British Columbia property. IMMC will initially focus its exploration and development efforts on the silver, lead, zinc and copper Simon Mine near Mina, Nevada, the gold, copper, molybdenum High Lake/Electrum Lake Project in northwestern Ontario and on its silver, cobalt and base metals project near Cobalt, Ontario.
The Simon Mine is a former producing polymetallic mine, located in the Walker-Lane Trend south of Reno. Shut down in the late 1960’s, this project now presents itself as an exploration and development play offering both size and grade potential for longer term mining. Historical records of ore shipped from the 905 drift (89 rail cars) indicate average grades 12 oz Ag, 0.04 oz Au, 9% Pb, 5.7% Zn and 3% Cu. (These historic figures are considered relevant, but need to be verified by IMMC). In the next two weeks the Company will start a deeper penetrating geophysics program over the entire Simon Mine property.
The High Lake Property has been explored in a piecemeal fashion since the early 1950’s. During that time, parts of the claim group were controlled by different parties. The IMMC option agreement marks the first time that this property, covered by the 20 claims, has been held by one company. Additionally, the High Lake Property is contiguous on the south border of IMMC’s Electrum Lake Property. The High Lake/Electrum Lake Properties contain several known gold and gold-copper-molybdenum prospects. Several resource estimates have been produced by previous explorers on the mineralized zones identified in the eastern and western part of the High Lake Property. The following historic estimates are unverified as the supporting data is incomplete, not all were prepared by an independent party, and they predate the implementation of National Instrument 43-101 (“NI 43-101″). These estimates are not in accordance with NI 43-101 and should not be relied upon. They are presented as a documentation of the past work for the purpose of outlining areas for future exploration on the property and include:
Purdex Zone: In 1989, G.M. Leary, MSc, P.Eng. estimated, on behalf of Consolidated Jalna Resources Limited, approximately 250,000 tons of material grading from 0.25 to 0.30 ounces gold per ton (226,800 tonnes grading between 8.57 and 10.28 g/t Au). The estimates were based upon information from 33 drill holes (8582 feet) completed by Purdex Minerals in 1958 and 12 holes (5491 feet) drilled by Consolidated Jalna in 1989. The mineralization was in three zones – Purdex “A”, Purdex “B” and Purdex “P” zones. A cutoff grade of 0.1 oz/ton and minimum thickness of 4.0 feet was used in the estimate.
Electrum Zones: In 1987, J.H. Reedman, BSc, M.Phil, M.I.M.M., C.Eng, on behalf of Calnor Resources Ltd. estimated “drill indicated reserves” of 47,200 tons with a grade of 0.34 oz/ton Au (42,800 tonnes @ 11.65 g/t Au) from 3 zones, Electrum “P”, Electrum “R” and Electrum “W”; the average width of the zones was 11.45 feet; assays were uncut.
IMMC will begin geophysics work on this project, which will be concentrated within these two zones, in April 2007.
The Cobalt Property has numerous classical Cobalt Type silver targets outlined within that property claim group. Sufficient preliminary work has been completed on three of these silver targets to warrant further testing. The next phase of exploration on the Cobalt Property will start within the next two weeks and will consist of geophysics work over certain areas of the property. The purpose of the geophysics work will be to identify the location of volcanogenic massive sulfide and Cobalt Type targets.
At its Harrison Lake Project in British Columbia, IMMC will continue exploration work with its joint venture partner Sutcliffe Resources Ltd. Active mining at the Giant Mascot Mine took place within the ultramafic belt, approximately 10 kms from the southeast corner of the Harrison Lake property between 1958 – 1974, producing 4.2 million tonnes from reserves totaling 4.7 million tonnes grading 1.19% Ni; 0.46% Cu; 0.1% Co; 1.0% Cr; and unreported grades of platinum group metals, gold and silver. The Harrison Lake ultramafic belt provides a very attractive exploration prospect for Ni/Cu and platinum group mineralization. Ground geophysics and detailed geology of priority targets is recommended in order to establish drill targets.
Additional information concerning IMMC and its mineral property interests can be obtained under its profile on SEDAR (www.sedar.com).
About Cabo Drilling Corp.
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 subsidiaries Advanced Drilling Ltd. of Surrey, British Columbia; Forages Cabo Inc. of Montreal, Quebec; Heath & Sherwood Drilling Inc., of Kirkland Lake, Ontario; Petro Drilling Company Limited of Springdale, Newfoundland; Cabo Drilling de Mexico S.A. de C.V. of Hermosillo, Sonora, Mexico; and Cabo Drilling (Panama) Corp. of Panama, Republic of Panama. The Company’s common shares trade 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.
Ms. Sheri Barton Cabo Drilling Corp. Investor Relations
Mr. Greg Girdler Cabo Drilling Corp. Investor Relations
Mr. John A. Versfelt Cabo Drilling Corp. Chairman, President & CEO (604) 984-8894 (604) 983-8056 (FAX) Email: email@example.com
Source: Cabo Drilling Corp.