Cabo to drill up to 10,000 meters for New Millennium Capital Corp.admin
August 27, 2008 Filed Under: Oil and Gas
Cabo Drilling Corp. announces that New Millennium Capital Corp. of Calgary, Alberta, has awarded Cabo’s Ontario division a contract for up to 10,000 meters of reverse circulation drilling on New Millennium’s DSO (Direct Shipping Ore) projects near Schefferville, Quebec.
New Millennium’s 2008 summer drilling program, intended to upgrade New Millennium’s historical resources to NI 43-101 standards, is expected to total 10,366 meters (155 holes). New Millennium has eight two-person geological field crews on the ground to complete the mapping of the northern phase II area, and supervise the reverse circulation drilling. The Company has mobilized a 3rd drill, a new reverse circulation Nodwell mounted Acker to the project, in addition to the two BBS25 drills currently on site.
This is Cabo’s third drilling contract with New Millennium. The Company’s first contract for approximately 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’s second contract for 6,700 meters of BQ diameter core was completed on April 30, 2008 on New Millennium’s 100% owned KeMag Iron Ore project near Lac Harris in Quebec.
New Millennium holds a 100% interest in the KeMag Property (Quebec) and an 80% interest in the LabMag Property (Newfoundland and 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. The Company also has a 100% interest in 271 DSO claims and an 80% interest in 35 DSO claims in Quebec and Labrador that contain, based on historical estimates that are not in compliance with NI 43-101, in excess of 100 million tons of direct shipping quality ore. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
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 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.