CABO TO DRILL ADDITIONAL 14,500 METERS IN ALBANIA FOR BALKAN RESOURCES INC & CANCEL STOCK OPTIONS
December 11, 2008 Filed Under: Copper Mining, Mining Stocks, Nickel Mining
Cabo Drilling Corp.’s majority owned Balkan States Drilling SH.P.K. of Tirana, Albania has been awarded two additional contracts from Balkan Resources Inc. The contracts call for the Company to drill 13,000 meters on Balkan Resources Perlati Project and 1,500 meters on their Librazhd Project, in Albania.
The Perlati project is located in the Merdite District, a known copper district, southeast of the city of Rrëshen, about fifty kilometres north of Tirana, the capital of Albania, in the northern part of the country. The objectives of the drill program are to delineate the known deposit to a NI 43-101 compliant mineral resource, expand the existing mineralized zone and test further exploration targets. Cabo has mobilized a BBS-56 drill to the site and drilling has commenced.
The Librazhd Project is located in the Librazhd District near the town of Dardhe in central Albania. The initial diamond drill program consists of three exploration holes. The targeted area has no historic diamond drill information, but has an historic resource that was based on excavations in the area. Preparation for the diamond drilling program has included the rehabilitation of 9.6 km of road from the village of Upper Dardhe to the drill sites, as well as the construction of a water reservoir near the drill sites. Cabo is drilling that site with a BBS-37drill.
Balkan States Drilling SH.P.K. is a joint venture company 70% owned by Cabo Drilling Corp. of North Vancouver, BC, Canada and 30% owned by SHSHMN DOKO of Elbasan, Albania. Balkan States Drilling SH.P.K. offers drilling services in Albania and the rest of the Balkan States Region of Eastern Europe.
Balkan is a Canadian junior mining and exploration company focussed primarily on nickel and copper opportunities in Albania. The company has an operations office in Tirana, Albania. Balkan is currently in the process of seeking TSX Venture listing. Claude Schimper, C.O.O. of Balkan Resources Inc. said that “The creation of a Canadian-Albanian joint venture drilling company represents a new phase in mineral exploration in Albania enabling greater exploration opportunities in Albania”.
The Company is cancelling its outstanding stock options with respect to 2,477,500 shares. Following the cancellation the Company will have no stock options issued under its rolling 10% stock option plan. It has 47,767,013 issued and outstanding common shares. Any future options to directors, officers, employees and consultants will be granted, subject to TSX Venture Exchange acceptance, on terms in accordance with the Company’s Stock Option Plan and with Exchange policy.