For Immediate Release: November 12,
2008
Telephone: (604) 984-8894
Facsimile: (604) 983-8056
e-mail: ir@cabo.ca
CONTACT: John A. Versfelt, Chairman, President and
CEO web site: www.cabo.ca
CABO EXPANDS DRILLING SERVICES INTO ALBANIA AND IS AWARDED A MINUMUM
10,000 METER DRILL CONTRACT WITH BALKAN RESOURCES INC.
North Vancouver, BC - Cabo Drilling Corp.'s (TSX-V: CBE) ("Cabo" or
the "Company") majority owned Balkan States Drilling SH.P.K. of
Tirana, Albania has been awarded its first drilling contract in
Albania. The contract is for a minimum 10,000 meters of core
drilling on Balkan Resources Inc.'s Kokogllave Drill project in the
district of Devolli, Albania.
The Kokogllave project (Koko) is located near the town of Bilisht
which lies south east of Tirana, the capital of Albania. Koko is
close to the border between Albania and Greece and is situated within
the historic lateritic nickel/cobalt mineral region of Korça/Devolli.
Albania, which is one of the few remaining major under explored
mineral regions in the world, is a Mediterranean country with unique
geographical and geological features. The country is located 82
kilometers across the Strait of Otranto from Italy. Albania has a
stable Parliamentary Democracy with a democratically elected
government. The Prime Minister is the head of government in a
pluriform multi-party system. Albania is a candidate country for
admittance to the European Union ("EU") and was recently accepted as
a member of NATO. The government has adopted EU integration as the
strategic goal of the country and on April 13th, 2007 signed a
bilateral agreement with the EU. Albania is making strong progress
towards EU admittance and has been a strong ally of Western Europe.
"Cabo is pleased to announce the expansion of the Company's drilling
services into the Albanian market place," stated John A. Versfelt,
President and CEO of Cabo Drilling Corp. "Together with our Albanian
partner, Fatbardh Doko, we have identified a number of opportunities
within the country and will use our field office in Albania as a
gateway location for potential prospects in the Balkan States Region
of Eastern Europe. To this end, Cabo has formed Balkan States
Drilling Ltd. a joint venture company with SHSHMN DOKO to offer
exploration drilling services in Albania and the rest of the Balkan
States Region."
About Balkan Resources Inc.
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".
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; Montréal, 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; Cabo Drilling Spain
S.L. of Sevilla, Spain; and Balkan States Drilling SH.P.K. of Tirana,
Albania. 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"
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 Mr. Garett Greene 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.
Cabo Drilling Corp. was recognized as a TSX Venture 50(TM) company in
2008. TSX Venture 50 is a trade-mark of TSX Inc. and is used under
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