Cabo Drilling Corp. and Naicatchewenin Development Corporation ("NDC") announced the signing of a Joint Venture Agreement whereby the parties will work together to seek out drilling service contracts with exploration and mining companies throughout the Province of Ontario. Under the terms of the Joint Venture Agreement, NDC will maintain an exclusive business relationship with Cabo Drilling for the purpose of tendering drilling service contracts in Ontario and will use its relationships with First Nations bands, and businesses in the exploration and mining sectors operating within Ontario aboriginal lands, to promote the services of the NDC and Cabo Drilling Joint Venture (the "Joint Venture").

NDC, together with other Ontario First Nations' members that they have relationships with, will assist in the performance of drilling services contracts that have been entered into by the Joint Venture for mineral exploration drilling, development drilling and mine drilling. NDC and Cabo will carry out their best efforts to provide training and employment opportunities for the Naicatchewenin and other Ontario First Nations' members. The two companies have agreed to work together for the mutual benefit of all partners, creating new economic opportunities for the membership of the Naicatchewenin First Nation, the development and growth of NDC and NDC owned companies, and Cabo Drilling.