CABO DRILLING SIGNS LETTER OF INTENT TO FORM STATEGIC ALLIANCE IN THE USA
(Thomson Reuters ONE) -
Cabo Drilling Corp. /
CABO DRILLING SIGNS LETTER OF INTENT TO FORM STATEGIC ALLIANCE IN THE USA
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The issuer is solely responsible for the content of this announcement.
CONTACT: John A. Versfelt, Chairman, President and CEO
Telephone: (604) 984-8894
Facsimile: (604) 983-8056
e-mail:ir(at)cabo.ca
website:www.cabo.ca
North Vancouver, BC - Cabo Drilling Corp. (TSX-V: CBE) ("Cabo" or the "Company")
announces that Diamond Drilling Consultants, LLC ("Diamond Drilling") and Cabo
have signed a Letter of Intent and Term Sheet toward creating a strategic joint
venture relationship to facilitate and conduct diamond core drilling and other
specialized drilling operations in the United States of America.
Under provisions of the strategic alliance, Cabo Drilling (Nevada) Inc. ("Cabo
Nevada"), a company to be owned 50% each by Cabo and Diamond Drilling,, will
provide specialized equipment, tools and consumables for the operation, project
management and administration of drilling services in the USA. The parties agree
to place a very high emphasis on safety and sound environmental practices, using
policies and procedures developed by them over the past 15 years.
Diamond Drilling will facilitate bidding, job procurement and employee
recruitment and assist with project management and overall project coordination,
in addition to providing both public relations and client relations services
with respect to the drilling projects in the USA.
Collaborative efforts from both, Cabo and Diamond Drilling will consist of
equipment and drill technology, technical assistance with respect to drilling
techniques and drill equipment requirements. These combined efforts will enable
the joint venture to quickly access the USA marketplace and work towards
ensuring that all potential USA customers' needs are met.
"We are pleased to combine our resources with those of Diamond Drilling
Consultants, LLC whose principals, Doug Kettle and Dave Deeds, have decades of
experience and extensive insight into the USA mineral resource industry, the
potential customer base and USA drilling requirements," stated John Versfelt,
Cabo Drilling's President and CEO. "The combination of the Cabo management,
equipment, technology and administration capability brought alongside Diamond
Drilling's USA knowledge is a compelling blend for Cabo's initial steps in
establishing a significant and ongoing presence in the USA drilling services
market."
Stock Option Grant
The Company also announces the granting of a total of 400,000 incentive stock
options to new employees and consultants. Subject to the acceptance of the TSX
Venture Exchange, 200,000 stock options are exercisable at $0.225 per share and
200,000 stock options are exercisable at $0.25 per share for a period of up to
two years.
.2
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 Canadian divisions in Surrey, British
Columbia; Montréal, Quebec; Kirkland Lake, Ontario; and Springdale,
Newfoundland; as well as; Cabo Drilling (Panama) Corp. of Panama, Republic of
Panama; Cabo Drilling Spain S.L. of Sevilla, Spain; Balkan States Drilling
SH.P.K. of Tirana, Albania; and Cabo Drilling (International) Inc. 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 Sheri Barton,
Corporate Communications at 403-217-5830 or Mr. John A. Versfelt, Chairman,
President & CEO of the Company at 604-984-8894. For general investor relation
inquiries you may also contact Renmark Financial Communications Inc. Barbara
Komorowski: bkomorowski(at)renmarkfinancial.com or Arash Shahi:
ashahi(at)renmarkfinancial.com at Tel: 514-939-3989 or 416-644-2020.
* * * *
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.
--- End of Message ---
Cabo Drilling Corp.
3rd Floor, 120 Lonsdale Avenue North Vancouver BC Canada
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cabo Drilling Corp. via Thomson Reuters ONE
[HUG#1483816]
Unternehmensinformation / Kurzprofil:
Datum: 31.01.2011 - 15:09 Uhr
Sprache: Deutsch
News-ID 50883
Anzahl Zeichen: 6689
contact information:
Town:
Vancouver BC
Kategorie:
Business News
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