🕐25.08.10 - 21:27 Uhr
Cabo Drilling Panama-Pacifico Corp. Awarded Drill Contract by Galway Resources Ltd.
Cabo Drilling Panama-Pacifico Corp.
Awarded Drill Contract by Galway
Resources Ltd.
North Vancouver, BC – Cabo Drilling Corp.
(TSX-V: CBE) ("Cabo" or
the "Company") announces that Galway Resources Ltd., (TSX-V: GWY)
("Galway") has awarded Cabo Drilling Panama-Pacifico Corp.
a drilling
contract for two drill rigs and a minimum of 10,000 meters, in the
California Gold District of Colombia.
Galway’s California project
is located in the northern part of the Colombian State of Santander,
in the municipality of California, 50 kilometers northeast of the
city of Bucaramanga.
The Company currently has two Hydracore 2000 man portable drills
operating at Galway’s California project.
These drills are designed
to separate into several components, each of which can be easily
transported by helicopter, pick-up truck, mule or by small crews,
which make them versatile and maneuverable.
Hydracore 2000 drills are
ideal for servicing mountainous areas that are otherwise inaccessible
for diamond core drilling.
Cabo Drilling believes that flexibility is one of the keys to
success in Central and South America.
It offers a full range of
diamond core drilling services using man portable and helicopter fly
drills to access remote sites, small electric and hydraulic
underground drills for mine expansion drilling, or large skid and
track mounted drills for deep hole drilling.
In Central and South
America, the Company’s ability to access exploration projects with
highly maneuverable man portable drills, provides Cabo with the
opportunity to work with exploration and mining companies wherever
their projects are located.
Herb Butler, Panama and Colombia division General Manager states,
"We are more than just a drilling contractor.
We take care of our
customers by formulating and implementing efficient and cost
effective solutions for their exploration and development drilling
challenges."
Cabo’s "safety first" culture has gained Cabo numerous industry
awards and recognition for operating with safe work practices.
Cabo
Drilling Panama-Pacifico Corp.
has demonstrated this by recently
achieving its sixth consecutive month of operating without a single
lost time injury.
About Galway Resources Ltd.
Galway Resources Ltd.
is a well capitalized company, primarily
focused on the exploration of gold and coal in Colombia.
The current
focus of Galway is gold exploration in northeast Colombia, with a
drilling program underway at the California gold project with 3 drill
rigs operating, and extensive underground channel and surface sampling
taking place at their nearby Vetas gold project.
Galway has also
reported that drilling is expected to resume next month at the GALCA
coal project in Colombia, which is being managed and funded by
Prodeco, the Colombian subsidiary of Glencore.
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
de Mexico S.A.
de C.V.
of Hermosillo, Mexico; Cabo Drilling (Panama)
Corp.
of Panama, Republic of Panama; Cabo Drilling Panama-Pacifico
Corp.
of Panama, Republic of Panama doing business as Cabo Drilling
Colombia Corp.; 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
) 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:
or Arash Shahi:
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.
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