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Cabo Drilling Corp. (CBE) Awarded 6,000 Feet Drill Contract by Wits Basin Precious Minerals Inc.

Cabo, a drilling services company headquartered in North Vancouver, British Columbia, Canada, announced that Wits Basin Precious Minerals Inc awarded the Company’s Pacific division, a 6,000 feet drill contract of surface diamond drilling at Wits Basin’s Bates Hunter Mine in Central City, Colorado. Cabo’s intention is to explore targeted areas adjacent to known areas of mineralization and will focus on intersections between the Bates and cross-cutting veins.

The mining history in Colorado is very rich and is undergoing a rather large interval of historic growth. Gold, Coal, molybdenum and uranium operations in Colorado are producing record amounts and posting record sales, and according to Colorado Mining Association, the mining industry employs about 4,908 workers in their state. It also generates 5,000 jobs in mining transportation, utility services, geotechnical applications, engineering, finance and consulting. Their mining industry gives rise to over $1.7 billion in sales annually and over $8 billion in total economic value.

John A. Versfelt, President and CEO of Cabo Drilling Corp. said, “Cabo is pleased to continue its organic growth by expanding its drilling services into favorable exploration and mining areas like Colorado. Our continued market expansion is supporting improvements to the Company’s top and bottom line performance.”

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