Cabo Drilling Executes Joint Venture Agreement With Naicatchewenin Development Corporation
NEW WESTMINSTER, BRITISH COLUMBIA -- (Marketwire) -- 03/04/13 -- Cabo Drilling Corp. (TSX VENTURE: CBE)(FRANKFURT: DHL) ("Cabo Drilling" or the "Company") and Naicatchewenin Development Corporation ("NDC") announce 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.
NDC is a corporation set up by the Chief and Council of Naicatchewenin First Nation for the purpose of exploring economic opportunities that benefit the Naicatchewenin membership, together with other First Nations in Ontario. NDC offers a wide variety of consulting services including: business planning and development; partnership development; community development and capacity building; training; contract negotiations; governance strategies; engineering and project management.
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.
"We are very excited to have formed this joint venture with Naicatchewenin Development Corporation," says John A. Versfelt, President & CEO of Cabo Drilling Corp. "We look forward to building lasting relationships that will benefit all involved parties and to providing a positive and safe working environment, focused on training and development of First Nations peoples in the drilling industry, as well as developing other growth opportunities."
"I am very proud of our partnership with Cabo and excited for new opportunities. NDC was created to be the economic arm of our community. It has always been our vision for NDC to be the number one employer in our community and not our band office," stated Chief Wayne Smith. "Our partnership with Cabo provides us with increased capacity to meet the needs of our community and of our partner communities. Cabo is a leader in the drilling business and we look forward to growing this relationship for our mutual benefit and that of our partner communities."
About Naicatchewenin Development Corporation
The Naicatchewenin Development Corporation was incorporated in 1997 and is 100% First Nation owned and operated. Since its incorporation, it has expanded its operations to include engineering, consulting, and proposal development services. NDC is dedicated to advancing the interests of its people as well as all First Nations people. Its experience and background enables it to provide top quality service to its clients. NDC's head office is located in Naicatchewenin First Nation, on Rainy Lake, approximately 35 kilometers Northwest of Fort Frances, Ontario. NDC recently opened a second office in the centre of Fort Frances.
About Cabo Drilling Corp. (TSX VENTURE: CBE)
Cabo Drilling Corp. is a drilling services company headquartered in New Westminster, British Columbia, Canada. The Company provides mining specialty drilling services through its Canadian divisions in Surrey, British Columbia; Kirkland Lake, Ontario; and Springdale, Newfoundland; as well as Cabo Drilling (America) Inc. of the United States; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; Cabo Drilling (Colombia) Corp. of Colombia; 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, Chairman, President and CEO
Further information about the Company can be found on the Cabo Drilling website (http://www.cabo.ca) and SEDAR (www.sedar.com).
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Cabo Drilling Corp.
Sheri Barton
Corporate Communications
403-217-5830
Cabo Drilling Corp.
Mr. John A. Versfelt
Chairman, President & CEO
604-527-4201
(604) 527-9126 (FAX)
ir@cabo.ca
www.cabo.ca
