The vision for Cabo as a drilling company rather than an exploration company had its genesis in late 2001. By foreseeing the natural rise of metal prices in the cyclical metals market, and the resultant increase in exploration expenditures in Canada, it was anticipated that the bottom of the mineral exploration and mining cycle would be realized sometime around 2002/2003, with the subsequent rise in precious, strategic and base metal demand and prices taking place over the next three to five years. With metal prices, especially the price of gold, providing a key indicator for the expansion of the exploration market, Cabo’s President and CEO, John A Versfelt, began to make preparations for the creation of a consolidated drilling company that would take full advantage of the metal prices that were beginning their anticipated rise on global markets.
Cabo restructured as a public mineral drilling company in 2004, under the name Cabo Mining Enterprises Corp. (subsequently changed to Cabo Drilling Corp. in 2006). After raising C$7 million of new equity financings in early 2004, and still holding a number of exploration properties in its name, the new mineral drilling company began to take shape. By the end of 2005, five drilling companies from across Canada had been acquired, providing the newly consolidated company with mineral drilling expertise and field presence in each of the major mineral exploration centers across Canada. These acquisitions accomplished the Company's initial vision of becoming the third largest mineral drilling services company in Canada.
Now with a vision of becoming one of the leading global mineral and specialty drilling services providers, Cabo Drilling’s focus is growing strategically in certain Latin American and European markets. Between 2007 and 2010 Cabo Drilling expanded from its well established national base in Canada, developing operations, not only in mineral exploration hot spots in the United States, but also in Albania, Panama and Colombia – which offer gateway locations for further international expansion. With Albania and Spain offering portals into Northern Africa and Eastern Europe, and Panama, a key location for growth in Central America, as a gateway into South America, Cabo is positioned to take advantage of the long-term demand for base, precious and strategic metals, while being insulated from downturns in individual economies.