Could well be. I'd start by checking the integrity of the wire itself and cut back on both ends if you have any doubt. You can get a workable pencil soldering iron at a hardware store or Radio Shack. Make sure you get a little tin of flux paste and look for non-lead solder (you'll live longer).
The technique is simple to describe but takes a gentle hand. First clean the terminals - heat up the solder and wipe it off with a rag or a brush. Then tin the wire ends by dipping them in the flux paste a little, touching the iron to them to heat them up and allowing them to draw a little solder to pull the strands together as one. A very little is quite enough - only use less than that.
If you have some dead gear hanging around, plug the XLR connector in and use it as a holding vice. Behringer is good for this. (Sorry, couldn't help myself. I use an old Alesis mixer myself). If you did a bunch of this, you could mount a male and a female connector on a board and stick it in a vise - holds the XLR right in place.
Use a wiring diagram (search the Mackie mixer online documentation and print out their excellent diagram) to keep you from getting things mixed up. It's also helpful to have a good working mic cable to use for reference.
Affix each conductor to its position, daub it with flux, and heat the wire, not the terminal. Again, use only the minimum heat and solder as is absolutely necessary. You can get a very nice, solid connection this way, but be careful about overheating the plastic of the connector or trashing the wire insulation.
Now admire your work, spot the barrel of the XLR connector lying on the floor, swear like hell, undo everything you've just done and slide the barrel over the cable BEFORE you solder. Now slide it off and turn it around, realizing that you could simply have used the other end of the cable as it has to be fixed as well, and feeling your face get red as it does only when you are really angry. Slide it back on, check it for directional validity, swear again and go get a beer.
It's often a two beer job, I suppose because there are two ends to the cable.
Seriously - once you know how it pays you back all the time.