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Cabo Drilling Expands into Spain with 70,000 Metre Drill Contract for Iberian Minerals

Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces the expansion of drilling operations into Spain through its wholly owned subsidiary Cabo Drilling Spain S.L., and initial core drilling contracts totalling 70,000 meters (amended from an initial 65,000 metres) for Iberian Minerals Corp. (“Iberian Minerals”) (TSX-V:IZN) wholly owned subsidiaries, Minas de Aguas Tenidas, S.A.U. (“MATSA”) and Iberian Minerals Spain, S.L.U., at their Aguas Tenidas Mine located in Huelva Province, Region of Andalucia, SW Spain and their nearby exploration licence areas of approximately 300 km2 in the Iberian Pyrite Belt.

Iberian Mineral’s initial drilling objectives include: 1) underground infill drilling to upgrade the MATSA Aguas Tenidas indicated mineral resources to proven mineral reserves; 2) surface drilling to extend the mineral resources westward at Aguas Tenidas; and, 3) surface drilling within the extensive portfolio of exploration licenses held by MATSA in the Spanish Pyrite Belt.

Cabo has mobilized two new core drill rigs (underground and surface); from Sweden and assembled, with MATSA, an international team from Spain, Chile and Canada to carry out the Iberian Minerals’ drilling program. Surface drilling has commenced.

Spain has a long history of mining and occupies about 85% of the Iberian Peninsula, which has some of the most mineralized territory in Western Europe. The country’s long history of mining has recently attracted renewed interest from the world’s major mining companies for gold and base metal exploration and extraction, with a particular interest in the Iberian Pyrite Belt. International mineral investment has been encouraged by several factors, including: the highly prospective geology of the Iberian Pyrite Belt in the south and the recent gold discoveries in the north, a transparent legislative framework and positive fiscal environment covering the extraction of natural resources, well-developed infrastructure and available skilled work force and extended mining tradition and track record of exploration success and mine development.

“Continuing with Cabo’s 2007 goal to expand the Company’s geographical markets, Cabo has identified Spain as an opportune country in which to offer its drilling services,” stated John Versfelt, Cabo’s Chairman, President and CEO. “We are pleased with this growth and are happy to be with working with Iberian Minerals Corp.”

About Iberian Minerals Corporation

Iberian Minerals Corporation (TSX-V:IZN) is a Toronto, Ontario, Canada based company, developing the Aguas Tenidas deposit located in the Iberian Pyrite Belt in southwestern Spain. Aguas Tenidas is a polymetallic VMS deposit with a resource of approximately 20 million tonnes of Cu-Zn-Pb mineralization. The mine, which operated between 1999 and 2001, is under construction with a new operating plan. Production is expected to begin in 2008. Iberian Minerals’ intention in this drill program is to substantially expand the current reserve and resource figures for Aguas Tenidas.

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, Sonora, Mexico; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; and Cabo Drilling Spain S.L. of Sevilla, Spain. The Company’s common shares trade 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 website (http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting Investor Relations Ms. Sheri Barton at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.
 

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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. 


Last Updated: 05/14/2007