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Cabo Announces Award of Drilling Contract by AmLib United Minerals Inc.

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that it has been awarded a contract by AmLib United Minerals Inc. (“AmLib”) for a minimum of 10,000 meters of reverse circulation drilling and 5,000 metres of core drilling.  The project is located at AmLib’s Kokoya exploration property near Dean Town in the Kokoya district of Bong County, Liberia.

The Company is working closely with AmLib, a Jersey (Channel Islands) corporation, on this particular drilling operation.  AmLib has extensive experience in the region and is currently the largest mineral exploration company in the country, with 3,200 square kilometres under license.  AmLib will be providing all transportation, camp facilities, support workers, security, fuel and administration in Liberia.

Cabo’s Heath & Sherwood Drilling Inc. division will carry out the core drilling, while Forage Cabo Inc., the Company’s Montreal division, will provide the reverse circulation drilling.  Canadian drill crews and the necessary equipment have been mobilized to the site and drilling is scheduled to commence in the next few days.  AmLib’s and the Company’s management teams have been working together to expedite drills and people into Liberia.  AmLib will provide significant people resources in support of Cabo’s drilling team. 

“Cabo Drilling Corp. has established itself as one of the larger drilling service companies serving the mining industry in Canada, Mexico and Panama,” stated John Versfelt, Cabo’s Chairman, President and CEO, “We continue to look for unique opportunities to grow with our clients, employing our surface and underground drilling expertise.”

Several West African countries including Mali, Burkina Faso, Ghana and Guinea have witnessed a boom in gold exploration, discovery, development and production over the past ten years.  Now that peace has returned to Liberia and reconstruction is underway with strong international support, there is a major opportunity to apply modern exploration techniques to numerous gold projects previously reported, but neglected for decades.  Other companies with recent or current interests in Liberia include, but are not limited to:  BHP Billiton, Diamond Fields International, Freedom Gold Ltd., Broadway Mining plc, Ducor Minerals Inc., and Mano River Resources Inc.

AmLib United Minerals is a privately owned corporation organized to explore mineral prospects in Liberia, West Africa.   AmLib’s executive offices are located in the capital city, Monrovia, and its field headquarters are in the Kokoya district of central Liberia.  AmLib currently has exploration projects in Bong, Grand Gedeh, Montserrado, Grand Bassa and River Cess Counties.

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 subsidiaries Advanced Drilling Ltd. of Surrey, British Columbia; Forages Cabo Inc. of Montréal, Quebec; Heath & Sherwood Drilling Inc., of Kirkland Lake, Ontario; Petro Drilling Company Limited of Springdale, Newfoundland; 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, SL of Sevilla, Spain.  The Company’s common shares trade on the TSX Venture Exchange under the symbol: CBE.

ON BEHALF OF THE BOARD

(signed “John A. Versfelt”)

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: 05/03/2007