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Cabo Awarded First Drilling Contract in the Republic of Panama by Bellhaven Copper & Gold Inc.

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that it has been awarded its first drilling contract in the Republic of Panama by Bellhaven Copper & Gold Inc. (TSX-V: BHV).  The 5,000 meter drill program will take place on Bellhaven’s Cerro Chorcha and Rio Liri properties located in the Western Highlands of Panama.  The drill program will consist of two parts; the first part will include 3,000 meters of drilling looking for extensions of the copper-gold porphyry system at Cerro Chorcha, and the second part, consisting of 2,000 meters will test a newly discovered quartz vein stockwork at Rio Liri for additional gold mineralization.

Cabo will commence the project with a newly purchased drill mobilized to Panama during the month of March.  The drill is scheduled to be on site at the recently constructed Cerro Chorcha camp by mid-April, 2007.  It is expected that the first phase of drilling at Cerro Chorcha will be completed by June of this year, and then the drill will be moved to the Rio Liri project to test additional targets.

“We have great confidence in John Versfelt and his team at Cabo Drilling Corp,” said Julio Benedetti, President and CEO of Bellhaven, “we are confident that Cabo will deliver the highest level of professionalism and expertise.”

Bellhaven Copper & Gold Inc. is a Panama-based mineral exploration company with a portfolio of gold and copper properties in the Republic of Panama.  Bellhaven reports 20,793,151 shares issued and outstanding and no debt.  For more information, please visit Belhaven’s web site at www.bellhavencg.com or call Miguel Villahermosa toll free at 1-866-599-5930.

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

     “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: 03/14/2007