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Cabo's Mexico Sub Drills Magenta Property for Auramex

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Mexico subsidiary, Cabo Drilling de Mexico S.A. de C.V., has been awarded a drilling contract by the wholly owned Mexican subsidiary of Auramex Resource Corp.  The awarded contract consists of a minimum 1,000 meters of diamond drilling on Auramex’s Magenta property in Sinaloa State, Mexico.

Auramex’s Magenta property hosts extensive gold, cobalt, nickel, silver and copper mineralization.  It is located in an area of good infrastructure and is available by road, 23 kilometers from Culiacan, Sinaloa, Mexico, a city of 750,000 people and the capital of Sinaloa, State.

The drilling project was mobilized the first week of February 2007 and drilling has commenced.  The project is comprised of eight diamond drill holes, at the El Escobal area, targeted to verify previous results and to evaluate gold VALUES (on strike to the northwest.  In addition to the eight drill holes, a capped 314 metre hole at the copper/molybdenum/gold porphyry will be re-entered to test for mineralization at greater depth.

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 and Cabo Drilling de Mexico S.A. de C.V. of Hermosillo, Sonora, Mexico.  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: 02/14/2007