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Cabo Announces Drilling Contract With KWG Resources Inc.

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Heath & Sherwood Drilling Inc. division of Kirkland Lake, Ontario has been awarded a contract to drill 3,000 meters of NQ diameter core for KWG Resources Inc. in the Attawapiskat River Region of northern Ontario

For the drill project, which commenced mobilization in mid January 2007, Heath & Sherwood is using an Atlas Copco S-2 fly drill. The equipment was moved by road from Kirkland Lake to Cochrane, Ontario and then by rail to Moosonee, Ontario. At Moosonee the equipment will be loaded onto trucks and transported over the winter road, when it is ready for heavy truck transports, to the Victor Mine site near Attawapiskat, from this point it will be flown to the drill site. The crews will operate out of a winter camp maintained by KWG.

KWG Resources Inc. is a diamond exploration company focused in the James Bay Lowlands of northern Ontario. KWG’s diamondiferous MacFadyen kimberlites are adjacent to the De Beers’ Victor Diamond Mine. Current exploration will determine the size of these kimberlites as well as the quantity and quality of their diamonds. Through joint ventures with Spider Resources Inc., KWG Resources participates in diamond and base metal exploration of the Kyle Lake Kimberlites, the Wawa Diamond properties and the McFauld’s Lake base metal discoveries.

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; and Petro Drilling Company Limited of Springdale, Newfoundland. 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: 01/29/2007