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Cabo Expands Drilling Services into Albania and is Awarded a Minimum 10,000 Meter Drill Contract with Balkan Resources Inc.

North Vancouver, BC – Cabo Drilling Corp.’s (TSX-V: CBE) (“Cabo” or the “Company”) majority owned Balkan States Drilling SH.P.K. of Tirana, Albania has been awarded its first drilling contract in Albania.  The contract is for a minimum 10,000 meters of core drilling on Balkan Resources Inc.’s Kokogllave Drill project in the district of Devolli, Albania.

The Kokogllave project (Koko) is located near the town of Bilisht which lies south east of Tirana, the capital of Albania. Koko is close to the border between Albania and Greece and is situated within the historic lateritic nickel/cobalt mineral region of Korça/Devolli.

Albania, which is one of the few remaining major under explored mineral regions in the world, is a Mediterranean country with unique geographical and geological features.  The country is located 82 kilometers across the Strait of Otranto from Italy.  Albania has a stable Parliamentary Democracy with a democratically elected government.  The Prime Minister is the head of government in a pluriform multi-party system.  Albania is a candidate country for admittance to the European Union (“EU”) and was recently accepted as a member of NATO.  The government has adopted EU integration as the strategic goal of the country and on April 13th, 2007 signed a bilateral agreement with the EU.  Albania is making strong progress towards EU admittance and has been a strong ally of Western Europe.

“Cabo is pleased to announce the expansion of the Company’s drilling services into the Albanian market place,” stated John A. Versfelt, President and CEO of Cabo Drilling Corp.  “Together with our Albanian partner, Fatbardh Doko, we have identified a number of opportunities within the country and will use our field office in Albania as a gateway location for potential prospects in the Balkan States Region of Eastern Europe. To this end, Cabo has formed Balkan States Drilling Ltd. a joint venture company with SHSHMN DOKO to offer exploration drilling services in Albania and the rest of the Balkan States Region.”

About Balkan Resources Inc.
Balkan is a Canadian junior mining and exploration company focussed primarily on nickel and copper opportunities in Albania. The company has an operations office in Tirana, Albania. Balkan is currently in the process of seeking TSX Venture listing. Claude Schimper, C.O.O. of Balkan Resources Inc. said that “The creation of a Canadian-Albanian joint venture drilling company represents a new phase in mineral exploration in Albania enabling greater exploration opportunities in Albania”.

About Cabo Drilling Corp. (TSX-V: CBE)
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; Cabo Drilling Spain S.L. of Sevilla, Spain; and Balkan States Drilling SH.P.K. of Tirana, Albania.  The Company’s common shares trade on the Frankfurt Exchange under the symbol: DHL and 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 Mr. Garett Greene 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.

Cabo Drilling Corp. was recognized as a TSX Venture 50™ company in 2008. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.


Last Updated: 11/12/2008