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Cabo to Drill Additional 14,500 Meters in Albania for Balkan Resources Inc & Cancel Stock Options

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 two additional contracts from Balkan Resources Inc. The contracts call for the Company to drill 13,000 meters on Balkan Resources Perlati Project and 1,500 meters on their Librazhd Project, in Albania.

The Perlati project is located in the Merdite District, a known copper district, southeast of the city of Rrëshen, about fifty kilometres north of Tirana, the capital of Albania, in the northern part of the country.   The objectives of the drill program are to delineate the known deposit to a NI 43-101 compliant mineral resource, expand the existing mineralized zone and test further exploration targets.  Cabo has mobilized a BBS-56 drill to the site and drilling has commenced.

The Librazhd Project is located in the Librazhd District near the town of Dardhe in central Albania.  The initial diamond drill program consists of three exploration holes.  The targeted area has no historic diamond drill information, but has an historic resource that was based on excavations in the area.  Preparation for the diamond drilling program has included the rehabilitation of 9.6 km of road from the village of Upper Dardhe to the drill sites, as well as the construction of a water reservoir near the drill sites.  Cabo is drilling that site with a BBS-37drill.

Balkan States Drilling SH.P.K. is a joint venture company 70% owned by Cabo Drilling Corp. of North Vancouver, BC, Canada and 30% owned by SHSHMN DOKO of Elbasan, Albania.  Balkan States Drilling SH.P.K. offers drilling services in Albania and the rest of the Balkan States Region of Eastern Europe.

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”.

Cancellation of Stock Options
The Company is cancelling its outstanding stock options with respect to 2,477,500 shares.  Following the cancellation the Company will have no stock options issued under its rolling 10% stock option plan.  It has 47,767,013 issued and outstanding common shares.  Any future options to directors, officers, employees and consultants will be granted, subject to TSX Venture Exchange acceptance, on terms in accordance with the Company’s Stock Option Plan and with Exchange policy.  

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 TSX Venture Exchange under the symbol: CBE and on the Frankfurt Exchange under the symbol: DHL.


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, 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: 12/11/2008