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Cabo to Drill 1,500 Meters for Marathon PGM Corporation

North Vancouver, BC – Cabo Drilling Corp.’s (TSX-V: CBE) (“Cabo” or the “Company”) Atlantic division has been awarded a contract for 1,500 meters of NQ core drilling by Marathon PGM Corporation (TSX-V: PGR).  The drilling is to be completed on Marathon’s Dorset and Steel Mountain properties in Newfoundland.

Cabo’s Atlantic division will utilize its new CS20 drill on the Marathon project commencing the beginning of February 2009.   The drilling program will focus on testing 6 targets identified by a detailed 3D IP geophysical survey and geological mapping.

The Company previously worked for Marathon PGM Corporation on their project near Marathon, Ontario, where its Ontario division successfully completed a 25,000 meter NQ core drilling program in the summer of 2008.

About Marathon PGM Corporation (TSX-V: PGR)
Marathon has completed a definitive feasibility study on the Marathon PGM-Cu deposit in Ontario and has development and exploration stage properties in southeastern Manitoba and in western Newfoundland & Labrador.  The Company is actively looking for additional projects of merit.

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, Mexico; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; Cabo Drilling Spain S.L. of Sevilla, Spain; Balkan States Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling (International) Inc.  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, 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: 02/05/2009