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New & Extended Contracts for Cabo Drilling in Mexico

North Vancouver, BC - Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) Mexico division, Cabo Drilling de Mexico S.A. de C.V., has been awarded contracts to complete an approximate 7,000 meters of core drilling in Mexico.

The Company has commenced a 4,000 meters minimum, drill program for High Desert Gold Corp. (TSX: HDG) at High Desert’s flagship Mexican gold property, Canasta Dorada, located in the Sonoran Gold Belt in Mexico.  The drilling is part of a planned 40-hole drill program.  The Company is utilizing a BBS-37 conventional drill for this job.

In addition, SilverCrest Mines Inc. (TSX: SVL) has added 2,000 to 3,000 meters of drilling to its existing 4,000 meter contract with the Company extending its Santa Elena Project drilling program into 2008.  The Santa Elena Project is located approximately 150 kilometers northeast of Hermosillo, Sonora, Mexico. 

Mexico is growing increasingly attractive for mining and exploration, not only because of its political and financial stability, but also because the Mexico Geological Survey continues to improve the country's geological knowledge base and accessibility to it.  In addition, updated mining regulations have completely opened the mining sector to foreign and domestic investment.

The Company continues to focus its efforts in Mexico where these favourable exploration and mining conditions exist, as well as improved opportunities to drill all year round, minimizing shut down costs, due to weather conditions.

About Cabo Drilling Corp.
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; and Cabo Drilling Spain S.L. of Sevilla, Spain.  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: 12/20/2007