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Cabo to Drill 15,000 Meters for Burin Minerals

North Vancouver, BC – Cabo Drilling Corp.’s (TSX-V: CBE) (“Cabo” or the “Company”) Atlantic division has entered into a contract with Burin Minerals Ltd. to drill 15,000 meters on Burin’s fluorspar properties located on the southeast coast of Newfoundland.

The Company will supply a unitized Longyear 38 drill for this project with the client having the option of requesting a second drill at a later date.  Drilling commenced on the project June 11, 2008.

About Burin Minerals Ltd.
Burin Minerals Ltd. is a registered Newfoundland & Labrador mining company and a wholly owned subsidiary of Burin Fluorspar Limited of Alberta, Canada.  Burin Minerals owns mineral licenses and mining leases to all the major fluorspar deposits located at the town of St. Lawrence on the Burin Peninsula, on the southeast coast of Newfoundland.  The fluorspar resources are of high-quality with over 8 million tonnes of measured and indicated resources and a further 2.2 million tonnes of inferred resources.

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; and Cabo Drilling Spain S.L. of Sevilla, Spain.  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.
 


Last Updated: 06/16/2008