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Cabo Wins 6,000 Meter Drill Contract From Vault Minerals, Grants Employee Stock Options

North Vancouver, BC – Cabo Drilling Corp., (TSX-V: CBE) (“Cabo” or the “Company”) Ontario Division, has been awarded a 6,000 meter NQ core drilling contract by Vault Minerals Inc. (TSX-V: VMI) of Kirkland Lake, Ontario.

In late January 2008, Cabo Ontario commenced drilling an eight-hole drill program on Vault’s Gordon-Lebel property.  The 200-acre property is situated 10 km east of Kirkland Lake, Ontario, along the northeastern strike extent of several gold-bearing structures, including projected structures from the former-producing Bidgood #2 gold mine, located on Vault’s Lebel property.  The initial 1,500 meter program is designed to test several targets, including the Boundary Zone, where recent prospecting by Vault has identified several strongly altered, mineralized shear zones.

Cabo Ontario will also complete an additional 4,500 meter diamond drill program on Vault’s adjacent Lebel Gold Property, (see Vault’s news release dated February 13, 2008).  The Company will utilize a HS-35 unitized diamond drill for the projects.

Employee Stock Options
Cabo also announces that it has, subject to regulatory acceptance, granted 118,000 incentive stock options, under terms of its Stock Option Plan, to employees for the right to purchase up to 26,662 common shares of the Company at $0.65 per share, up to 64,669 commons shares at $0.75 per share, and up to 26,669 common shares at $0.85 per share.

Performance Bonus 
Cabo has also agreed, under terms of its Performance Bonus Plan, and subject to regulatory acceptance, to issue a total of 14,538 shares at a value of $0.58 per share and to pay $16,865.51 in cash bonuses to four Company executives. 

About Vault Minerals Inc. (TSX-V: VMI)
Vault Minerals Inc. is an Ontario-based, aggressive junior resource exploration company focused on the acquisition of and exploration for gold in Northern Ontario, Canada.

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 TSX Venture Exchange under the symbol: CBE.


     “John A. Versfelt”

John A. Versfelt
Chairman, President and CEO

Further information about the Company can be found on the Cabo website ( and SEDAR ( 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: 02/19/2008