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Cabo Awarded 6,200 Meter Follow-Up Drill Contract

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that Thundermin Resources Inc. (TSX: THR) and 50 per-cent joint venture partner, Cornerstone Resources Inc. (TSX-V: CGB); have awarded the Company’s Atlantic division, a contract to complete a 6,200 meter follow-up diamond drilling program on Thundermin and Cornerstone’s Little Deer Copper Property located approximately 10 kilometers north of Springdale in north-central Newfoundland.

The purpose of the current drill program, which follows 4,940 meters of drilling in eight holes completed by Cabo in 2007, is: 1) to discover additional high-grade copper and/or copper-zinc mineralization in the western portion of the Little Deer property; and 2) to further define the continuity, grade and distribution of high-grade copper mineralization intersected in relatively wide-spaced (50 to 100 m) holes drilled in the eastern portion of the property below and along strike from areas of the Little Deer copper deposit mined in the early 1970’s.

Cabo Drilling (Atlantic) Corp. was awarded an initial 5,200 meter drill contract by Thundermin Resources Inc. and Cornerstone Resources Inc. in July of 2007. Based in part on the Company’s successful completion of that initial diamond drilling contract Cabo has now won the 6,200 meter follow-up drilling program.

About Cornerstone Resources Inc. (TSX-V: CGP; www.cornerstoneresources.com)
Cornerstone Resources Inc. has a strong and dedicated technical team who are focused on generating new projects that have great potential for discovery. Cornerstone leverages its own exploration funding through joint venture and strategic partnerships, providing shareholders with potential for success at lower risk. Cornerstone has a diversified portfolio of gold, silver, copper, nickel, VMS, and uranium properties in Canada and Ecuador.

About Thundermin Resources Inc. (TSX: THR; www.thundermin.com)
Thundermin Resources Inc. is a Canadian-based mineral exploration company focused on the exploration for and discovery of economically viable gold and base metal deposits in Canada. Thundermin’s corporate objective is to become a profitable, producing mining company in the years ahead.

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.

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: 02/11/2008