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Cabo Awarded 15,000 Meter Drill Contract By Marathon PGM Corporation

North Vancouver, BC - Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that Marathon PGM Corporation (PGR-V: TSX) has awarded the Company’s Ontario division, a contract for 15,000 meters of NQ core drilling.

The drilling program, which commenced the week of January 20, 2008, at Marathon’s Marathon Project near Marathon Ontario, will utilize one BBS-25 unitized diamond drill. The drilling program includes exploration, definition and condemnation drilling. Marathon’s primary goals for this drill program are: improvement of resource categories, resource expansion and provision of data for incorporation in a definitive feasibility study.

About Marathon PGM Corporation (TSX-V: PGR)
Marathon has a 100% interest in the Marathon Project, located about 10 kilometers north of Marathon, Ont. The project is currently the subject of a definitive feasibility study, which Marathon expects to be completed in Q2 2008. In November 2007, Marathon announced completion of a NI43-101 compliant resource estimate showing a measured resource at Marathon of 45.9 million tonnes containing 1.79 million ounces of PGM and gold and 314 million pounds of copper, and an indicated resource of 35.5 million tonnes containing 1.39 million ounces of PGM and gold and 211 million pounds of copper. An additional low-grade resource was also identified in the November 2007 resource estimate completed by P&E Mining Consultants Inc.

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: 02/04/2008