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Cabo Awarded 10,000 Meter Drill Contract by Rambler Metals and Mining

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that Rambler Metals and Mining Canada Limited, a division of Rambler Metals and Mining PLC, has awarded the Company’s Atlantic division, a contract for a minimum 10,000 meters of surface diamond drilling on Rambler’s mining properties located in the Baie Verte area of Newfoundland & Labrador.

The Company will utilize one unitized Longyear Hydro 50 drill, and one unitized Longyear Hydro 44 drill rig for the project. Both are capable of drilling to depths in excess of 1,500 meters. The drill program will operate on a two shift, 24-hour per day basis, seven days a week. The surface drilling program will test prospective areas proximal to the past producing mine.

The Rambler Property is located in Canada, on Newfoundland & Labrador’s Baie Verte Peninsula. The major centre for the region is the town of Baie Verte, which offers mining and exploration services, deep water loading, hotels, schools, medical facilities and recreational facilities.

About Rambler Metals and Mining Canada Limited (TSX-V: RAB AIM: RMM)
The Rambler project covers the historic Ming and Ming West copper-gold mines on the Baie Verte Peninsula where de-watering of the mine continues. The de-watering/rehabilitation of the mine is anticipated for completion by the end of March 2008 and will provide the access required for a comprehensive underground drilling program.

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: 09/10/2007