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Cabo Awarded Deep Drilling Contract for Cypress Development's Broulan Reef Project

North Vancouver, BC – Cabo Drilling Corp.’s (TSX-V: CBE) (“Cabo” or the “Company”) Ontario subsidiary, Cabo Drilling (Ontario) Corp., of Kirkland Lake, Ontario, has been awarded a contract by Cypress Development Corp. (TSX-V: CYP) for 15,000 feet of NQ core drilling.  The drilling will occur on Cypress’ Broulan Reef gold project, in the Bruce Channel area, in Red Lake, Northwestern Ontario. 

The Company will utilize a JKS Boyles BBS-75 diamond drill capable of drilling to depths of 2,400 meters.  Cabo anticipates the rig being mobilized to the Broulan Reef property in September 2007.

The program will commence from a drill site established on the eastern boundary of the property.  A deep “mother-hole” will be drilled at an approximate angle of 80 degrees, to the northwest corner of the Broulan Reef property.  The geological target is the Balmer Assemblage of rocks and the mother-hole will enter the Balmer Assemblage at its shallowest point on the east side of the property and continue in the Balmer Assemblage of rocks to the northwest corner of the claim group.

Once the mother-hole has been established to depth across the property, Cabo will drill a series of holes wedged off the mother-hole to explore the north half of the property.  Cypress intends to drill a 2nd mother-hole from the same general location on the east side of the property.  This second hole will be directed generally south-southwest across the Broulan Reef property to explore the known major geological nose fold on the Broulan Reef property.  Cypress plans a series of wedge holes from this 2nd location as well.

Cypress Development Corp. is a diversified precious and base metal exploration and development company based in Vancouver, British Columbia, with properties in Red Lake, Ontario, Canada, and in Nevada, U.S.A.

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: 07/23/2007