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Cabo to Drill Up to 11,000 Meters for Paragon Minerals Corporation

North Vancouver, BC – Cabo Drilling Corp.’s (TSX-V: CBE) (“Cabo” or the “Company”) Atlantic division, Cabo Drilling (Atlantic) Corp., has entered into a contract with Paragon Minerals Corporation (TSX-V: PGR) of Vancouver, British Columbia, to drill up to 11,000 meters on eight gold and base metal projects in central Newfoundland.

Drilling has commenced on Paragon’s Golden Promise Project (a property under option to Crosshair Exploration & Mining).  The drilling program will consist of 3,750-meters (23 holes) and will target the Jaclyn Main Zone (2,950 meters) and the Jaclyn North zone (800 meters).  The planned drill program at the Jaclyn Main Zone will consist of infill and step-out drilling.  The infill drilling is designed to test the grade continuity within the core of the vein system with the aim of building a National Instrument 43-101 compliant resource.  The step-out drilling is aimed at further extending the mineralized zone.  The Jaclyn North Zone, located approximately 200 meters north-northwest of the Jaclyn Main Zone, has seen limited drilling (six holes, 1,197 meters) with drill intercepts of 5.24 g/t gold over 1.7 meters (GP06-51).  Drilling will consist of step-out drilling to test the continuity of the Jaclyn North Zone.

In addition to Paragon’s Golden Promise Project, Cabo will drill three of Paragon’s 100% owned base metal VMS projects (Lake Douglas, South Tally Pond and Harpoon projects) located in the highly prospective Victoria Lake volcanic belt in central Newfoundland and four of Paragon’s 100% owned gold projects (JBP Linear, Appleton Linear, New World and Mt. Peyton) located in the Gander area, Newfoundland. 

About Paragon Minerals Corporation (TSX-V: PGR)
Paragon Minerals Corporation is a junior exploration company focused on the acquisition, exploration and development of mineral properties, specifically in the province of Newfoundland and Labrador.  The company has a dedicated technical team and an impressive portfolio of gold and base metal projects that have excellent potential for mineral deposit discovery.  Paragon also provides shareholders increased opportunity for exploration success on its properties through strategic partnerships with other senior and junior mining companies.

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: 07/18/2007