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Cabo Commences Drill Program on Little Deer Copper Deposit for Thundermin and Cornerstone

North Vancouver, BC – Cabo Drilling Corp.’s (TSX-V: CBE) (“Cabo” or the “Company”) Atlantic subsidiary, Cabo Drilling (Atlantic) Corp., has been awarded a drill contract by Thundermin Resources Inc. (TSX: THR) and Cornerstone Resources Inc. (TSX-V: CGP) collectively, the “Little Deer Joint Venture” (see Thundermin and Cornerstone’s news releases dated May 1, June 21 and July 9, 2007).  The contract consists of approximately 5,300 meters of diamond drilling in 8 to 9 holes.  The drill rig has been mobilized to the Little Deer copper deposit, located approximately 10 km north of Springdale, in north-central Newfoundland. 

The purpose of this phase one drill program is to confirm the continuity and grade of the copper mineralization intersected in the wide-spaced historical holes beneath the old mine workings and to expand these resources at depth and along strike.

About Cornerstone Resources Inc. (TSX-V: CGB; 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: 07/11/2007