Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

October 01, 2007 09:00 ET

Cabo Drill Contract Doubled to 14,000 Meters by Richview Resources-Second Drill Moves to Thierry Mine Property

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2007) - Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that its Ontario division has been awarded a second 7,000-meter drill contract by Richview Resources Inc. of Toronto, Ontario, increasing Cabo's NQ core drilling at Richview's Thierry Mine property near Pickle Lake, Ontario, to 14,000 meters. The Company announced its first 7,000-meter contract by news release August 14, 2007 (also see Richview's news release dated September 12, 2007).

The Company is currently running a JKS Boyles BBS-56 diamond drill on the project and has added a JKS Boyles BBS-37, unitized diamond drill. The second drill was mobilized to the property to assist with the completion of Richview's 14,000-meter drill program at an accelerated rate. Richview has fully upgraded its field facilities and is able, with independent power generation, all weather access roads and upgraded equipment, to operate uninterrupted through the winter for year-round exploration and development of the Thierry Mine property. These upgrades also facilitate the continuation of the drill program through the Fall and Winter months.

Richview is drilling beneath the previously mined workings level of 1,600 feet to determine the depth and extent of the inferred resource mineralization and is exploring areas extending from its original 2,500-foot strike zone.

About Richview Resources Inc.

Richview is the sole owner of the past-producing Thierry Mine property in northwestern Ontario. The company is continuing exploration on gold joint venture projects at Pickle Lake (RVR 75%) and at Headway in the Red Lake camp (RVR 15%). Richview is a Canadian company committed to responsible development of natural resources while respecting local environment, community and social interests.

About Cabo Drilling Corp. (TSX VENTURE: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; Montreal, 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

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).

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cabo Drilling Corp.
    Ms. Sheri Barton
    Investor Relations
    (403) 217-5830
    or
    Cabo Drilling Corp.
    John A. Versfelt
    Chairman, President and CEO
    (604) 984-8894
    (604) 983-8056 (FAX)
    Email: ir@cabo.ca
    Website: www.cabo.ca