Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

August 28, 2007 09:00 ET

Cabo Commences Drill Program at Altius Resources' Rocky Brook Uranium Property

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2007) - Cabo Drilling Corp.'s (TSX VENTURE:CBE) ("Cabo" or the "Company") Atlantic division, Cabo Drilling (Atlantic) Corp., has entered into a contract with Altius Resources Inc. (TSX:ALS) of St. Johns, Newfoundland for 3,000 meters of diamond drilling at Altius Resources' Rocky Brook uranium property.

Located in western Newfoundland, Canada, Altius' exploration at Rocky Brook is focused on the discovery of bedrock sources for two discrete high-grade boulder clusters in glacial till, with reported historical assays ranging from 1% to more than 10% U3O8 as well as high-grade silver concentrations. The drilling program will focus on the Wigwam Brook area (see Altius's news release dated August 21, 2007). The Company commenced drilling on the property the week of August 20th, 2007. Altius Resources Inc. is partnered with JNR Resources Inc. (TSX VENTURE:JNN) on the Rocky Brook Property.

About Altius Resources Inc. (TSX:ALS)

Altius Resources Inc. is a wholly owned mineral exploration subsidiary of Altius Minerals Corporation. Altius Minerals Corporation's principal business activities include the generation and acquisition of projects related to natural resource opportunities mainly located in Newfoundland & Labrador, Canada. For more information please visit www.altiusminerals.com.

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