Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

August 21, 2007 09:00 ET

CABO to Drill 6,700 Meters for New Millennium Capital at Kemag Iron Ore Project in Quebec

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 21, 2007) - Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that New Millennium Capital Corp. of Calgary, Alberta, has awarded Cabo's Ontario division a contract to drill 6,700 meters (NQ diameter core) on New Millennium's (TSX VENTURE:NML) 100% owned KeMag Iron Ore project near Lac Harris in Quebec.

This is Cabo's second contract with New Millennium. The Company's first contract for 8,000 meters of BTW size core was completed in October 2006 on New Millennium's LabMag and KeMag Iron Ore Projects in the Provinces of Newfoundland & Labrador and Quebec respectively.

The Company has mobilized two, JKS Boyles BBS-25-A, diamond drills to complete the 80-hole program. New Millennium's goal for the program is to increase and upgrade existing Mineral Resources at KeMag. Drilling commenced near the end of July 2007.

About New Millennium Capital Corp. (TSX VENTURE:NML)

New Millennium holds a 100% interest in the KeMag Project (Quebec) and an 80% interest in the LabMag Project (Newfoundland & Labrador). Both properties are located within the Millennium Iron Range, the centre of which is located approximately 230 km north of Labrador City, NL and 40 km northwest of Schefferville, QC.

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.
    Mr. John A. Versfelt
    Chairman, President & CEO
    (604) 984-8894
    (604) 983-8056 (FAX)
    Email: ir@cabo.ca
    Website: www.cabo.ca