Cabo Drilling Corp.

Cabo Drilling Corp.

December 10, 2007 09:00 ET

Cabo Drills La Calavera for Pinnacle Mines in Oaxaca, Mexico

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2007) - Cabo Drilling Corp., (TSX VENTURE:CBE) ("Cabo" or the "Company") Mexico Division, has been awarded a contract by Pinnacle Mines Ltd. to drill a minimum of 4,500 meters on Pinnacle's La Calavera copper-silver-zinc joint venture property located in the State of Oaxaca, Mexico. Pinnacle has an option to acquire up to 70% of La Calavera from Chesapeake Gold Corp. (see Pinnacle news release of May 28, 2007).

Pinnacle's initial program comprises fourteen vertical holes of 300+ meters to test its target. The Company is utilizing a Maxi Drill - 10 diamond drill operating 24 hours a day 7 days a week. Drilling began in November.

About Pinnacle Mines Ltd.

Pinnacle Mines Ltd. is a Canadian based mineral exploration company with assets in Canada and Mexico. In Canada, Pinnacle holds several properties in Northwestern British Columbia in close proximity to numerous past and producing mines including the Silbak-Premier Mine and Barrick Gold's famed Eskay Creek Mine.

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.


John A. Versfelt, Chairman, President and CEO

Further information about the Company can be found on the Cabo website ( and SEDAR (

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
    Cabo Drilling Corp.
    Mr. John A. Versfelt
    Chairman, President & CEO
    (604) 984-8894
    (604) 983-8056 (FAX)