Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

February 28, 2008 09:00 ET

Cabo Expands Drilling Services Into Colorado With Award of 6,000 Feet Drill Contract by Wits Basin Precious Minerals Inc.

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2008) - Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that Wits Basin Precious Minerals Inc. has awarded the Company's Pacific division, a contract for a minimum 6,000 feet of surface diamond drilling at Wits Basin's Bates Hunter Mine in Central City, Colorado, approximately 35 miles west of Denver.

The drilling program intends to explore targets immediately adjacent to known areas of mineralization, particularly intersections between the Bates and cross-cutting veins.

The mining industry in Colorado has a rich history and is undergoing a period of historic growth and expansion. Coal, gold, molybdenum and uranium operations in Colorado are either producing record amounts or posting record sales.

According to the Colorado Mining Association, the mining industry in Colorado employs 4,908 workers directly and generates 5,162 jobs in mining support industries, such as engineering, consulting, finance and transportation, geotechnical and utility services. Colorado's mining industry generates over $1.7 billion in sales annually and over $8 billion in total economic value.

"Cabo is pleased to continue its organic growth by expanding its drilling services into favourable exploration and mining areas like Colorado," stated John A. Versfelt, President and CEO of Cabo Drilling Corp. "Our continued market expansion is supporting improvements to the Company's top and bottom line performance."

About Wits Basin Precious Minerals Inc.:

Wits Basin Precious Minerals Inc is a minerals exploration and development company holding interests in three exploration projects and currently does not claim to have any mineral reserves on any project. To find out more about Wits Basin Precious Minerals Inc. visit their website at www.witsbasin.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.
    Mr. John A. Versfelt
    Chairman, President and CEO
    (604) 984-8894
    (604) 983-8056 (FAX)
    Email: ir@cabo.ca
    Website: www.cabo.ca