Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

June 24, 2008 09:00 ET

Cabo to Drill 3,000 Meters for Seafield at Elora Gold Project

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2008) - Cabo Drilling Corp.'s (TSX VENTURE:CBE) ("Cabo" or the "Company") Pacific division has entered into a contract with Seafield Resources Ltd. to drill 3,000 meters on the Elora Gold Project. Seafield describes the Elora property as a classic Archean shear hosted gold deposit located in the Gold Rock Camp, south of Dryden, Ontario.

The intent of the drill program, which commenced in late May 2008, is to follow-up encouraging Jubilee Zone, high-grade visible gold bearing intercepts in several of the holes drilled by Seafield Resources in previous campaigns.

About Seafield Resources Ltd.

Seafield Resources Ltd. is a Toronto-based junior mineral exploration company focused on acquiring and advancing precious metals projects in the Americas.

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 Frankfurt Exchange under the symbol: DHL and 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.

Cabo Drilling Corp. was recognized as a TSX Venture 50™ company in 2008. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.

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

Contact Information

  • Cabo Drilling Corp.
    Mr. Garett Greene
    Investor Relations
    (604) 984-8894
    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