Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

March 10, 2008 09:00 ET

Cabo to Drill Up to 6,000 Meters for Minera Petaquilla S.A.

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2008) - Cabo Drilling Corp.'s (TSX VENTURE:CBE) ("Cabo" or the "Company") Panama division has entered into a contract with Minera Petaquilla, S.A. to drill a minimum of 6,000 meters on their copper project in the District of Donoso in Colon Province in the Republic of Panama. Minera Petaquilla, S.A. is a Panamanian company that holds the Petaquilla copper concession.

Petaquilla Copper Ltd. currently holds a 52% equity interest in Minera Petaquilla, S.A. and Inmet Mining Corps holds the remaining 48% equity interest. Teck Cominco has an option to earn 50% of Petaquilla Copper's interest in Minera Petaquilla, providing Teck Cominco funds all of Petaquilla's share of the cost of bringing the project to production.

The Company will utilize two helicopter support Longyear Model 38 diamond drills on the project. The drills have been mobilized to the site and drilling has commenced.

About Inmet Mining Corporation

Inmet is a Canadian-based global mining company that produces copper, zinc and gold. They have interests in four mining operations in locations around the world: Cayeli, Pyhasalmi, Troilus and Ok Tedi.

About Teck Cominco Limited

Teck Cominco is a diversified mining company, headquartered in Vancouver, Canada. Its shares are listed on the Toronto Stock Exchange. The Company is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold, indium and other specialty metals.

About Petaquilla Copper Ltd.

Petaquilla Copper Ltd. is a mineral exploration company headquartered in Vancouver, Canada. Its shares are listed on the Toronto Stock Exchange under the symbol PTC. The Company holds 52% of Minera Petaquilla, S.A., a joint venture company developing a world class copper deposit in the Republic of Panama. Petaquilla Copper also owns 49% of the issued shares of Petaquilla Infrastructure Ltd., a company incorporated to manage and expedite the development of the power, port and related infrastructure in support of the Molejon Gold Mine of Petaquilla Minerals Ltd.

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