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Cabo to Drill 30,000 Meters on Labrador Iron Mines s Schefferville Project

North Vancouver, BC – Cabo Drilling Corp.’s (TSX-V: CBE) (“Cabo” or the “Company”) Montreal division, Forage Cabo Inc., has been awarded a contract by Labrador Iron Mines Limited, of Toronto, Ontario, to complete 30,000 meters of reverse circulation drilling at Labrador Iron Mines’ Schefferville Project located near Schefferville, Quebec.

The purpose of Labrador Iron Mines’ reverse circulation drill program is to provide data for a NI 43-101 compliant resource estimate on the various Schefferville deposits, including a reserve estimate on the Project’s Phase One Properties, and to assist with both short term mine planning and with longer term operational planning (see Labrador Iron Mines’ news release dated July 2, 2008).

Cabo’s work on the project commenced in late July 2008. The Company is utilizing two Acker reverse circulation drills on the project.

About Labrador Iron Mines Ltd. (TSX: LIR)
Labrador Iron Mines Holdings Limited was established with the primary business objective of exploring for and developing direct shipping iron ore deposits in the Labrador Trough area of Newfoundland and Labrador. The Company operates its Schefferville Project through its wholly-owned subsidiary, Labrador Iron Mines Limited. Labrador Iron Mines Limited plans, subject to receipt of permits, to commence shipment of iron ore by mid-2009.

Employee Stock Options
Cabo also announces that it has, subject to regulatory acceptance, granted 587,000 incentive stock options to employees, under terms of its Stock Option Plan, granting the right to purchase up to 137,981 common shares of the Company at $0.65 per share, up to 311,006 commons shares at $0.75 per share, and up to 138,013 common shares at $0.85 per share.

About Cabo Drilling Corp. (TSX-V: 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; Montréal, 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”

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) or by contacting Investor Relations Mr. Garett Greene or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.

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


Last Updated: 08/18/2008