North Vancouver, BC - December 10, 2007 - Cabo Drilling Corp., (TSX-V: CBE) (“Cabo” or the “Company”) Mexico Division, has been awarded a contract by Pinnacle Mines Ltd. (TSX-V: PNL) 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. (TSX-V: CKG) (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. (TSX-V: PNL)
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-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 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 Ms. Sheri Barton at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.

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.-