Cabo Mexico to Drill 4,000 Meters for SilverCrest Mines in Northern Mexico

NORTH VANCOUVER, BC, July 5 /PRNewswire-FirstCall/ — Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that SilverCrest Mines Inc. has awarded Cabo’s Mexico division a contract to drill 4,000 meters of core at its Santa Elena Project in northern Mexico.

The Santa Elena Project is located approximately 150 kilometers northeast of Hermosillo, Sonora, Mexico and is easily accessible with excellent local infrastructure. The Company is undertaking SilverCrest’s Phase II drill program comprised of approximately 40 holes totaling 4,000 meters. Goals of the program include expanding the current resource estimate to the east and to depth, testing the near-surface footwall silver zone, re-classifying much of the “inferred resource” into “measured” and “indicated” resource categories and completing condemnation drilling for proposed operating facilities.

About SilverCrest Mines Inc. (TSX-V: SVL)

SilverCrest Mines Inc. is a “Silver Focused” exploration and development company with a portfolio of high-grade silver deposits and exploration properties located in Mexico and El Salvador. This property portfolio, which includes reported indicated and inferred silver resources and substantial exploration potential, provides an important base from which SilverCrest can develop its corporate objective of becoming a significant silver asset based company. The Company’s immediate initiative is to acquire and develop substantial silver resources and ultimately to operate high-grade silver mines throughout North, Central and South America.

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; 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”    John A. Versfelt   Chairman, President and CEO    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.    

CONTACT: about the Company can be found on the Cabo website (http://www.cabo.ca/) and SEDAR (http://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.

Cabo Drilling Corp.

CONTACT: about the Company can be found on the Cabo website(http://www.cabo.ca/) and SEDAR (http://www.sedar.com/) or by contacting InvestorRelations, Ms. Sheri Barton at (403) 217-5830 or Mr. John A. Versfelt,Chairman, President & CEO of the Company at (604) 984-8894.