Cabo’s expansion, realized through the hard work of all Cabo’s employees, the significant support of Cabo’s customers and the continued growth in worldwide demand for most precious, strategic and base metals, comes on the tail of a year of significant performance gains in fiscal 2007. In fiscal 2007 drill utilization increased to 60% at year-end, equating to a 34% increase in gross revenues to $38.45 million, compared to $28.79 million in revenues in fiscal 2006; nine drills were either acquired or completely rebuilt; and Cabo’s work force grew by over 20%. Cabo Drilling plans to carry this momentum into 2009, with improved utilization of existing rigs, modernization and standardization of the entire drill fleet, and expanded regional operations in Albania, Mexico, Panama, Liberia, Spain and the United States. With strong long-term demand projected for international mineral drilling services, due to the number of well financed mining and exploration companies seeking drilling services, constantly improving operational efficiencies, increasing drill utilization with a higher percentage of long-term contracts and a revolutionary approach to customer service, Cabo Drilling continues to strive towards its ultimate vision: to be one of the leading global mineral and specialty drilling services providers.

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