Cabo Drilling Corp. along with its Business Cooperation Agreement partner, Geoplano SA announced the award of two surface drilling contracts with Almina - Minas do Alentejo, SA (Almina). Almina is a Portuguese mining company located 170 km south of Lisbon in the agricultural town of Aljustrel, in Portugal's Alentejo region.

The mining area is 4.7 km2 wide and includes the deposits of Sao Joao, Moinho, Feitais and Estacao. The first contract with Almina consists of 10,000 meters of HQ and NQ drilling located on a site close to Almina's operating underground mines in Aljustrel, Portugal. The Company and Geoplano currently have two drills on the property.

The first drill is Cabo's CS-14, which has started to drill the deeper holes in the program (up to 980 meters). The second drill, Geoplano's Rolatec 600, has started drilling the shallower holes in the program (up to 550 meters). The second drilling contract with Almina is for three deep holes, totaling 2,400 meters of HQ and NQ drilling, at Almina's Estacao project.

Cabo has mobilized a CS-14 drill to the Estacao project, which is located close to the city limits of Aljustrel, Portugal. Drilling on this program has also commenced.