Cabo Drilling Corp. announced that Cabo Drilling (Colombia) Corp. has renewed its contract with Red Eagle Mining Corporation for an additional 17,000 meters of drilling on Red Eagle's Santa Rosa project in the District of Antioquia.

Under the terms of the renewed contract Cabo has agreed to supply two additional man-portable drill rigs; the additional rigs will join two skid mounted rigs that are already in place on the property. Both parties have agreed to proceed with the next phase of the drilling program under the terms of the previous contract, signed June 2011. Three rigs are currently drilling on the property and the fourth rig, a CABO-1000, recently arrived on site.