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Cabo Awarded 30,000 Metre Underground and Surface Drilling Contract with Breakwater Resources Ltd.

Cabo Drilling Corp. announces that it has been awarded contracts for more than 30,000 metres of surface and underground drilling at NVI Mining’s Myra Falls operations near Campbell River, BC.
North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Advanced Drilling Ltd. division of Surrey, British Columbia has been awarded contracts by NVI Mining Ltd., a division of Breakwater Resources Ltd., for more than 30,000 metres of surface and underground drilling at NVI Mining’s Myra Falls operations near Campbell River, BC.

The contracts include a minimum 6,000 metres of surface and 25,000 metres of underground diamond drilling. Surface drilling commenced mid October 2006 with the underground work scheduled to begin in early December 2006. The purpose of the drill programs is to expand NVI Mining’s existing reserve base at Myra Falls.

The Myra Falls mine is located in a provincial park in central Vancouver Island, British Columbia. The mine is linked by an asphalt road to the port of Campbell River, 90 kilometres away. In September, 2006, NVI Mining celebrated the 40th anniversary of the Myra Falls mine. Operations at Myra Falls currently include two underground mines: the H-W mine and the Battle-Gap mine.

Breakwater Resources Ltd. is a mineral resource company engaged in the acquisition, exploration, development and mining of base metal and precious metal deposits in the Americas and North Africa. Breakwater has three producing zinc mines: the Myra Falls mine in British Columbia, Canada; the El Mochito mine in Honduras; and the El Toqui mine in Chile. The Company is also developing the underground Langlois mine in Canada which is expected to deliver some production in the fourth quarter of 2006 and be in full commercial production by mid-2007.

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 subsidiaries Advanced Drilling Ltd. of Surrey, British Columbia; Forages Cabo Inc. of Montréal, Quebec; Heath & Sherwood Drilling Inc., of Kirkland Lake, Ontario; and Petro Drilling Company Limited of Springdale, Newfoundland. 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.
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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.

 


Last Updated: 11/30/2006