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Cabo Division Continues to Drill for GLR Resources Inc. and Uranium City Resources Inc.

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Heath & Sherwood Drilling Inc. division has been awarded a contract to drill NQ diameter core near Uranium City, Saskatchewan for Uranium City Resources Inc. and GLR Resources Inc.

The drilling project, which commenced in July, 2006, will continue into 2007 and will total a minimum of 6,000 meters of drilling NQ diameter core. The aim of the drill campaign is to conduct further exploration at GLR Resources’ Golden Pond and Frontier gold occurrences, and their Athona Gold Deposit. The goal of the Uranium City Resources’ portion of the drill campaign is to expand Uranium City’s historic uranium resource. Heath & Sherwood has allocated one JKS Boyles BBS-37A diamond drill for the project.

Uranium City, in north-western Saskatchewan, Canada, is located on the northern shores of Lake Athabasca near the border of the Northwest Territories. The province of Saskatchewan is an outstanding target market for Cabo with $206 million in mineral exploration expenditures forecasted, by the Government of Saskatchewan, for 2006 alone. Saskatchewan is ranked as one of the most productive mining provinces in the country and is the world’s largest uranium producer – with about 30% of the world’s uranium production coming from the province’s Athabasca Basin. The Company has focused its marketing efforts within this region of Saskatchewan and is establishing its presence as a dependable driller in and around the basin. Drilling for companies such as GLR Resources Inc. and Titan Uranium in the Athabasca Basin has allowed Cabo Drilling to meet its goal of establishing a reliable base of operations in the region.

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 Ms. Sheri Barton, Investor Relations, 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: 10/23/2006