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Cabo Division Commences Underground Drilling for Inco in Sudbury

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Heath & Sherwood Drilling Inc. division in Kirkland Lake, Ontario, has been awarded a contract by Inco Limited for more than 62,000 feet of BQ size deep underground diamond drilling at Inco’s Creighton Mine in Sudbury, Ontario.

The deep hole exploration drilling project is comprised of two work packages. Work Package No. 1 consists of approximately 16,700 feet of drilling from two locations on the 7,680 Foot Level of the Creighton Mine with one JKS Boyles (Atlas Copco) B-20 deep hole underground electric hydraulic drill. The holes range in length from 600 feet to 2,500 feet. Work Package No. 1 commenced in August and is scheduled for completion in February, 2007.

Work Package No. 2 consists of approximately 45,400 feet of drilling from two locations on the 7,810 Foot Level of the Creighton Mine using two JKS Boyles (Atlas Copco) B-20 deep hole underground electric hydraulic drills. Holes for this Work Package range in length from 1,600 feet to 3,500 feet. Work Package No. 2 is to commence following completion of Work Package No. 1 in February, 2007 and will be completed approximately one year later in February, 2008.

Inco Limited (TSX, NYSE: N) is one of the world's premier metals and mining companies. It is a leading producer of nickel and value-added nickel specialty products and an important producer of copper, precious metals and cobalt. Inco is one of Canada's best-known companies, with significant operations in Sudbury, Ontario; Thompson, Manitoba; and Voisey's Bay, Newfoundand and Labrador.

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: 09/07/2006