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Exploration Underway on Cobalt Area Property

North Vancouver, BC – On December 15, 2005, Cabo Drilling Corp. (TSX-V:CBE) (“Cabo” or the “Company”) executed a letter of intent with International Millennium Mining Corp., (“IMMC”) to sell 100% of Cabo’s interest in four Ontario mineral properties. Cabo will proceed, on behalf of IMMC with the exploration of the Cobalt Area Property located in the Larder Lake Mining Division near Cobalt, Ontario.
 
The exploration program will include 1,000 metres of diamond drilling to be completed by Cabo’s Heath & Sherwood subsidiary. The Cobalt Area Property is one of four mineral properties the Company agreed to sell to IMMC as detailed in the Company’s Information Circular dated November 9, 2005 and News Release of December 28, 2005.
 
Cabo Drilling Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada. The Company provides 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
 
signed “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 news 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: 07/20/2006