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Cabo to Drill Canadian Zinc's Prairie Creek Project

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Advanced Drilling Ltd. subsidiary has entered into a contract with Procon Mining and Tunnelling Limited of Burnaby, BC, to undertake an underground diamond drill exploration program at Canadian Zinc Corporation’s Prairie Creek project.

Canadian Zinc’s previous surface diamond drilling at Prairie Creek had indicated a continuation of the vein type mineralized system north from the existing workings and the underground program will further detail the vein deposit. The underground exploration program involves driving approximately 400 metres of new decline tunnel (see Canadian Zinc’s news release dated April 24, 2006). The new decline will provide underground diamond drill stations from which to drill define and delineate the vein on 50 metre centers. Up to 10,000 metres of underground diamond drilling is planned. The underground diamond drilling will enable detailed mine planning, resource evaluation and advance development plans for a 10 plus year mine life.

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

(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 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: 07/11/2006