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Cabo to Drill Spider Resources McFauld's Lake Project

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that Billiken Management Services Inc. of Toronto, Ontario (on behalf of Spider Resources Inc. TSX-V: SPQ) has awarded Cabo’s Heath & Sherwood Drilling Inc. division a contract to complete a minimum of two diamond drill holes, each exceeding 900 metres, at Spider Resources Inc.’s McFauld’s Lake project in the James Bay Lowlands, Ontario.

The initial summer exploration program in Northern Ontario involves drilling the two deep holes to test the McFauld’s #3 Volcanic Massive Sulfide occurrence below the 650 metre level (see Spider Resources news release of June 26, 2006). The first drill hole was collared on June 24th, 2006 and is targeted to intersect projected mineralization below 650 metres. A BBS 37A diamond drill rig (fly drill) capable of drilling to depths in excess of 1200 metres is on site for these deep holes. Equipment was transported by truck to Nakina, Ontario, then flown by fixed wing aircraft to the McFauld’s Lake campsite and then by helicopter to the drill sites.

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: 07/05/2006