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Cabo Announces Drilling Contract With Wallbridge Mining 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 drilling contract by Wallbridge Mining Inc. to carry out deep hole surface diamond drilling on a number of their Sudbury, Ontario properties.

The project is for a minimum 2700 metres of NQ core drilling to be completed in the Sudbury Basin with drill holes ranging in depth from 300 metres to 1200 metres. The equipment was moved into the drilling area, approximately 7 kilometres from the transport off loading point, using a D-6 tractor. As the road is not suitable for a transport truck, all fuel and supplies will be transported to the project from the off loading point via a wheeled skidder. The project was mobilized during the week of the 22nd of May. Heath & Sherwood’s contract with Wallbridge is an open contract and drilling may continue, at Wallbridge’s request, after the minimum 2700 metres has been completed.

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: 06/28/2006