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Cabo Awarded Underground Drilling Contract

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Advanced Drilling Ltd. division has been awarded a 5,000 metre underground drill contract by CME Managing Consultants Inc. for Tagish Lake Gold Corp. Tagish Lake Gold Corp. is based in Richmond, BC and explores for and develops high grade gold-silver mineral deposits in the Yukon Territory of Canada.

Drilling has commenced from the extension of the underground workings some 300 metres further into the mountain at Skukum Creek and will focus on definition drilling of the Rainbow Two zone, discovered in 2003, to expand the known dimensions of the zone. The objective of this drill program is to increase the mineral resource at Skukum Creek to the level Tagish Lake Gold requires to move to production. The program will also test the Ridge zone, where surface drilling provided intersections up to 9.15 g/t gold and 18.2 g/t silver, the 2 Zone, with an intersection of 7.82 g/t gold and 234.2 g/t silver, and the extension of the Kuhn zone. The Skukum Mineral District is located 80 km southwest of Whitehorse, Yukon Territory and is well served by established facilities and infrastructure.

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.

(signed “John A. Versfelt”)
John A. Versfelt
Chairman, President and CEO

Further information about the Company can be found on the Cabo website ( and SEDAR ( 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: 06/11/2006