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Cabo Wins Contract Extension From Barrick Gold Corporation

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Advanced Drilling Ltd. division has been awarded a contract extension from Barrick Gold Corporation to continue drilling at its Eskay Creek Mine. The Eskay Creek Mine is located in northwestern British Columbia, approximately 80 kilometers by air north of Stewart, BC. The mine is an underground, trackless operation, which is accessible through three surface portals and utilizes a drift and fill mining method with cemented rock backfill. This remote mine has a camp where workers live while on their shift rotation.

Advanced Drilling has been providing continuous underground drilling at Eskay Creek Mine since 1996. The 2006 underground program will consist of up to 10,000 metres of BQ thin wall size drilling. The focus of this program is to define the remaining ore reserves and aid in exploring continuity between existing high grade gold and silver ore lenses. The underground drill program is currently in progress and will continue through the spring. Advanced Drilling looks forward to continuing its relations with Barrick Gold Corporation at Eskay Creek Mine.

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: 03/12/2006