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Cabo Awarded Drilling Contract by Chapion Bear Resources Ltd.

North Vancouver, BC – Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Heath & Sherwood Drilling Inc. division has been awarded an NQ diamond drilling contract with Champion Bear Resources Ltd. of Calgary, Alberta. The contract is for drilling on Champion Bear Resources’ Plomp Farm property located about 25 kilometres west of Dryden, Ontario. Champion Bear is a Canadian mineral exploration and development company focused exclusively on the historically prospective regions of Ontario.

Heath & Sherwood has commenced Champion Bear’s 5,000 metre drill program to target mineralized zones between vertical depths of 400 to 800 metres. The primary objective of the Plomp Farm drill program is to test the quality of the gold and silver in several of the more extensively mineralized lenses downplunge and to the west of previous drilling. The first hole will target the zone at a vertical depth of approximately 600 metres. Champion Bear’s test of this zone and of the adjacent mineralized zones to a vertical depth of approximately 800 metres is part of Champion Bear’s continuing exploration program to define the most prospective areas for detailed follow-up work.

The Plomp Farm property is located in an environmentally sensitive area. In order to carefully manage the impact made on the environment, Heath & Sherwood provides its operational expertise, innovative processes and strategic planning combined with a high sense of responsibility for protecting and preserving the environmental integrity of locations on which it carries out its operations.

Cabo Drilling Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada. The Company provides 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 Exchange has not in any way passed upon the merits of this news 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: 02/06/2006