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Cabo Awarded Drilling Contract with Titan Uranium 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 with Titan Uranium Inc. The drilling project is located near Cluff Lake, Saskatchewan on the southern edge of the AthabascaBasin and will consist of a series of 5 or 6 pilot holes.

The drilling contract will begin in mid-February 2006. Multiple wedges will be set in each pilot hole, resulting in a number of drill holes from one primary drill hole, with each hole potentially drilled to a depth of 800 to 850 metres. The project requires drill crews with experience in deep hole drilling and directional wedge drilling. Camps will be set up onsite by Matrix Aviation Solutions Inc., out of Yellowknife, Northwest Territories, for the drill crews and for Titan’s technical personnel.

Directional drilling from a pilot hole using multiple wedges will result in testing multiple targets from each primary hole at a cost that is less than drilling multiple holes from surface. The wedging procedure involves plugging the pilot hole with a mechanical wedge plug and then placing a deflection wedge on top of the wedge plug diverting the hole several degrees in a new direction. This procedure will take place a number of times in each pilot hole. As a result, when the wedged holes are completed to the desired depths, the bottom of each hole will be located several metres from the pilot hole thereby testing a variety of rock formations and increasing the potential for identifying mineralization, at a reduced cost.

The award of the Titan Uranium contract is significant to Cabo as Titan’s properties are located in the Athabasca Basin of Saskatchewan. The AthabascaBasin is the world’s premier exploration district for high-grade uranium deposits. Preliminary estimates for uranium exploration expenditures in the AthabascaBasin in 2005 exceed $66 million, a dramatic rise from $31.2 million reported in 2004. Cabo’s drilling divisions will use this venture into the AthabascaBasin to establish Cabo Drilling Corp. within this region and aggressively seek other drilling projects.

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.

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 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: 01/17/2006