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Cabo Awarded Drilling Contract by Billiken Management Services 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 Billiken Management Services Inc. for Spider Resources Inc., KWG Resources Inc. and Freewest Resources Canada Inc.’s (the “clients”) winter exploration drill program in the McFaulds Lake Area, Northern Ontario. The drilling is to take place on the client’s Freewest option property, located approximately 15 kilometers SW of the McFaulds Lake volcanogenic massive sulphide project in the Greater James Bay region of Northern Ontario.

The initial field crew arrived December 27, 2005 and drilling commenced January 10, 2006 on the first of three (or possibly four) holes, targeting previously identified coincidental Magnetic and Horizontal Loop Electromagnetic targets. The drilling project requires equipment to be flown in by fixed wing aircraft to the campsite on McFauldsLake and then flown by helicopter to the drill sites.

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 on 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: 01/16/2006