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CABO ANNOUNCES NAME CHANGE TO CABO DRILLING CORP.

North Vancouver, BC - Cabo Mining Enterprises Corp. (TSX-V:CBE) (“Cabo” or the “Company”) is pleased to announce that effective Thursday, January 12, 2006, the Company’s name will change to “Cabo Drilling Corp.” and its shares will trade under the new name at the market opening on that day.
 
The shares of the Company were neither consolidated nor split and will continue to trade under the Company’s current trading symbol “CBE”.   The name change was approved by a Special Resolution passed by shareholders at the Annual General and Special Meeting held December 15, 2005.
 
Cabo’s new name reflects the Company’s plan for growth within the mineral and specialty drilling services sectors. Cabo Drilling Corp. provides an opportunity for investors to participate in the metals bull market as a services company taking advantage of cash flow opportunities generated by the robust mineral exploration and mining sectors.
 
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 (1986) 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 (ww.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: 01/11/2006