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Cabo Drilling Corp. (Ontario Division) Earns Prestigious Provincial Award For Safety

The Ontario Mines and Aggregates Safety and Health Association (MASHA) has awarded Cabo Drilling Corp. (the “Company”) (TSX-V: CBE) the prestigious 2009 Annual Provincial Award for Safety.

Cabo Drilling, Chairman and President, John Versfelt, states, "I congratulate our Ontario Division General Manager, Blaine Pullen, and Safety Coordinator, Andy Attwater, along with approximately 120 exemplary employees in Ontario, for achieving over 200,000 workplace hours with the lowest injury frequency in Ontario’s diamond drilling industry.  The Ontario division’s accomplishment is truly representative of our Company’s proven and continued commitment to putting safety first.”

Cabo Drilling’s multinational divisions have also achieved numerous other awards in recent years including the Saskatchewan Workers’ Compensation Board, Certificate of Achievement, Canadian Diamond Drilling Association, Class “A” and “B” Underground awards, and the Henry Skowronjnski Memorial Award for the most improved safety record, to name a few.

Cabo Drilling Panama also reached a significant safety milestone recently, celebrating its two year anniversary with the completion of over one million hours worked and over 100,000 meters drilled, with only one minor time lost accident.

Cabo Drilling’s “Safety First” commitment is established and has cultivated ongoing, thorough and complete training, weekly and monthly safety meetings and monthly safety audits.

About Cabo Drilling Corp. (TSX-V: CBE)
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 Canadian divisions in Surrey, British Columbia; Montréal, Quebec; Kirkland Lake, Ontario; and Springdale, Newfoundland; and internationally through Cabo Drilling de Mexico S.A. de C.V. of Hermosillo, Mexico; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; Cabo Drilling Spain S.L. of Sevilla, Spain; Balkan States Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling (International) Inc.  The Company’s common shares trade on the Frankfurt Exchange under the symbol: DHL and on the TSX Venture Exchange under the symbol: CBE.


ON BEHALF OF THE BOARD

   “John A. Versfelt”

John A. Versfelt
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 Sheri Barton, Corporate Communications at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.  For general investor relation inquiries you may also contact Renmark Financial Communications Inc. Barbara Komorowski: bkomorowski@renmarkfinancial.com or Dan Symons: dsymons@renmarkfinancial.com at Tel: 514-939-3989 or 416-644-2020.

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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: 05/27/2010