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Rainy Lake Tribal Contracting Ltd. and Cabo Drilling (Ontario) Corp. Awarded Drill Contract by Brett Resources Inc.

Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that Brett Resources has awarded Rainy Lake Tribal Contracting Ltd. and joint venture partner Cabo Drilling (Ontario) Corp. a drilling contract for a minimum of 30,000 meters on the Hammond Reef Gold Deposit, near Atikokan Ontario, Canada. The Brett Resources flagship project is located in the Sawbill Bay-Marmion Reservoir area approximately 170 kilometers west of Thunder Bay, Ontario, and roughly 23 kilometers northeast of the town of Atikokan, Ontario.

Through collaborative efforts Rainy Lake Tribal Contracting Ltd. and Cabo Drilling (Ontario) Corp. formed a joint venture to bring the First Nation’s communities into the drilling services industry, thereby providing First Nation members and local residents professional training, employment and economic opportunities.

“The Cabo Drilling Corp. joint venture is a prime example of our efforts to partner with private businesses to develop new revenue streams for the First Nation communities”, states Economic Development Corporation advisor Tony Marinaro. “Our goal is to develop mutually beneficial and sustainable business relationships that will open up economic and employment opportunities for the Fort Frances area First Nation communities.”

Cabo Ontario Division Manager, Blaine Pullen, states,“The Hammond Reef drilling project is an excellent pilot project for our First Nation joint venture to demonstrate our ability and commitment to produce the most highly trained, safety motivated quality drilling services in the industry.”

About Brett Resources Inc.  Brett Resources Inc.’s primary objective is the recognition, acquisition and development of quality precious metal resources. Brett has assembled a portfolio of precious and base metal projects in the Americas.  Brett is presently focused on expanding gold resources at its Hammond Reef Gold Deposit, near Atikokan, Ontario. 
www.brettresources.ca

About Rainy Lake Tribal Contracting, Ltd. Rainy Lake Tribal Contracting, Ltd. is a wholly owned aboriginal general contracting company specializing in road construction, site development, forestry, transportation, sand gravel and aggregates as well as diamond core drilling in the mining sector.
www.rainylaketribalcontracting.ca

About Cabo Drilling Corp. 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; as well as 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.
www.cabo.ca

ON BEHALF OF THE BOARD
     “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 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: 06/14/2010