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Cabo Drilling (Ontario) Corp. Awarded Drill Contract by Goldcorp Inc.

Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that Goldcorp Canada Ltd. (“Goldcorp”) has awarded Cabo Drilling (Ontario) Corp. a drilling contract for a minimum of 5,000 meters on the Hollinger mine, located in Timmins, Ontario. The Hollinger mine site is a component of Goldcorp’s Porcupine Gold Mines which also includes the Dome mine and mill, the Hoyle Pond mine and a large land package in the Timmins camp.

Drilling will consist of reverse circulation (“RC”) hammer drilling, designed to identify potential open pit mineralization.  Cabo’s complete fleet of RC drills include large diameter down hole reverse hammer precision rigs and Acker long stroke drills which, when mounted on Flex Trac Nodwell carriers or Fly skids, provide clients with highly mobile and stable drilling platforms with very small environmental footprints.

Cabo and Goldcorp actively promote a safety first culture throughout each of their company operations.  Cabo Drilling Corp. President and Chairman John Versfelt states, “We are pleased to join the Goldcorp team at the Porcupine project, where they truly believe that safety is the priority under all circumstances.  Every employee, of both companies, is encouraged to work safely and promote safety as a main part of their job.”

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.

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: 07/06/2010