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Cabo Drilling Panama Corp. Awarded Drill Contract by Minera Panama, S.A.

Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that Minera Panama, S.A., a subsidiary of Inmet Mining Corporation, has awarded Cabo Drilling Panama Pacifico Corp., through its branch Cabo Drilling Panama Corp. a drilling contract in the Minera Cobre Project, District of Donoso, Republic Of Panama.

The offshore surface geotechnical contract calls for a minimum drilling of 3,705 lineal meters.  The Company will utilize a Boart Longyear LF70 drill operating from an offshore barge for this program.

Herb Butler, Panama and Colombia division General Manager states, “We are more than pleased to come alongside Minera Panama, S.A. on this offshore drilling program.  Their dedication to health and safety, and commitment to protection of the environment is consistent with Cabo’s practices.”

Cabo’s “safety first” culture has gained Cabo numerous industry awards and recognition for its work safe operating practices.  Cabo Drilling Panama-Pacifico Corp. has further demonstrated this by continued performance with injury free work place environments.

Cabo Drilling believes that flexibility is one of the keys to success in Central and South America. The Company offers a full range of diamond core drilling services using man portable and helicopter fly drills to access remote sites, small electric and hydraulic underground drills for mine expansion drilling, or large skid and track mounted drills for deep hole drilling. In Central and South America, the Company’s ability to access exploration projects with highly maneuverable man portable drills, provides Cabo with the opportunity to work with exploration and mining companies wherever their projects are located.

About Minera Panama, S.A.
Minera Panama, S.A. is a wholly owned, Panamanian subsidiary of Inmet Mining Corporation, a Canada-based global mining company. Minera Panama, S.A., Torre Global Bank, Oficina 2602, Calle 50 y Calle Santo Domingo, Republic of Panama, R.U.C. 46505-96-303869.

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.

ON BEHALF OF THE BOARD

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: 10/18/2010