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Cabo Commences Drilling at Empire Mining Corporation’s Bulqiza Chromite Project in Albania

Cabo Drilling Corp. (“Cabo” or the “Company”) announces that its Eastern European branch, located in Tirana, Albania, has commenced drilling a contract with a minimum of 1,000 meters at the Albanian Bulqiza Chromite Project, owned by the Empire Mining Corporation of Canada.

The project is located in Northeast Albania, about 40 km from the capital, and within the Bulqiza-Batra Licence, 5 km southeast of the orebody hosting the Bulqiza and Batra mines.

Cabo’s Albania General Manager Terry Aimone states, “We are pleased to commence with this confirmation phase of drilling at the Thekna Gallery.  We believe our expertise, ingenuity, and ability to customize equipment will prove to be a significant asset to both the Thekna Gallery development team and the drilling program.  This is another step forward toward our goal of becoming well recognized as one of the foremost, securely established, safety first and dependable drilling contractors anywhere in Europe.”

The Company has deployed an Atlas Copco U-6 electric diamond drill to perform the multiple 300 meter deep core holes.

About Empire Mining Corporation
Empire Mining Corporation is focused on value-added opportunities with the principal projects located in the most historically productive areas of Albania and Turkey.

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 (Nevada) Inc. of the United States; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; Cabo Drilling Panama-Pacifico Corp. of Panama, Republic of Panama doing business as Cabo Drilling Colombia Corp.; 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 Arash Shahi: ashahi@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: 05/24/2011