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Cabo Drilling Commences Drilling at Alderon Resource Corp.Kami Iron Ore Project in Labrador

Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Quebec Division, Forages Cabo Inc., located in Chambly, Quebec, has been awarded a drill contract for 10,000 meters at Alderon Resource Corp.’s Kami Iron Ore Project in Labrador.
 
The Kami Property is located in close proximity to the mining towns of Wabush, Labrador City and Fermont.

The Company has deployed two fly drills with an anticipated start up date in early June.  A third fly drill will be deployed to site at the beginning of July 2011 to increase the number of drills on the Kami Iron Ore Project to three.

Cabo Drilling Corp.’s CEO and President John Versfelt states, “We are pleased to be a part of the Alderon Resource Corp.’s Kami Iron Ore Project.  Cabo Drilling has been providing custom drill programs to our clients wherever they are needed, within varied landscapes and unique operating environments for many years.”

About Alderon Resource Corp.  (TSX-V:  ADV)
Alderon is a leading iron ore exploration and development company in Canada.  The 100% owned Kami Project is located within an existing iron ore district and is surrounded by producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance the Kami Property towards production.

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; 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”

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: 06/10/2011