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Cabo Drilling Corp. Commences Drilling at Ridgemont Iron Ore Corp.’s Redford Iron Ore Property

Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that its Cabo Drilling (Pacific) division, located in Surrey, BC, has been a awarded a drill contract for 13,000 meters at Ridgemont Iron Ore Corp.’s Redford iron ore property located on Vancouver Island, BC.

Ridegmont’s exploration program will consist of 13,000 metres of diamond drilling, as well as an aggressive ground geophysics and reconnaissance program.  Their goal is to outline a National Instrument 43-101 compliant iron ore resource this Fall and delineate new iron ore targets.

Drilling at the project has started. Cabo is utilizing an S-2 fly drill that was recently upgraded with state of the art hydraulics to enhance production and provide a greater safety element for employees. A second upgraded S-2 fly drill will be mobilizing to the project near the end of the June".

“We are excited to be a part of Ridgemont’s professional services team at their Redford iron ore property,” stated John A. Versfelt, Cabo Drilling Corp.’s CEO and President.  “Our goal is to provide drilling services in a safe, cost effective and professional manner which will enable our clients to achieve their goals.”

About Ridgemont Iron Ore Corp.  (TSX-V: RDG)
Ridgemont is an exploration and development company in Canada and has an option to acquire up to 75% interest in the Redford iron ore property located 22 kilometres northeast of Ucluelet, in the Alberni Mining Division, Vancouver Island, British Columbia.

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
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: 06/14/2011