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Cabo Drilling Panama-Pacifico Corp. Awarded Contract Renewal by Galway Resources Ltd.

Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that Cabo Drilling Panama-Pacifico Corp. has renewed its current contract with Galway Resources for an additional 20,000 meters of drilling on Galway’s project in the California Gold District of Colombia.  Galway’s California property, which is not subject to development restrictions associated with Páramo legislation, is located adjacent to, along strike, southwest of and at lower elevations than Ventana’s La Bodega/La Mascota project, and 3 km along strike from and at lower elevations than Greystar’s Angostura project.

The Company will continue to operate two Hydracore 2000 man portable drills at Galway’s California Gold District project.  These drills are designed to separate into several components, each of which can be easily transported by helicopter, pick-up truck, mule or by small crews, which make them versatile and maneuverable. Hydracore 2000 drills are ideal for servicing mountainous areas that are otherwise inaccessible for diamond core drilling.

Production rates in the California Gold District are above historical averages and Cabo expects the project to carry into 2012.

Cabo Drilling believes that flexibility is one of the keys to success in Central and South America. It 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.

Cabo’s “safety first” culture has gained Cabo numerous industry awards and recognition for operating with safe work practices.  Cabo Drilling Panama-Pacifico Corp. has demonstrated this by recently achieving its sixth consecutive month of operating without a single lost time injury.

About Galway Resources Ltd. (TSX-V:GWY)
Galway Resources is a well-capitalized company, primarily focused on the exploration of gold and coal in Colombia.  The core focus of the Company is gold exploration in northeast Colombia, with drill programs occurring at the California and Vetas gold projects.

The Company also has the Victorio molybdenum-tungsten project, with excellent infrastructure, in southwestern New Mexico. A positive scoping study was completed by SRK in 2008. The recent surge in tungsten pricing, coupled with a steady molybdenum price, has prompted management to reassess strategic alternatives to advance the Victorio project. For more information, please visit our website at www.galwayresources.com or call 1-800-475-2412.

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 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: 06/28/2011