Cabo Drilling Corp.

Cabo Drilling Corp.

May 15, 2006 09:30 ET

Cabo to Drill Commander Resources' Baffin Island Gold Project

NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 15, 2006) - Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that its Heath & Sherwood Drilling Inc. division has entered into a contract with Commander Resources Inc (TSX-V: CMD) ('Commander") of Vancouver, British Columbia, to perform the 2006 summer diamond drilling program on Commander's Baffin Island gold project in Nunavut.

The 5,000 metre, NQ drill program will require holes of various lengths ranging between 75 and 300 metres. Heath & Sherwood will use a fly type BBS series Boyles diamond drill. Permafrost will be a factor and precautions must be taken to prevent equipment from being frozen in the drill holes. Drilling will be carried out with heated water and salt brine will be used during down-hole geophysics survey work.

The equipment will be placed in containers and transported by truck and air to Baffin Island, where it will be flown by helicopter to the project. At the property, the drill and related equipment will be moved between drill stations by helicopter. Drill crews will lodge in an onsite camp operated by Commander.

Cabo also reports that International Millennium Mining Corp. ("IMMC") announced today overwhelming support by its disinterested shareholders for the previously announced purchase of Cabo Drilling Corp.'s interest in four Ontario mineral properties for 10,000,000 units of IMMC, each unit consisting of one (1) common share and one-third (1/3) of a warrant, each full warrant entitling the holder to purchase one (1) share in the capital stock of IMMC for thirty-five cents ($0.35) for a period of two (2) years following the date of issue. At IMMC's Annual General and Special Meeting, held Friday, April 28, 2006, IMMC's disinterested shareholders voted 99.34% in favour of the purchase. IMMC received proxies representing over 66% of its issued and outstanding shares.

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 subsidiaries Advanced Drilling Ltd. of Surrey, British Columbia; Forages Cabo Inc. of Montreal, Quebec; Heath & Sherwood Drilling Inc., of Kirkland Lake, Ontario; and Petro Drilling Company Limited of Springdale, Newfoundland. The Company's common shares trade on the TSX Venture Exchange under the symbol: CBE.


(signed "John A. Versfelt")

John A. Versfelt
Chairman, President and CEO

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cabo Drilling Corp.
    Ms. Sheri Barton
    Investor Relations
    (403) 217-5830
    Cabo Drilling Corp.
    Mr. John A. Versfelt
    Chairman, President & CEO
    (604) 984-8894