Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

June 17, 2011 09:01 ET

Cabo Drilling Corp. Awarded Drill Contract by Ber Alb Sh A

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2011) - Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") is pleased to announce that Ber Alb SH A, which is part of the Ekin Maden Group located in Istanbul, Turkey, has awarded Cabo Drilling Corp. – Albania division, located in Tirana, Albania, a second phase underground drilling contract of 4,000 meters.

The original drill program, which consisted of 4,000+ meters of NQ drilling, was successfully completed by Cabo in December, 2010. The phase one drilling program was split between BerAlb's Lac Rosh Mine and the Munella Mine, both of which are located in the northeastern Albania mountain region, within the administrative borders of Fush Arrez County in Puke Province. The second phase drill program drilling will be performed at the Munella Mine exclusively.

Cabo's European General Manager Terry Aimone states, "We are pleased to have successfully completed the phase one drilling program at the Lac Rosh Mine and the Munella Mine. We have now commenced on the phase two Munella Mine program, taking yet another step forward toward our goal of becoming well recognized as one of the foremost, securely established, safety first and dependable drilling contractors throughout Europe."

About Ekin Maden group (Ber Alb Sh A)

Since its inception as a metal trading company in 1982, Ekin Maden has focused on the trade of non-iron metals and mineral concentrates of copper, zinc and lead. Ekin Maden also started to sell lump chrome ore, chrome concentrates and manganese ore in 2010.

Nesko Metals is part of the Ekin Maden group, and is located at San.A.S., Buyukdere Cad. USO Center Kat:11 Maslak, Istanbul, 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).

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.

Contact Information

  • Cabo Drilling Corp.
    John A. Versfelt
    Chairman, President and CEO
    (604) 984-8894
    (604) 983-8056 (FAX)

    Cabo Drilling Corp.
    Sheri Barton
    Corporate Communications
    403-217-5830
    ir@cabo.ca
    www.cabo.ca

    For general investor relation inquiries:
    Renmark Financial Communications Inc.
    Barbara Komorowski
    Tel: 514-939-3989 or 416-644-2020
    bkomorowski@renmarkfinancial.com

    Renmark Financial Communications Inc.
    Arash Shahi
    Tel: 514-939-3989 or 416-644-2020
    ashahi@renmarkfinancial.com