Cabo Drilling Corp.
TSX VENTURE : CBE
FRANKFURT : DHL

Cabo Drilling Corp.

May 24, 2011 09:01 ET

Cabo Drilling Corp. Commences Drilling at Empire Mining Corporation's Bulqiza Chromite Project in Albania

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 24, 2011) - Cabo Drilling Corp. (TSX VENTURE:CBE)(FRANKFURT:DHL) ("Cabo" or the "Company") announces that it's Eastern European branch, located in Tirana, Albania, has commenced drilling a contract with a minimum of 1,000 meters at the Albanian Bulqiza Chromite Project, owned by the Empire Mining Corporation of Canada.

The project is located in Northeast Albania, about 40 km from the capital, and within the Bulqiza-Batra Licence, 5 km southeast of the orebody hosting the Bulqiza and Batra mines.

Cabo's Albania General Manager Terry Aimone states, "We are pleased to commence with this confirmation phase of drilling at the Thekna Gallery. We believe our expertise, ingenuity, and ability to customize equipment will prove to be a significant asset to both the Thekna Gallery development team and the drilling program. This is another step forward toward our goal of becoming well recognized as one of the foremost, securely established, safety first and dependable drilling contractors anywhere in Europe."

The Company has deployed an Atlas Copco U-6 electric diamond drill to perform the multiple 300 meter deep core holes.

About Empire Mining Corporation

Empire Mining Corporation is focused on value-added opportunities with the principal projects located in the most historically productive areas of Albania and 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.

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

Contact Information

  • Cabo Drilling Corp.
    Sheri Barton
    Corporate Communications
    403-217-5830

    Cabo Drilling Corp
    Mr. John A. Versfelt
    Chairman, President & CEO
    604-984-8894
    604-983-8056 (FAX)
    ir@cabo.ca
    www.cabo.ca

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

    Renmark Financial Communications Inc.
    Arash Shahi
    416-644-2020
    dsymons@renmarkfinancial.com