Cabo Drilling Corp.
TSX VENTURE : CBE
FRANKFURT : DHL

Cabo Drilling Corp.

June 22, 2011 09:01 ET

Cabo Drilling (Pacific) Corp. Awarded Drill Contract by MAN Alaska LLC

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 22, 2011) - Cabo Drilling Corp. (TSX VENTURE:CBE)(FRANKFURT:DHL) ("Cabo" or the "Company") announces that MAN Alaska LLC has awarded Cabo Drilling (Pacific) Corp. a drilling contract for a minimum of 3,800 meters, in South Central Alaska. The project is being directed by Nevada Star Resource- Corp. (U.S.), a subsidiary of Pure Nickel Inc.

The Company used a B2 helicopter to mobilize a S-2 fly drill to the project location. Upon set-up of the drill Cabo will commence drilling multiple holes of NQ2 at various elevations. The S-2 fly drills are designed to be easily transported by helicopter and are versatile and maneuverable for remote multiple hole drilling.

Bill Higgins, Cabo Pacific division General Manager states, "Cabo Drilling believes that flexibility is one of the keys to success throughout North America. Our ability to access exploration projects with highly maneuverable drills provides us with the opportunity to work with exploration and mining companies wherever their projects are located. We offer 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."

Cabo's "safety first" culture has gained Cabo numerous industry awards and recognition for operating with safe work practices.

About Nevada Star Resource Corp. (U.S.)

Nevada Star Resource Corp. (U.S.) is a subsidiary of Pure Nickel Inc. (TSX:NIC), a North American exploration and development company with a premium portfolio of properties.

About Cabo Drilling Corp. (TSX VENTURE: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).

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 or 416-644-2020
    bkomorowski@renmarkfinancial.com

    Renmark Financial Communications Inc.
    Dan Symons
    514-939-3989 or 416-644-2020
    dsymons@renmarkfinancial.com