Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

April 05, 2006 08:30 ET

Cabo Petro Division Wins Playfair Mining Limited Contract

NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2006) - Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that its Petro Drilling Company division has been awarded a drilling contract from Playfair Mining Ltd. of Vancouver, BC. The drilling contract is for up to 3,000 metres of large diameter (HQ) core drilling.

Playfair's tungsten exploration project is located on the rugged south coast of Newfoundland near Grey River. The remoteness and extreme topographic relief will require the use of helicopters to air lift drills and support equipment to each of the drill sites. Petro has considerable experience in this type of work as a result of its previous helicopter supported projects in Labrador, Baffin Island and Greenland. Work is expected to commence by mid-April.

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.

ON BEHALF OF THE BOARD

(signed "John A. Versfelt")

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.
    Ms. Sheri Barton
    Investor Relations
    (403) 217-5830
    or
    Cabo Drilling Corp.
    Mr. John A. Versfelt
    Chairman, President & CEO
    (604) 984-8894
    (604) 983-8056 (FAX)
    Email: ir@cabo.ca
    Website: www.cabo.ca