Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

January 30, 2006 08:30 ET

Cabo to Drill Minto Project for Sherwood Copper Corp.

NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 30, 2006) - Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that Sherwood Copper Corp. of Vancouver, British Columbia, has awarded Cabo's Advanced Drilling Corp. division a contract to drill Sherwood's Minto Project. The Minto Project is an advanced stage copper-gold mining project in Whitehorse Mining Division, Yukon, about 240 km northwest of the City of Whitehorse.

Sherwood Copper Corp. will commence an initial, multi hole drill program of approximately 3,000 metres focused on confirming potentially higher gold grades in the balance of the Minto deposit, not tested during the summer 2005 drill program. The purpose of the drill program is to update Sherwood Copper's feasibility study. Access to the project is via the Klondike highway to Minto Crossing where boat, barge or ice-bridge give access across the Yukon River to the head of an all-weather gravel road constructed to the site.

Cabo Drilling Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada. The Company provides 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).

The Exchange has not in any way passed upon the merits of this news release. 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.
    Investor Relations
    Ms. Sheri Barton
    (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