CBE Cabo Drilling Corp

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that
it's Quebec Division, Forages Cabo Inc., located in Chambly, Quebec, has been
awarded a drill contract for 10,000 meters at Alderon Resource Corp.'s Kami Iron
Ore Project in Labrador.


The Kami Property is located in close proximity to the mining towns of Wabush,
Labrador City and Fermont. 


The Company has deployed two fly drills with an anticipated start up date in
early June. A third fly drill will be deployed to site at the beginning of July
2011 to increase the number of drills on the Kami Iron Ore Project to three. 


Cabo Drilling Corp.'s CEO and President John Versfelt states, "We are pleased to
be a part of the Alderon Resource Corp.'s Kami Iron Ore Project. Cabo Drilling
has been providing custom drill programs to our clients wherever they are
needed, within varied landscapes and unique operating environments for many
years."


About Alderon Resource Corp.

Alderon is a leading iron ore exploration and development company in Canada. The
100% owned Kami Project is located within an existing iron ore district and is
surrounded by producing iron ore mines. The Alderon team is comprised of skilled
professionals with significant iron ore expertise to advance the Kami Property
towards production.


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; Montreal, 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.

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