CBE Cabo Drilling Corp

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that
its Cabo Drilling (Pacific) division, located in Surrey, BC, has been a awarded
a drill contract for 13,000 meters at Ridgemont Iron Ore Corp.'s Redford iron
ore property located on Vancouver Island, BC.


Ridegmont's exploration program will consist of 13,000 metres of diamond
drilling, as well as an aggressive ground geophysics and reconnaissance program.
Their goal is to outline a National Instrument 43-101 compliant iron ore
resource this Fall and delineate new iron ore targets.


Drilling at the project has started. Cabo is utilizing an S-2 fly drill that was
recently upgraded with state of the art hydraulics to enhance production and
provide a greater safety element for employees. A second upgraded S-2 fly drill
will be mobilizing to the project near the end of the June". 


"We are excited to be a part of Ridgemont's professional services team at their
Redford iron ore property," stated John A. Versfelt, Cabo Drilling Corp.'s CEO
and President. "Our goal is to provide drilling services in a safe, cost
effective and professional manner which will enable our clients to achieve their
goals."


About Ridgemont Iron Ore Corp. (TSX VENTURE:RDG) 

Ridgemont is an exploration and development company in Canada and has an option
to acquire up to 75% interest in the Redford iron ore property located 22
kilometres northeast of Ucluelet, in the Alberni Mining Division, Vancouver
Island, British Columbia.


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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