CBE Cabo Drilling Corp

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that
Cabo Drilling Panama-Pacifico Corp. has renewed its current contract with Galway
Resources for an additional 20,000 meters of drilling on Galway's project in the
California Gold District of Colombia. Galway's California property, which is not
subject to development restrictions associated with Paramo legislation, is
located adjacent to, along strike, southwest of and at lower elevations than
Ventana's La Bodega/La Mascota project, and 3 km along strike from and at lower
elevations than Greystar's Angostura project.


The Company will continue to operate two Hydracore 2000 man portable drills at
Galway's California Gold District project. These drills are designed to separate
into several components, each of which can be easily transported by helicopter,
pick-up truck, mule or by small crews, which make them versatile and
maneuverable. Hydracore 2000 drills are ideal for servicing mountainous areas
that are otherwise inaccessible for diamond core drilling. 


Production rates in the California Gold District are above historical averages
and Cabo expects the project to carry into 2012.


Cabo Drilling believes that flexibility is one of the keys to success in Central
and South America. It offers 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. In Central and South
America, the Company's ability to access exploration projects with highly
maneuverable man portable drills, provides Cabo with the opportunity to work
with exploration and mining companies wherever their projects are located.


Cabo's "safety first" culture has gained Cabo numerous industry awards and
recognition for operating with safe work practices. Cabo Drilling
Panama-Pacifico Corp. has demonstrated this by recently achieving its sixth
consecutive month of operating without a single lost time injury.


About Galway Resources Ltd. 

Galway Resources is a well-capitalized company, primarily focused on the
exploration of gold and coal in Colombia. The core focus of the Company is gold
exploration in northeast Colombia, with drill programs occurring at the
California and Vetas gold projects. 


The Company also has the Victorio molybdenum-tungsten project, with excellent
infrastructure, in southwestern New Mexico. A positive scoping study was
completed by SRK in 2008. The recent surge in tungsten pricing, coupled with a
steady molybdenum price, has prompted management to reassess strategic
alternatives to advance the Victorio project. For more information, please visit
our website at www.galwayresources.com or call 1-800-475-2412.


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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