CBE Cabo Drilling Corp

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that
Cabo Drilling (Atlantic) Corp. has been awarded a 6,000+ meter drill contract by
Puddle Pond Resources Inc. at its Horn-Mesher and MolyPeak Projects at Lloyd's
Lake, in south-central Newfoundland. 


Cabo has mobilized a C20 drill rig to the project. Up to 30 drill sites are
planned, for an estimated total of 6,000 - 7,000 meters (approx. 20,000 feet) of
NQ size drill core. The drill sites will test the MolyPeak Project, molybdenum
mineralized zone, following up on successful drill intersections last fall in
this newly discovered, porphyry styled, quartz vein hosted molybdenum
mineralization. Also targeted for drilling is the Lundberg Grid Copper Mesher
Project, next to the MolyPeak Project, with its gold mineralization hosted in
volcanic rocks and its quartz vein hosted, Buchans Type high grade zinc, silver,
lead, copper and gold mineralization contained in quartz vein outcrops within
the Horn. 


Cabo offers drilling services to major, mid-tier and junior mining and
exploration companies and provides expertise in projects ranging from
early-stage reconnaissance drilling through to resource definition and advanced
stage mining.


About Puddle Pond Resources Inc. 

Puddle Pond Resources Inc. is a privately financed, Newfoundland and Labrador
based, junior exploration and mining company that has acquired the mineral
rights to the strategic Horn-Mesher and MolyPeak mineral resource properties in
the Central Volcanic Mineral Belt (CVMB) of Newfoundland. 


About Cabo Drilling Corp. (TSX VENTURE:CBE) 

Cabo Drilling Corp. is a Canadian national and international 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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