Cabo Drilling Announces Award of Phase II Underground Drill Contract by BerAlb Sh A at its Munella Mine and Lac Rosh Mine

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo Drilling" or the "Company")
announces that BerAlb Sh A, part of the Ekin Maden Group located in Istanbul,
Turkey, has awarded Cabo Drilling Corp., Albania Branch, located in Tirana,
Albania, their 2012 Phase II underground drilling program contracts for BerAlb's
Munella Mine and Lac Rosh Mine, which are located in the northeastern Albania
mountain region, within the administrative borders of Fush Arrez County in Puke
Province.


The 2012 program will consist of a minimum of 6,000 m of NQ/BQ underground
development drilling which will be split between the two mines. Cabo will
utilize a U-6 electric/hydraulic drill to complete the project.


Cabo Drilling Corp., Albania Branch, has been drilling for BerAlb Sh A since
2010, having completed a substantial amount of drilling to date for BerAlb Sh A
at its Munella Mine and Lac Rosh Mine, allowing the company to focus on
consistent and efficient performance. 


"We are extremely pleased to continue our relationship with BerAlb Sh A and its
parent Ekin Maden as they develop their reserve base at these two mines," stated
Terry Aimone, Cabo Albania's General Manager. "Their commitment to safety and
efficient operations couples well with our corporate mission statement and our
commitment to work place health and safety." 


About Ekin Maden group (BerAlb Sh A)

Since its inception as a metal trading company in 1982, Ekin Maden has focused
on the trade of non-iron metals and mineral concentrates of copper, zinc and
lead. Ekin Maden also sells lump chrome ore, chrome concentrates and manganese
ore. 


Nesko Metals is part of the Ekin Maden group, and is located at San.A.S.,
Buyukdere Cad. USO Center Kat:11 Maslak, Istanbul, Turkey.


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 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.;
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.