Cabo Drilling Corp. Awarded Contract Extension by Armistice Resources Corp.

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that
Cabo Drilling (Ontario) Corp. has been awarded a contract extension from
Armistice Resources Corp. at its McGarry Project located at Virginiatown,
Ontario. 


The Company will utilize two surface drills for the projects. One drill will
continue drilling the former prolific Kerr Addison Mine area and the second
drill has been mobilized for surface drilling on the McGarry mine site.


Experience with custom-designed drills, and the ability to problem solve
up-front, enables Cabo Drilling (Ontario) Corp. to develop workable solutions
for most drilling circumstances facing the mining and exploration industry.


About Armistice Resources Corp.

Armistice Resources, a Canadian-based exploration and development company,
expects to begin gold production in the 2011 fourth quarter from its McGarry
Mine in the Kirkland Lake area of northeastern Ontario. The McGarry Mine is
located in Virginiatown on the prolific Larder Lake-Cadillac Break that extends
200 km east-west straddling the Ontario and Quebec border and that has produced
95 million ounces of gold. The McGarry Mine is adjacent to the Kerr-Addison Gold
Mine that has produced more than 11 million ounces of gold. Armistice has signed
a definitive five-year option agreement for the purchase of up to 100 percent of
the mineral rights on the Kerr- Addison property. The McGarry Mine consists of
33 contiguous patented mining claims, including three licenses of occupation,
totaling 484 hectares. 


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.