Cabo to Drill 17,000 Metres on Sherwood Copper Corp Minto Project in Yukon

NORTH VANCOUVER, BC, June 7 /PRNewswire-FirstCall/ — Cabo Drilling Corp. (TSX-V:CBE) (“Cabo” or the “Company”) announces that Sherwood Copper Corp. of Vancouver, British Columbia, has awarded Cabo’s Pacific division a contract for approximately 17,000 metres of NQ-2 and HQ core drilling on Sherwood’s Minto project northwest of Carmacks, Yukon. This will be Cabo’s second contract with Sherwood Copper following the successful completion of a similar sized program on the Minto project last year. The Minto Mine project is a high-grade copper-gold deposit located in Yukon, Canada. Sherwood Copper reports development of the mine is now more than 90 percent complete and is on target to commence production by the end of second quarter of 2007.

Drilling has already commenced on the Minto Mine property. Cabo is utilizing two hydraulic longstroke drill rigs to carry out this project. The purpose of the program is to define and expand the Minto project reserve base. It is anticipated that the program will run until September 2007.

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 de Mexico S.A. de C.V. of Hermosillo, Sonora, Mexico; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; and Cabo Drilling Spain S.L. of Sevilla, Spain. The Company’s common shares trade on the TSX Venture Exchange under the symbol: CBE.

   ON BEHALF OF THE BOARD    “John A. Versfelt”    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 (http://www.sedar.com/) or by contacting Investor Relations Ms. Sheri Barton at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. 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.

CONTACT: John A. Versfelt, Chairman, President and CEO, web site: http://www.cabo.ca/, Telephone: (604) 984-8894, Facsimile: (604) 983-8056, e-mail: ir@cabo.ca

Cabo Drilling Corp.

CONTACT: John A. Versfelt, Chairman, President and CEO, web site:http://www.cabo.ca/, Telephone: (604) 984-8894, Facsimile: (604) 983-8056, e-mail:ir@cabo.ca