Cabo Drilling Corp. Awarded Second Underground Drilling Contract by Empire Mining Corporation

NORTH VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Sept. 23, 2011) - Cabo Drilling Corp. (TSX VENTURE: CBE) ("Cabo" or the "Company") announces that its Eastern European branch, located in Tirana, Albania, has been awarded an initial 1,250 meter up-hole NQ underground drilling contract by Empire Mining Corporation (TSX-V: EPC) ("Empire") at its Bulqiza 1440 Project, which forms part of Empire's Bulqiza-Batra License.

The Company has mobilized an electric Atlas Copco Diamec U-6 to the property and drilling has commenced.

Cabo Drilling's Eastern European branch successfully completed a surface program for Empire Mining at Bulqiza in 2010 and recently completed an underground program on its Thekna Project, which also forms part of the Bulqiza-Batra License at Empire's wholly owned Bulqiza chromite project in Albania. Four diamond core holes, totaling 1,550 meters, were successfully completed at Thekna with the drilling confirming the continuity of the mineralization indicated in drill logs from the 1990's.

Terry Aimone, Cabo's General Manager-Europe states "Cabo is pleased to continue our relationship with Empire in the Bulqiza area. Our safety first approach to drilling aligns perfectly with Empire's occupational health and safety mandate on its properties."


About Empire Mining Corporation (TSX-V:EPC)

Empire Mining Corporation is focused on value-added opportunities with its principal projects located in the most historically productive areas of Albania and 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 related and specialty drilling services through its Canadian divisions in Surrey, British Columbia; Montréal, 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 (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.

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



Contact Information

Cabo Drilling Corp.
Sheri Barton
Corporate Communications
403-217-5830

Cabo Drilling Corp.
Mr. John A. Versfelt
Chairman, President & CEO
604-984-8894
www.cabo.ca