Cabo Drilling Corp. Awarded 35,000 Meter Drill Contract by Goldcorp Canada Ltd.

NORTH VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Nov. 21, 2011) - Cabo Drilling Corp. (TSX VENTURE: CBE) (“Cabo Drilling“ or the “Company“) announces that Cabo Drilling (Pacific) Corp. has been awarded a 35,000 meter drill contract by Goldcorp Canada Ltd. at its Musselwhite Mine located on the southern shore of Opapimiskan Lake in northwestern Ontario, Canada.

The Musslewhite Mine is located approximately 480 kilometres north of Thunder Bay. The nearest town to the mine is Pickle Lake which is approximately 130 kilometres by gravel road to the south. The property is comprised of a combination of leases and mining claim units covering a total area of 17,548 hectares, entirely on traditional First Nation's land.

Cabo Drilling will be utilizing multiple barge mounted Max Drills which have been customized to facilitate the installation of casing required for core drilling on deep water barges or ice. The drills will be operated throughout the year on water based barges and will continue after ice formation with state of the art drill shacks. The land based provisions of the contract, include an additional 8,000 meters, which will be performed by a CS-14 long stroke hydrostatic drill.

To meet environmental guidelines, the drilling rigs are all equipped with filtration systems that filter the return water from the drill string to catch and bag all of the rock cuttings from the drilling operations. The cuttings are collected in plastic tubes and subsequently taken to an approved land disposal site.

Special Projects Coordinator Grenville Whyte states, “Cabo Drilling continues to strengthen the Company's broad client base with long term multiple drill contracts, while at the same time bringing sophisticated and cost effective drilling solutions to our customers. These types of drilling services contracts and relationships demonstrate a winning solution for both Cabo Drilling and our clients.“

Cabo Drilling 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 Goldcorp Inc.

Goldcorp is one of the world's fastest growing senior gold producers, with operations and development projects located in safe jurisdictions throughout the Americas. A Canadian company headquartered in Vancouver, British Columbia, Goldcorp employs more than 12,000 people worldwide. The Company is committed to responsible mining practices and is well positioned to deliver sustained, industry-leading growth and performance.


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