Cabo Drilling Corp. Awarded 20,000 Meter Drill Contract by Four Corners Mining Corporation

NORTH VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Aug. 15, 2011) - Cabo Drilling Corp. (TSX VENTURE: CBE) (“Cabo“ or the “Company“) announces that Cabo Drilling (Atlantic) Corp. has been awarded a 20,000-meter drill contract by Four Corners Mining Corporation, at its Keating Hill area property off of the Burgeo Highway in Newfoundland.

Cabo mobilized one drill rig at the beginning of July to the site and it is anticipated a second drill rig will be mobilized to the site upon certain milestones being reached. Cabo Drilling offers Four Corners experienced crews and equipment capable of drilling to 1,500-meter depths.


About Four Corners Mining Corporation

Four Corners Mining Corporation is a wholly owned subsidiary of Triple Nine Resources Ltd. (“TNR“). TNR is a privately funded, Canadian Junior Mining Company, which through claim staking and strategic acquisitions, has secured 100% ownership in the large vanadium – titanium – magnetite (Iron Ore), Four Corners Mineral Resource in southwestern Newfoundland.


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 (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.

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
ir@cabo.ca
www.cabo.ca

Renmark Financial Communications Inc.
Barbara Komorowski
514-939-3989 or 416-644-2020
bkomorowski@renmarkfinancial.com

Renmark Financial Communications Inc.
Dan Symons
514-939-3989 or 416-644-2020
dsymons@renmarkfinancial.com