Cabo Drilling Corp. Awarded Contracts by Century Iron Mines Corporation

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo Drilling" or the "Company")
announces that Cabo Drilling (Ontario) Corp. has been awarded a drilling
contract and a labour contract by Century Iron Mines Corporation ("Century
Iron"). 


Under the terms of the contracts Cabo Drilling will provide and operate an Acker
reverse circulation drill as well as provide drill crews and supervision for two
of Century Iron's drills on their Schefferville and Joyce Lake projects near
Schefferville in the provinces of Quebec and Labrador.


"We are pleased to offer a custom tailored drill program to fulfill our
customers' unique requirements," states Company President John Versfelt. "Since
the initiation of our innovative customer relations philosophy, in which we
focus on how we can meet and exceed our customers' vision, our client
relationships with existing clients have grown and new relationships have
developed and strengthened allowing us to develop niche drilling opportunities
with exceptional 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 Century Iron Mines Corporation

Century Iron Mines Corporation is a mining company with mineral exploration and
development activities focused on iron ore. Listed on the TSX, it has iron ore
rich mining properties in Western Quebec south of James Bay and in the
well-known Labrador trough that spans North-Eastern Quebec and Western
Newfoundland and Labrador.


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.; 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.

Cabo Drilling (TSXV:CBE)
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