Cabo Drilling Signs Alliance Agreement with Dawn-Works Inc.

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo Drilling" or the "Company") and
Dawn - Works Inc. announce the signing of an Alliance Agreement whereby the
parties will work together to seek out drilling service contracts with
exploration and mining companies within the Labrador region.


Dawn - Works Inc. will facilitate collaboration and engagement between our
Strategic Partners and contracting agents, specifically where bidding
opportunities exist under Aboriginal Impact and Benefit Agreements (IBA),
preferential conditions for First Nations participation, or any other noted
conditions as set forth and established by law for registered Aboriginal
Corporations.


As part of the Alliance Agreement, Dawn - Works Inc. has agreed that Cabo
Drilling will be the exclusive supplier of drilling services to mining companies
with which Dawn - Works Inc. has bidding opportunities under any and all
Aboriginal Impact and Benefit Agreement projects or other agreements set into
law for First Nations corporations. Dawn - Works Inc. will also provide insight
into availability of local resources, establish guidance for working on Land
Claim areas, assist in negotiating with national, provincial and local
authorities, identify opportunities for First Nations participation, and
establish overall marketing, promotional and public relation activities on
behalf of the alliance within the Territory.


This Alliance Agreement, along with previous alliance agreements signed with
Nunacor Inc. and Torngat Services Limited, will facilitate the provision of
exclusive drilling contract services by Cabo Drillingto the mining companies
within the Labrador region with projects located within the jurisdiction of Cabo
Drilling's alliance partners.


"We are very pleased to have entered into this business relationship with Dawn -
Works Inc.," stated John A. Versfelt, President & CEO of Cabo Drilling Corp.
"This Alliance Agreement, along with the previous alliance agreements signed
with Nunacor Inc. and Torngat Services Limited, places Cabo Drilling in a
position to not only expand its drilling services market, but to also provide
employment and training opportunities to its alliance partners. We look forward
to working with all involved to create a favourable working environment and
build strong, lasting relationships."


"As a leading global provider of drilling services and having a strong and
positive history working with various Aboriginal groups, Cabo Drilling is the
ideal partner to help spearhead our expansion into the Atlantic Region," said
David Chaulk, President at Dawn - Works Inc. "We look forward to working
hand-in-hand with Cabo Drilling to bring economic and environmental benefits to
the Atlantic Region."


"The complementary nature of Dawn - Works Inc. and Cabo Drilling's expertise
will drive new insights, solutions and efficiencies to further advance the two
companies. We have a shared vision to create local Aboriginal resources that
deliver valuable and cost effective solutions to the region that will increase
economic participation and open up new opportunities to the Aboriginal people.We
are very excited about the training and employment opportunities this new
relationship promises," said Jim Maloney, VP at Dawn - Works Inc. 


The Company also announces that it has entered into agreements to satisfy
outstanding indebtedness of approximately $108,000 in trades payable and loans
by the issuance of 1,200,000 common shares at a deemed price of $0.09 per share.
The indebtedness includes $40,500 debt owed to an insider of the Company.The
issuance of the shares is subject to the approval of the TSX Venture Exchange.
When approved, the issued shares will be subject to a hold period and will not
be freely tradable for four months and one day from the date of issuance.


About Dawn - Works Inc.

Dawn - Works Inc. is a Federally Incorporated Company, registered under the
CBCA, it is recognized at the Federal, Provincial and Territorial levels and by
all First Nations Governments and Aboriginal Organizations. Dawn - Works Inc. is
a majority owned Aboriginal firm, having representatives from various aboriginal
groups in Atlantic Canada.


Based out of Atlantic Canada, the role of Dawn - Works Inc. is to seek out,
cultivate and promote relationships with Strategic Alliance Partners who have
established specialized skills, services and product offerings. The intent is to
add value to their partner's offerings by identifying local labor training and
resources, and assisting in the management of the Teaming Agreements. The
combined resources of Dawn - Works Inc. and their Strategic Alliance Partners
shall seek out opportunities; participate in bidding and securing work with
public and private sector groups such as Cabo Drilling Corp. 


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 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, symbol 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: 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 Company's 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.
Cabo Drilling (TSXV:CBE)
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