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Cabo commences diamond drill program for Vault Minerals Inc.

North Vancouver, BC - Cabo Mining Enterprises Corp. (TSX-V:CBE) today announces that its wholly owned subsidiary Heath & Sherwood Drilling (1986) Inc. has commenced a Phase I Diamond Drill Program on Vault Minerals Inc.’s Kirkland Gold Property. Approximately 5,000 meters of coring from 15 drill holes is scheduled to test a range of structurally-hosted targets that include projected faults which are parallel and sub-parallel to the Kirkland Main Break “Fault” horizon that produced 24 million ounces of gold.

Heath & Sherwood will employ two drills, drilling deep NQ holes, within the town of Kirkland Lake, Ontario. Due to the depth of the holes a fairly large Boyles 56 drill is being utilized. This drill program is somewhat unique as the drills will be working within a residential area. Some of the procedures that have been implemented include: muffling of the diesel engines, operating a single 12 hour shift per day, start-up of engines each morning, filtering of drill water to prevent drill cuttings from flowing into the town water drainage systems, maintenance and drainage of equipment at the end of each shift to prevent freezing and breakage, and the installation of a safety fence around the drill sites. Heath & Sherwood’s decades of in-depth experience and custom-designed drilling programs enables it to develop workable solutions to the issues facing the exploration industry.

Cabo Mining Enterprises Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada. The Company provides services through its subsidiaries Advanced Drilling Ltd. of Surrey, British Columbia; Forages Cabo Inc. of Montréal, Quebec; Heath & Sherwood Drilling (1986) Inc., of Kirkland Lake, Ontario; and Petro Drilling Company Limited of Springdale, Newfoundland. Cabo also holds interests in mineral exploration properties located near Cobalt, Kenora and Sudbury, Ontario, Canada. The Company’s common shares trade on the TSX Venture Exchange under the symbol: CBE.

ON BEHALF OF THE BOARD

(signed “John A. Versfelt”)

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 (ww.sedar.com) or by contacting Investor Relations Ms. Sheri Barton at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company.

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The Exchange has not in any way passed upon the merits of this news release. 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.


Last Updated: 11/29/2005