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Drilling results at Cabo's Electrum Lake and Hope Lake properties - Technical reports filed

Electrum Lake Property Results

North Vancouver, BC – Cabo Mining Enterprises Corp. (“Cabo” or the “Company”) (TSX-V: CBE) announces completion of an eight hole drilling program on its Electrum Lake gold property west of Kenora on the Ontario-Manitoba border. The 957.85 metre program followed up a two hole program in 2004 and tested four known gold targets on the 8 km long claim group. The best intersection was from a silicified shear zone with associated sulphides where core returned 8.95 g/t Au over 0.9 m. The program was carried out under the supervision of Seymour M. Sears, PGeo, Vice-President of Exploration, a qualified person under national policy 43-101 and is the subject of a technical report by James G. Burns, BSc PEng filed today with SEDAR (the “Electrum Lake Report”). A total of 256 core samples (including standards and blanks used for quality control) were assayed.

A summary of results is presented in Table 1 below.

Table 1 - Summary of Results from 2005 Drill Program on the Electrum Lake Gold
Property of Cabo Mining Enterprises Corp.
Hole# Bearing Inclination Sample # From To Width Au (g/t)
CEL - 3 220 -45 6004 6010
6018
6031
6039
60.20
76.75
90.15
99.00
106.5
60.30
77.00
90.50
100.0
107.0
0.1
0.25
0.35
1.00
0.5
1.459
0.589
0.502
0.355
0.510
CEL - 4 220 -45 6053
6072
103.00
170.00
103.4
171.0
0.4
1.00
0.137
0.208
CEL -5 350 -45 12305
12328
9.90
83.70
10.80
84.60
0.9
0.9
0.547
8.975
CEL -6 360 -45 12343 34.30 34.80 0.5 0.341
CEL - 7 77 -45 12376
12377
26.80
27.20
27.20
27.50
0.40
0.30
0.751
0.336
CEL - 8 360 -45 12431 17.00 17.50 0.50 0.204
CEL – 9 360 -70 no significant assays
CEL – 10 320 -45 no significant assays

Prospecting and drilling programs during 2004 and 2005 have confirmed the presence of four of the numerous prospects previously reported on the Electrum Lake and identified one other area that warrants further exploration. The best mineralization from two 2004 holes designed to test a quartz vein zone located in the eastern part of the claim group (the Arsenic Zone) was a 16.8 metre wide zone in Hole CEL-01 that assayed 1.02 g/t Au. This included two encouraging narrower intersections - 6.26 g/t Au over 0.7 m and 5.59 g/t Au over 0.9 m. Another intersection, lower in the hole, returned 6.75 g/t Au over 0.7 m.

The Electrum Lake Report recommends: a systematic exploration program on selected target areas and a two phased work program including: linecutting, geological mapping, soil sampling, ground magnetometer and IP surveys. Further diamond drilling is also proposed.

Hope Lake Property Results

The Company also announces completion of the 2005 exploration program at its Hope Lake property, located 65 km southeast of Kenora, Ontario in the Lobstick Bay Map Area. A nine hole drill program followed up on stripping and geological mapping work done in the spring of 2005 on the 109 unit, 1,744 hectare property. The 1,050 metre program was designed as an initial test of several known gold occurrences in the northern part of the claim group.

Field spotting of drill holes, core logging and drill supervision were completed by personnel under the direction of Seymour Sears, P.Geo. The program is the subject of a technical report by James G. Burns, BSc PEng also filed today with SEDAR (the “Hope Lake Report”). Samples were selected based on the abundance of sulphides or unusual mineralogy. Intervals that did not contain readily apparent, or only sparse, mineralization, but that were otherwise extensively altered (sericitized, silicified); fractured or sheared, were also sampled. A summary of results is presented in Table 2 below.

Table 2 - Summary of Results from 2005 Drill Program on the Hope Lake Gold
Property of Cabo Mining Enterprises Corp.
Hole# Bearing Inclination Sample # From To Width Au (g/t)
CHL-1 350 -45 6105
6106
6107
5.00
5.20
5.60
5.20
5.60
6.00
0.2
0.4
0.4
0.289
0.132
0.358
CHL-2 350 -60 6132
6133
5.00
5.60
5.60
6.30
0.6
0.7
0.120
2.298
CHL-3 350

-45
including

6174
6172
9.10
21.00
23.40
21.80
14.3
0.8
0.302
1.182
CHL-4 350 -65 6181
6185
6193
6194
6195
8.50
11.30
22.50
24.40
27.40
9.10
12.30
23.00
25.10
27.70
0.6
1
0.5
0.7
0.3
0.195
0.179
0.168
0.156
0.148
 CHL-5 300 -45 no Significant values
 CHL-6 320 -45 6206
6207
6208
6209
6210
7.40
8.00
8.40
8.85
9.35
8.00
8.40
8.85
9.35
9.85
0.6
0.4
0.45
0.5
0.5
1.231
N.A.
0.925
0.515
0.410
CHL-7 320 -65 6237
6238
6.90
7.60
7.60
8.40
0.7
0.8
0.287
0.197
CHL-8 320 -45 6250
6091
6092
6093
5.60
66.70
67.30
68.20
6.50
67.30
68.20
68.60
0.9
0.6
0.9
0.4
0.441
0.357
0.476
0.244
CHL-9 320 -65 12264
12265
25.40
31.70
25.80
32.20
0.4
0.5
1.811
0.429

Numerous carbonate altered zones with associated quartz-carbonate veining, silification, sulphides and gold mineralization have been identified on the Hope Lake property. None have been adequately drill tested. The property is underlain by a sequence of pillowed and massive mafic volcanics locally cut by felsic to ultramafic intrusive rocks. The general trend of the geological units is 045° due to faulting and folding, and on the southeast side due to the intrusion of the Hope Lake Granitic Pluton. Both the historical data and the Cabo exploration programs suggest that gold mineralization on the Hope Lake property is associated with quartz veining, silicified zones and sericitized shear zones, and that these zones may be related to intersecting structural and lithologic units. These zones may have complex geometry and require careful geological understanding and detailed exploration.

The Hope Lake Report recommends a two phase work program designed to evaluate the entire Hope Lake property. Phase I would include: a grid controlled geological mapping and rock sampling program across the entire property; a magnetometer / VLFem survey over the property; and in areas identified as prospective for gold mineralization, a soil geochemical survey, as well as stripping of outcrop to further define drill targets.

Phase II, core drilling is recommended to properly investigate the orientation and continuity of the known gold prospects, and to test targets identified by the Phase I program. As such, Phase II is only partially dependent upon the results for Phase I. Zones tested will need detailed drilling with close spaced holes. At least 3000 m of drilling should provide a reasonable initial testing of the highest priority targets. The assays reported in this press release were completed by Accurassay Laboratories in Thunder Bay, Ontario. The qualified person responsible for the technical content of this press release is Seymour Sears, P.Geo., V.P. Exploration of Cabo Mining Enterprises Corp.

As discussed in the Company’s Annual Report, Cabo intends to sell all of its Ontario resource properties. The shareholders will be asked to consider, and if thought advisable, pass with or without variation a special resolution authorizing the sale of the properties, for common shares of a public company at the Company’s annual general and special meeting to be held on December 15, 2005. Pursuant to the transaction, shareholders will receive no less than 75% of the common shares issued as consideration from the purchasing company’s treasury. The transaction is subject to a number of conditions including but not limited to: shareholder approval, approval from the Company’s Board of Directors, approval from the purchasing company’s Board of Directors, and all regulatory approvals. Further details relating to this transaction can be found in the Company’s Information Circular which is available on the Company’s website: www.cabo.ca or on SEDAR www.sedar.com.

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 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.

* * * *

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: 11/25/2005