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VANCOUVER, BC – Cabo Mining Enterprises Corp. announces that it has entered into an agreement with Research Capital Corporation of Toronto, Ontario, with respect to a brokered private placement of 1,250,000 shares at a price of $0.80 per share to raise gross proceeds of $1,000,000. The financing will provide flow through funding for exploration work on the Company’s mineral properties in Ontario, including further diamond drilling of targets identified on the Cobalt Area property.

The offering, which is subject to TSX Venture Exchange acceptance, and to a 7% broker’s commission on gross proceeds, will include a 1 year broker’s option to purchase Cabo shares at $0.80 up to an amount equal to 10% of gross proceeds of the offering.

Cabo President, John A. Versfelt says “The financing underscores the Company’s ongoing commitment to both the exploration side of its business as well as to its recent acquisitions in the drilling services industry.”

Cabo is a drilling services and mineral exploration company headquartered in Vancouver, British Columbia, Canada. The Company provides drilling services through its subsidiaries Heath & Sherwood Drilling (1986) Inc. of Kirkland Lake, Ontario and Petro Drilling Company Limited of Springdale, Newfoundland. Cabo’s mineral exploration properties are 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

* * * *

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: 09/28/2004