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Cabo Signs Letter of Intent to Acquire Thor Drilling Ltd.

Vancouver, BC – Cabo Mining Enterprises Corp. (“Cabo or the “Company”) announced today the signing of a letter of intent to acquire Thor Drilling Ltd. (“Thor”) of Kenora, Ontario. The acquisition of Thor will bring to four the number of companies Cabo will have acquired in the past three months, making Cabo well positioned to take advantage of a rising mineral sector.

“With the expected acquisition of Thor, Cabo adds capacity, expertise and an entry into Western, Ontario enabling us to provide increased value to our customers. As one of the fastest growing companies in the Canadian mineral drilling services sector, Cabo continues to provide potential investors with new opportunities to participate in this growing industry,” said Cabo CEO John Versfelt.

Subject to TSX Venture Exchange approval and the conclusion of a formal acquisition agreement, Cabo will acquire a 100% interest in Thor Drilling a private Canadian company with three drill rigs engaged in providing mineral exploration, geological drilling services. The current owner of Thor will continue to manage the Kenora operations for Cabo. Agreed consideration is 125,000 Cabo Mining Enterprises Corp. common shares.

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: 09/14/2004