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Cabo Mining Enterprises Corp. (the “Company”) announces that, subject to TSX Venture Exchange acceptance, it has acquired the right and option to purchase a 100% interest in 14 contiguous patented mining claims (109 units totalling approximately 1,744 hectares); in the Lobstick Bay Map Area, approximately 70 km southeast of Kenora, Ontario, near the community of Sioux Narrows. Under the terms of the agreement, the Company must make cash payments totalling $22,000 and issue a total of 30,000 common shares to the vendor over a two year period and incur $285,000 exploration or development expenditures over 3 years, in order to acquire 100% interest in the mining claims. The property is subject to a 2% NSR, one-half of which may be purchased by Cabo for $500,000.

Seymour M. Sears, a qualified person as defined by National Instrument 43-101, provides the following information about the new property.

The Hope Lake property hosts numerous gold showings in silicified zones within a typical “greenstone belt” of volcanic rocks adjacent to the Hope Lake Granitic Pluton; These zones are associated with a major shear zone and adjacent to the junction of two major fault structures (the Cameron Lake – Pipestone Lake Fault and the Atikwa – Dryberry Lake portion of the Wabigoon Fault). The property hosts numerous known gold occurrences. The best assay to date from grab samples taken on the ground is 235 g/t Au (6.86 oz/ton). Diamond drill intersections of interest from previous work include: 15.2 g/t Au (0.44 oz/ton) over 0.92 m (1987 Granges Hole ML-3); 12.99 g/t Au (0.38 oz/ton) over 0.3 m (1987 Granges Hole ML-4); and 6.6 g/t Au (0.10 oz/ton) over 1.5 m (1985 BP/Selco Hole LB-02-10). A 1400 metre and a 1500 metre induced polarization (“I.P.”) anomaly, an I.P. resistivity anomaly and a 15 millisecond I.P. chargeability anomaly on the property coincide with some of these exploration drill holes and continue to be identified as exploration targets.

Activity in the Area
Exploration programs are currently being carried out in this area by Nuinsco Resources Limited (re-evaluating their Cameron Lake Property) Metalore Resources Ltd. and 2 Houston Lake Mining Inc. (recent drilling returned very encouraging results from both companies in the Cedartree Lake Area 7 km southwest of the Hope Lake Property).
Targets Numerous exploration targets are already defined on the Hope Lake Property. Exploration will be focused in the area of four separate drill holes that returned encouraging gold VALUES (by previous workers. Three distinct IP anomalies are coincident with some of the earlier exploration drilling. Three recently discovered and unexplored surface targets will also be investigated by a stripping program.

Last Updated: 07/19/2004