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Cabo Mining Enterprises Corp. (the “Company”) has received from the TSX Venture Exchange (the “Exchange”) conditional acceptance of the acquisition of Heath & Sherwood Drilling (1986) Inc. (“H&S”) and Petro Drilling (Maritimes) Limited (“Petro”) as fully described in the Company’s Filing Statement dated June 10, 2004 (the “Filing Statement”).

In addition to the filing of certain documents with the Exchange, final Exchange acceptance of the Company’s submission of the Filing Statement is conditional upon the Company receiving the written consent to the completion of the H&S and Petro acquisitions from the Company’s Shareholders holding greater than 50% of the current issued and outstanding shares, such Shareholders having been fully informed of the proposed transactions through receipt of the Filing Statement. The Filing Statement and the applicable Shareholder Consent Form have been posted on the Company’s website at Completed Shareholder Consent Forms can be returned to the Company’s office at #502 – 595 Howe Street, Vancouver, B.C. V6C 2T5 or faxed to the Company’s office at (604) 681-0870 on or before 5:00 PM Pacific Standard Time, Tuesday, June 22, 2004.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: 06/08/2004