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VANCOUVER, BC – Cabo Mining Enterprises Corp. announces that subject to regulatory acceptance, it will grant, under the terms of its Stock Option Plan, three and five year incentive stock options to certain of its employees, directors, officers and consultants for the right to purchase up to 1,379,000 shares of the Company at $0.92 per share. Following the granting of these options the Company will have unexercised director and employee stock options for 1,977,000 shares.

The Company also advises the Board of Directors has appointed John A. Versfelt, the Company’s President and CEO, as Chairman of the Company’s Board of Directors.

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.


(signed “John A. 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: 10/19/2004