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Cabo Mining Enterprises Corp. (“Cabo” or the “Company”) announces that it has closed its brokered private placement of 1.25 million flow-through shares at a price of $0.80 per share. The $1-million raised will provide financing for exploration work on the Company’s mineral properties in Ontario, including further
drilling of targets identified on the Cobalt area property. The Company paid a broker’s commission of 7% on gross proceeds and will also include a one-year broker’s option to purchase Cabo shares at $0.80 per share up to an amount equal to 10 percent of gross proceeds of the offering.

Cabo is a mineral exploration and drilling services company headquartered in Vancouver, British Columbia, Canada. Cabo’s mineral exploration properties are located near Cobalt, Kenora, and Sudbury Ontario, 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. The Company’s common shares trade on the TSX Venture Exchange under the symbol: CBE.

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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this 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: 10/27/2004