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CABO COMPLETES ACQUISITION OF STRATACAN INC. AND STRATACAN (QUEBEC) INC.

Cabo Mining Enterprises Corp. (“Cabo” or the “Company”) announces that it has completed the acquisition of Stratacan Inc. and Stratacan (Quebec) Inc. (together “Stratacan”); thereby adding five drill rigs to its existing fleet of 60 drills. The agreed consideration for the 60% of the shares of Stratacan not already controlled by Cabo is $83,333 in cash and 196,000 common shares of Cabo.

Stratacan conducts geo-technical and environmental drilling in the provinces of Quebec, Newfoundland and Labrador. The addition of Stratacan is part of Cabo’s strategy to position itself within this expanding market. Stratacan brings to the Cabo group of drilling services companies expertise within the geo-technical and
environmental drilling sector. This expertise will increase Cabo’s service capabilities allowing Cabo to offer diversified service and value to its clients through geographical reach, technology and customer bases. Terry Snelgrove, P. Geo. will remain as president of Stratacan.

Cabo is a mineral exploration and drilling services 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

“John A. Versfelt”

John A. Versfelt
Chairman, President and CEO

Further information about the Company can be found on the Cabo website (http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting Investor Relations Mr. Garett Greene or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.

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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