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CABO ANNOUNCES MEXICO DRILLING CONTRACT

Vancouver, BC - Cabo Mining Enterprises Corp. (TSX-V:CBE) today announces that its wholly owned subsidiary, Heath & Sherwood Drilling (1986) Inc., in conjunction with Empresa Contratista Jomargo S.A. de C.V., (“Jomargo”) of Durango, Mexico, has been awarded a contract for diamond drilling and
ancillary work to be conducted at Stroud Resources Ltd. (TSX-V:SDR) and Amerix Precious Metals Corporation’s (TSX-V:APM) Santo Domingo Project. The Santo Domingo Project is a silver-gold deposit located some 90 kilometers NW of Guadalajara, Mexico in the State of Jalisco.

Heath & Sherwood will work together with Jomargo, a Mexican company with experience in the development of mining projects, to provide drilling expertise, equipment and qualified workers for the project. Start-up is presently scheduled for early February, 2005.

Stroud and joint venture partner Amerix have committed $1.5 million in total to fund the exploration program that will include drilling to:

  • Confirm the at-depth extension of the La Rayas zone, previously intersected in the 1999 drilling
  • program;
  • Qualify the potential grade and size of La Rayas zone; and
  • Evaluate the newly discovered Guadalupe zone.

The award is a significant initial contract in Mexico for Heath & Sherwood as part of the Cabo Group.

Cabo is a drilling services and mineral exploration company headquartered in North Vancouver, British Columbia, Canada. The Company provides drilling services through its subsidiaries Heath & Sherwood Drilling (1986) Inc, of Kirkland Lake, Ontario; Petro Drilling Company Limited of Springdale, Newfoundland and Stratacan (Quebec) Inc. of St. Julie, Quebec. Cabo is also anticipating the closing of the acquisition of the Advanced Drilling Group of Companies (Surrey, British Columbia) by January 31, 2005. The Company’s mineral exploration properties are located near Cobalt, Kenora, and Sudbury, Ontario, Canada. Its 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: 01/17/2005