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Vancouver, BC - Cabo Mining Enterprises Corp. (TSX-V:CBE) today announces that its wholly owned subsidiary Heath & Sherwood Drilling (1986) Inc. has been awarded the 2005 Diamond Drilling Contract on the LabMag Iron Ore Project (formally called the Howells River Project); which is located about 30 km west of Schefferville, Quebec. The LabMag Project is located in the Province of
Newfoundland and Labrador. This initial drilling program is for 8,000 meters of BTW size core. Heath & Sherwood is mobilizing three drills to the site via the closest rail connection to the project which is in Schefferville, Quebec. Drilling is expected to commence in mid June.

The contract is with New Millennium Capital Corp. (TSX-V:NML) who plans to develop this resource, subject to positive feasibility studies and financing, into a new world-class iron-ore project. The objective of the ongoing drill program is to increase the Mineral Resources estimate and upgrade the existing Mineral Resources from the “Inferred” category to “Indicated” and from “Indicated” to the “Measured” category. This drill program will extend into the Fall of 2005.

Cabo Mining Enterprises Corp. 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; Stratacan Inc. of St. John’s, Newfoundland; Stratacan (Quebec) Inc. of St. Julie, Quebec; and Advanced Drilling Ltd. of Surrey, British Columbia. The Company’s common shares trade on the TSX Venture Exchange under the symbol: CBE.ON BEHALF OF THE BOARD

(signed “John A. Versfelt”)

John A. Versfelt

Chairman, President and CEO Further information about the Company can be found on the Cabo website ( and SEDAR ( or by contacting Investor Relations Ms. Sheri Barton at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.

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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: 06/02/2005