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CABO ANNOUNCES GREENLAND DRILLING CONTRACT WITH INTERNATIONAL MOLYBDENUM LTD.

North Vancouver, BC – Cabo Mining Enterprises Corp. (“Cabo” or the “Company”) (TSX-V: CBE) today announces its subsidiary Heath & Sherwood Drilling (1986) Inc. (“Heath & Sherwood”) has entered into a contract with International Molybdenum Ltd., a subsidiary of Galahad Gold Plc. to perform both underground and surface diamond core drilling on their Malmberg Project located on the east coast of Greenland, near latitude 72 North. This deposit has been identified through previous exploration activities as a world class molybdenum deposit.

As part of the proposed Malmberg work program, International Molybdenum Ltd. plans to drill 25 holes to upgrade the resource estimate at Malmberg to Measured/Indicated status and to confirm the extent of high-grade zones in the deposit and undertake further geotechnical work. Heath & Sherwood is providing the drilling equipment and personnel, which include 1 surface and 2 underground drills, and Knight Piesold Ltd., an engineering company, is providing the instructions for the actual geotechnical work. This geotechnical work includes, but is not limited to, core orientation, ground permeability, rock stress testing, and rock permeability testing using an in-hole packer assembly.

The logistics of this project are quite challenging. The equipment must be taken to Iceland via ship, flown to an airstrip in Greenland via aircraft, then moved again to the jobsite via helicopter for assembly. Provisions have to be in place for permafrost drilling should it be encountered. A camp is on-site to accommodate the drill crews, mining contractor, engineering company and International Molybdenum Ltd. personnel. On-site operations began in mid-April and are going
well.

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 (http://www.cabo.ca) and SEDAR (www.sedar.com) 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.


* * * *

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.


Heath & Sherwood was chosen for the project in part due to their years of overseas experience, moving drilling equipment and personnel by sea and via fixed-wing aircraft or helicopter in the high Arctic. 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; Forages Cabo Inc. of Montréal, Quebec; and Advanced Drilling Ltd. of Surrey, British Columbia. 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.


Last Updated: 06/20/2005