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SENIOR OFFICER CHANGES AND GRANTING OF STOCK OPTIONS

VANCOUVER, B.C. – Cabo Mining Enterprises Corp. (“Cabo” or the “Company”)
announces the appointment of Mr. Calvin B. Lucyshyn, CA, as Chief Financial
Officer/Controller of the Company effective October 3, 2005. Mr. Alex Loosdrecht, former Chief Financial Officer, will continue to provide consulting services to the Company. With his significant experience in cost and financial controls, budgeting and forecasting, and development and implementation of new systems, Mr. Lucyshyn will be an integral member of a dynamic growth company. His mandate will be to develop and motivate a strong accounting and systems team, provide strategic leadership, encourage and maintain strong communication and relationships with all levels of management and the Board, and ensure the
continued timely and accurate reporting of financial information in compliance with
regulatory filing requirements.

Mr. Lucyshyn has held senior financial positions in the drilling industry for over ten years. During that time, he was responsible for the implementation of management information systems, controls and reporting procedures for existing divisions and new acquisitions, as well as cost and project accounting processes and financial reporting. With NQL Energy Services Inc. (TSX-NQL); Mr. Lucyshyn was responsible for financial reporting and involved in strategic planning, acquisitions due diligence and business development. NQL Energy Services has locations in Canada, U.S.A., Venezuela, the Netherlands and the Middle East,
where it provides equipment to the drilling industry. He also was the Controller at The Crossing Company, a horizontal drilling company with operations in Canada and the U.S.A. Mr. Lucyshyn received his Chartered Accountant designation in 1993.

Cabo also announces that Ms. Mindi Cofman has accepted the position as the Company’s Corporate Secretary, effective immediately. In addition to being an instructor of legal and business courses for twelve years, Ms. Cofman held the position of corporate supervisor or department head for various large Vancouver law firms for over thirty years.Subject to Exchange approval, incentive stock options have been granted to new employees and officers to purchase 150,000 common shares of the Company at various prices ranging from $0.50 to $1.00 per share. Following the granting of the options, the Company will have unexercised director and employee stock options totaling 2,408,000 common shares.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.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.

 

 


Last Updated: 09/23/2005