Cabo Drilling Corp.
TSX VENTURE : CBE

Cabo Drilling Corp.

September 23, 2005 19:18 ET

Cabo Mining Enterprises Corp.: Senior Officer Changes and Granting of Stock Options

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 23, 2005) - Cabo Mining Enterprises Corp. (TSX VENTURE:CBE) ("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 company headquartered in North Vancouver, British Columbia, Canada. The Company provides services through its subsidiaries Advanced Drilling Ltd. of Surrey, British Columbia; Forages Cabo Inc. of Montreal, Quebec; Heath & Sherwood Drilling (1986) Inc., of Kirkland Lake, Ontario; and Petro Drilling Company Limited of Springdale, Newfoundland. Cabo also holds interests in mineral exploration properties 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).

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.

The Exchange has not in any way passed upon the merits of this news release.

Contact Information

  • Cabo Mining Enterprises Corp.
    Ms. Sheri Barton
    Investor Relations
    (403) 217-5830
    or
    Cabo Mining Enterprises Corp.
    John A. Versfelt
    Chairman, President & CEO
    (604) 984-8894
    (604) 983-8056 (FAX)
    Email: cabo@cabo.ca
    Website: www.cabo.ca