Cabo Mining Corp.: Corporate Update.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 18, 2002

Cabo Mining Corp. (CDNX:CEV) announces that a 1,500 metre diamond drill program has commenced on its Cobalt Area Project, in northeastern Ontario, Canada. The drilling will test two separate targets - diamond bearing lamprophyre dykes and high grade silver/cobalt veins.

The lamprophyre zone, consists of several distinct phases of xenolith bearing dykes and diatreme breccia. These rocks are located within a 500 metre wide northeast trending corridor that has been traced on the Cabo Property along a two (2) kilometre strike length. The lamprophyres are xenolith bearing, similar to diamondiferous dykes currently being explored in the Wawa area of Ontario. A composite sample from several dykes collected by the vendors of the property in 2001, was found to contain 3 diamonds.

At least two known silver targets will also be tested by several holes during this program. These targets are "Cobalt Type" carbonate veins and vein breccia that historically have hosted high grade silver mineralization.

An arm's length diamond mining company has agreed to provide funding for the micro-diamond testing in consideration of a first right of refusal to option the property.

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