RECEIVED JUN REPORT ON GEOLOGICAL MAPPING on Claim BUCKE TOWNSHIP, ONTARIO for Cabo Mining Enterprises Corp.

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1 REPORT ON GEOLOGICAL MAPPING on Claim BUCKE TOWNSHIP, ONTARIO for Cabo Mining Enterprises Corp. June, 2004 Seymour M. Sears, P.Geo. RECEIVED JUN GEOSCIENCE ASSESSMENT OFFICE 31M05NE BUCKE 010

2 SUMMARY This report presents the results of geological mapping in Bucke Township on Claim The claim is referred to as the "Stellar Prospect" and includes a shallow shaft, a short adit and numerous pits and trenches completed by previous workers in the early 1900's. The only rocks exposed on the claim are Archean aged mafic volcanic rocks. These rocks occur in the area of the "Stellar Shaft" in the southeast corner of the claim, in the area of an old adit and numerous pits in the northeast corner of the claim and in the eastcentral part of the claim. The remainder is covered by relatively thick overburden and local swamps. Silver-cobalt mineralization occurs within narrow calcite veins associated with local narrow fault structures. This veining is poorly exposed at surface, although samples occur in the muck pile from the old workings. A stripping program designed to better expose the nature of the known vein structures is recommended followed by drill testing if warranted.

3 11 TABLE OF CONTENTS PAGE SUMMARY i TABLE OF CONTENTS ii INTRODUCTION l PROPERTY LOCATION AND ACCESS l TOPOGRAPHY AND VEGETATION l EXPLORATION HISTORY l REGIONAL AND PROPERTY GEOLOGY WORK PROGRAM 8c RESULTS CONCLUSIONS AND RECOMMENDATIONS REFERENCES TABLE OF FIGURES Fig. 1. REGIONAL LOCATION MAP Fig. 2. CLAIM LOCATION MAP Fig. 3. GEOLOGY MAP, Cobalt Project Area Fig. 4. GEOLOGY MAP, Stellar Property

4 INTRODUCTION This work report on claim , hence referred to as the "Stellar" claim (Figures l, 2), has been prepared on behalf of Cabo Mining Enterprises Corp. of Vancouver, B. C. The contents of this report is based on geological mapping carried out on June 27, 2004 by Seymour M. Sears, P.Geo. of Sudbury, Ontario assisted by John Sears of Sudbury, Ontario. PROPERTY LOCATION AND ACCESS The Stellar claim represents a small portion of Cabo's large land position in the area. It consists of the northeast quarter of the North half of Lot 14, Concession l in Bucke Township, Larder Lake Mining Division, Ontario. It is shown on Figure 2, a portion of claim Index Map G 3413, where it is numbered: LI limit The claim is located within the village of North Cobalt. It is situated between Highway 567 and Lake Temiskaming. Access is by means of an old road that departs Northeastward from Bucke Park Campground. This road becomes an ATV trail near the Southeast corner of the claim. TOPOGRAPHY AND VEGETATION Maximum relief on the property is approximately 25 metres. Topography is generally flat to rolling. Overburden is relatively thick over most of the grid. The claim covers a steep hill sloping Northeastwards. All drainage is towards the northeast into Lake Temiskaming. EXPLORATION HISTORY In 1908 Stellar Silver Cobalt Mines sunk a 45 foor shaft near the Southeast corner of the claim and drove an 18 foot adit near the northeast corner.

5 - 55' Cabo Mining Corp CobaUArea Project SEARS.BARRY a ASSOCIATES INC. 90' BO' 75' Fig. h Regional Location Map of Ontario.

6 LEGEND CENOZOIC* MCE NT ANC PLUSTOCfNf BtJJfJ.-4, J'v- J.j.il, (UT. PALEOZOIC" SILURIAN AND ORDOVICIAN PRECAMBRIAN" PROTEROZOIC' KCWCENAWANT HURONIAN COBALT GROUP TIMISKAMING 1 M.OOMAN l *t anna* f ihmuum COM rift *HC-At.aOMAN - l J* *4TI^-^T /^* 4H i H til u IKK c TIM t RK AM l NO. it Mn* J**. 500, Figure ^ 3 Calm Mining (.'orp. Coh;ili \IT:I Project Itnckc I w ). Property (icolojjy ( fle. thompxm. M* )

7 Eight drill holes were reportedly drilled on the between 1956 and 1959 (Sergiades, 1968), but the logs and assay results are not available. S. Wareing and M. Simpson carried out a prospecting program on the claim in The claim occurs within an area mapped by the Ontario Department of Mines from 1948 to 1961 (Thompson, 1964). An airborne geophysical survey carried out on behalf of the OGS covered the target area (OGS, 2000; map # 82065). REGIONAL AND PROPERTY GEOLOGY The claim is located in the north part of the Cobalt mining camp. It was mapped by the Ontario Department of Mines (Thompson, 1964). The area is underlain by a sequence of deformed Archean aged volcanic rocks. (Fig. 3) A thin cover of Huronian aged Sedimentary rocks referred to as the Coleman Group. Occurs immediately east of the claim A Nipissing aged diabase sill occurs approximately 200 meters southeast of the claim. A number of vein structures occur to the south and southeast of the claim, including the past producing Agaunico Mine vein system WORK PROGRAM AND RESULTS TABLE l - Work Summary Grid Establishment - Flag St, Hip Chain Lines -Total 800 m (l man day - field asst.) Geological Mapping - 800m grid and road traverses. (1/2 man day - geologist + 1A day plotting and report) The work program was carried out on June 27, 2004 and the drafting and report completed on June 29, 2004.

8 GEOLOGICAL MAPPING Only one rock unit was observed on the portion of the claim that was mapped: Archean Table of Lithologies Unit l MATAVOLCANIC ROCKS la) Massive Flows; andesite; dark grey-green. Ib) Pillowed Flows; andesite; well developed, relatively undeformed pillows, medium to dark grey-green. The observed data is presented on Fig. 4,. The current mapping program indicates that the Stellar claim is underlain by Archean mafic volcanic rocks that are exposed in the eastern part of the claim. These include massive to pillowed flows. Narrow, northwest trending fault structures (less than l meter) host calcite veins (less than 5 cm wide where observed) and vein breccia. These structures contain pyrite and may warrant additional exploration. CONCLUSIONS AND RECOMMENDATIONS The Stellar claim is underlain by Archean volcanic rocks that host local narrow calcite vein structures. The proximity of the property to a Nipissing diabase sill located 200 metres to the southeast is favourable for emplacement of classical Cobalt type Ag-Co mineralization. The diabase sill is considered to have once overlain the area of the Stellar claim but has since been eroded away. A stripping and sampling program is recommended on the Stellar Claim. Sudbury, Ontario Respectfully submitted, June, 2004 Seymour M. Sears, P.Geo.

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10 REFERENCES Thompson, R. 1960: Preliminary Report on Bucke Township, District of Timiskaming, Description of Properties. Ontario Department of Mines Report, P.R : Cobalt Silver Area, Northern Sheet. Ontario Department of Mines Map 2050, Scale 1:12,000. Serfiades, A.O. 1968: Silver Cobalt Calcite vein Deposites of Ontario; Mineral Resources Circular No 10., Ontario Dept. of Mines. Wareing, S. & Simpson, M. 1997: Assesment report on prospecting on the Stellar Claim, Bucke Township, Ontario.

11 ONTARIO MINISTRY Work Report Summary OF NORTHERN DEVELOPMENT AND MINES Transaction No: W Recording Date: 2004-JUN-29 Approval Date: 2004-JUN-30 Status: APPROVED Work Done from: 2004-JUN-27 to: 2004-JUN-29 Client(s): WAREING, SIMON KEITH Survey Type(s): GEOL Work Report Details: Claim* Perform Perform Approve Applied Assign Applied Approve Assign Approve Reserve Reserve Approve Que rjate L S812 S812 S812 S812 SO 0 SO SO 2006-JUN S812 S812 S812 SO SO SO SO External Credits: SO Reserve: SO Reserve of Work Report*: W SO Total Remaining Status of claim is based on information currently on record. 31M05NE BUCKE Jul-06 14:18 ARMSTRONG Page 1 of 1

12 Ministry of Northern Development and Mines Date: 2004-JUN-30 Ministere du Ontario Developpement du Nord etdes Mines GEOSCIENCE ASSESSMENT OFFICE 933 RAMSEY LAKE ROAD, 6th FLOOR SUDBURY, ONTARIO P3E 6B5 SIMON KEITH WAREING UNIT 1 3RD STREET P.O. BOX 270 NORTH COBALT, ONTARIO POJ 1RO CANADA Tel: (888) Fax:(877) Dear Sir or Madam Submission Number: Transaction Number(s): W Subject: Approval of Assessment Work We have approved your Assessment Work Submission with the above noted Transaction Number(s). The attached Work Report Summary indicates the results of the approval. At the discretion of the Ministry, the assessment work performed on the mining lands noted in this work report may be subject to inspection and/or investigation at any time. If you have any question regarding this correspondence, please contact BRUCE GATES by at bruce.gates@ndm.gov.on.ea or by phone at (705) Yours Sincerely, /P, Ron C. Gashinski Senior Manager, Mining Lands Section Gc: Resident Geologist Seymour M Sears (Agent) Assessment File Library Simon Keith Wareing (Claim Holder) Simon Keith Wareing (Assessment Office) Visit our website at Page: 1 Correspondence 10:19566

13 OMTMDtrk SSSSffSSL Mining Land Tenure Uc\^lrU BBS?. Map E E E E E E E E E Date l Time of Issue: Tue Jul 06 14:45:31 EOT 2004 TOWNSHIP l AREA PLAN BUCKE G-3413 ADMINISTRATIVE DISTRICTS l DIVISIONS Mining Division Larder Lake Land Titles/Registry Division TIMISKAMING Ministry of Natural Resources District NORTH BAY 52S1000N TOPOGRAPHIC Land Tenure N J259000N en si [i! -,.,. yww* i (Mw InCniinKl *(H tutu h N E.257WXJN LAND TENURE WITHDRAWALS W56COON IMPORTANT NOTICES N LAND TENURE WITHDRAWAL DESCRIPTIONS &254000N 4S52 WVn l 10, E001 n i.aww - - oiocrnranoeg IN roivnshtp FABRIC.- ammiwwno m W 4ow iwcrtlno tu tfo 5MHM PtwuWw*. tor Mtkuvn in wwvd twrituiy. FtCKCtN'i fvahtt ON LAKE TIMISKAMING ncscrvboto COrtTOt,in BLDVATIOH WS ft QTAlt,fW-l OT UIMWQ CHIME WrTHIN Tt J W MS IT 5 8 ONLY WITH CONSENT Of THC MtMSTCn FLOCKDWi RIGHTS TO StBv*TlON *ta PT AiOVB SK* LRvlL IN LAKI TiMISMAMING. 4W* W*oi Mn 4W HI Wwn Jtn 62SMOON N W-l.'14,'(tB Wm PcnDffW AppuG*,Tior*yMocnTHc Ptciw L.ANDD ACT m*m ACT 'O PCNtMMQ APPLICATION UNDERTHB pybllclands ACT - FED, 1MHNM 3*c, }9 W4-:*-Oi M*S 3tfOMB((W (08(50 CM, 35 W-l-ia-04 MRO iot*'ji'04 1BBHT/J i*, sat ftmtmng Bjgnt^ OM/ hiiv aa sextt r*a * i *si w W-^4,'SB4yNi l/s.swtitwwokta V\W.-!W?*5 MER3CPT ITJm ERO FORS STftf AND PWgllNB GEOL S M eodoooe E G04000E E eoroooe UTM Zone m flrtd to o us, ci (h* MSnMa (4 Natural FVtKWM*. General Information and Limitations W* p [uhrn NAD fi I Crtnw. Aho wrwki kiiti tanicoand Iml UMWttMl witiitl wpfiwjnt (NO wrtiy loft