Cash Minerals Ltd.

Cash Minerals Ltd.

January 23, 2007 09:00 ET

Cash Minerals Announces Positive Results From 2006 Uranium Exploration Program at Igor Property

Geophysical survey identifies an appreciable high-density gravimetric anomaly to be drilled during the 2007 exploration program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2007) - Cash Minerals Ltd. (TSX VENTURE:CHX) today announced the results of 2006 exploration drilling on the Igor uranium property in the Wernecke Uranium District, Yukon. Several significant intersections were discovered, with highlights as follows:

- 0.326% U3O8 over 2.59 metres, including
0.593% U3O8 over 1.27 metres
- 0.272% U3O8 over 3.02 metres
- 0.290% U3O8 over 1.00 metres
- 0.121% U3O8 over 1.32 metres
- 0.113% U3O8 over 3.80 metres, including
0.189% U3O8 over 1.33 metres

Copper-rich U3O8 intervals include the following:
- 0.062% U3O8 and 0.81 % Cu over 12.98 metres
- 0.047% U3O8 and 0.89 % Cu over 17.00 metres
- 0.053% U3O8 and 0.75 % Cu over 4.05 metres
- 1.39% Cu over 12.04 metres

Drilling at the Igor property has intersected mineralization over a total strike length of approximately 650 metres. 2006 drilling intersected U3O8-copper mineralization in a deeper zone than was previously encountered. Interpretation and modeling of results from an extensive ground geophysical survey conducted on the Igor property in 2006 has delineated an appreciable, positive gravity anomaly projecting south and to depth from known U3O8 and copper mineralization. This anomaly indicates a significant uranium target, which has potential to greatly expand the mineralized corridor. The results from Igor, together with the results from drilling at the Lumina and Bonnie properties, continue to demonstrate potential for multiple uranium deposits in the Wernecke District.

"Management is extremely pleased with the results of the uranium exploration conducted at Igor to date, particularly the very positive geological picture that is emerging," stated Basil Botha, President and CEO. "The drill hole results from 2005 and 2006, combined with the geophysical data, indicate the potential existence of a large high density mineralized zone close to surface. The anomaly at Igor, as well as other areas of known mineralization in the Wernecke Uranium District, will be further drilled in an aggressive uranium exploration program to be conducted in 2007. The budget for this program is

approximately $15 million, with the primary objective of defining a uranium resource at the Igor and/or Lumina properties."

Table 1 contains selected drill hole intersections from the 2006 exploration program conducted at the Igor property.

Table 1: Selected 2006 Drill Hole Assays from the Igor Property(i)

From To Width U3O8 Cu
Hole No. m m m % %
DDH-I-2006-03 45.08 68.00 22.92 0.016 0.20
incl. 49.80 50.80 1.00 0.290 1.18
DDH-I-2006-04 56.00 73.00 17.00 0.048 0.89
incl. 58.50 68.90 10.40 0.049 1.12
And 108.56 112.61 4.05 0.054 0.75
DDH-I-2006-05 80.00 86.10 6.10 0.043 -
incl. 84.78 86.10 1.32 0.121 -
DDH-I-2006-10 15.47 18.06 2.59 0.326 0.01
incl. 15.47 16.74 1.27 0.593 0.02
And 73.96 86.00 12.04 - 1.39
incl. 73.96 76.00 2.04 - 5.00
And 80.00 83.75 3.75 - 1.60
DDH-I-2006-12 80.80 93.78 12.98 0.064 0.81
incl. 80.80 83.82 3.02 0.272 2.05
And 88.79 91.00 2.21 - 1.22
DDH-I-2006-18 50.30 51.36 1.06 0.031 0.40
And 73.35 77.15 3.80 0.113 0.02
incl. 73.35 74.68 1.33 0.189 -
(i) A total of 23 drill holes were attempted.
The last 5 drill holes were abandoned before
reaching target depth due to technical issues.

A PDF containing Figure 1 has been uploaded to the CCNMatthews website. To view, please visit the following link:

Figure 1 Shows a cross section of a modeled, 3-D high-density body (blue layer) beneath the exposed surface (yellow layer) at Igor. The blue annulus in the centre of the figure is interpreted to represent a near-surface, high-density body. (To view this figure via our website, follow the link

Igor represents a chemically complex, structurally-controlled iron oxide-copper-uranium-silver system where uranium- and copper-rich mineralization is largely coincident with masses of magnetite and hematite, and locally barite and fluorite. The association between mineralization and high-density minerals commonly signifies that zones of volumetrically significant mineralization are manifest as positive gravimetric anomalies of variable magnetic character. Recent structural analysis and acquisition of detailed ground geophysical data over the Igor property has shown that the geology of the system has a pronounced N to NNE-trending structural grain and that the gravimetric anomaly shares this orientation.

The gravimetric anomaly at Igor has been modeled in 3-D to most likely represent a comparatively shallow mass of high density rock that continues south. The geophysical anomaly has not yet been tested by drilling. The modeling was carried out by PGN Geoscience of Australia ( who also have experience of gravity inversion modeling at Olympic Dam. "Igor exhibits many features common to breccia-hosted IOCG deposits, which include Olympic Dam and Ernest Henry in Australia. Based on these characteristics, structural interpretation and geophysical modeling, extensions to known mineralization at Igor will be tested in the upcoming field season," stated Dr Geordie Mark, IOCG Geologist, "Further, we aim to develop an integrated IOCG-U model using Igor as a template, and implement these outcomes to explore for comparable mineralization elsewhere in the Wernecke Uranium District".

All 2006 analyses for the Igor property were conducted at ALS Chemex Laboratories in North Vancouver, British Columbia. Uranium values were routinely obtained by total digestion ICP analyses and confirmed by pressed pellet X-ray diffraction. Reproducibility is excellent within and between techniques. Measured radioactivity correlates well with analytical results. Exploration in the Wernecke Mountains is being managed by Archer, Cathro & Associates (1981) Limited under supervision of W.A. Wengzynowski, P.Eng. who is the qualified person as specified in National Instrument 43-101 for technical disclosure in this news release.

Cash Minerals will hold a conference call and webcast to discuss Igor drill results and the 2007 uranium exploration program. Representing Cash Minerals on the call will be Basil Botha, President and Chief Executive Officer, Dr. Geordie Mark, IOCG Geologist and Peter Arendt, Vice President, Engineering and Marketing. The call will begin with brief remarks followed by a question-and-answer period with financial analysts.

Conference Call Details

Date: Thursday, January 25, 2007
Time: 11:00 a.m. (Eastern Time)
Dial-In Numbers: (416) 695-6130 (Toronto and International) and
(877) 888-3855 (Canada and the U.S.)

Cash Minerals Ltd. will also host a live audio webcast. The webcast will be available via the Cash Minerals website at .

A replay of the conference call will be available until 7 p.m. (Eastern Time) on Thursday, February 1, 2007, by dialing 416-695-5275 (Toronto and International callers) or 888-509-0081 (U.S. and Canada), using passcode 639515.

About Cash Minerals Ltd.

Cash Minerals ( is an emerging publicly listed energy company focused on uranium, coal and alternative fuels (synfuels). Under an agreement with joint venture partner Twenty-Seven Capital Corp., Cash Minerals has the option to earn a 75% interest in uranium prospects located in various parts of the Yukon. These highly prospective prospects include numerous IOCG, structurally-controlled hydrothermal uranium targets.

The Company is also engaged in exploring and developing coal properties in southwest Yukon Territory. The Division Mountain coal project comprises of five coal leases measuring 776.4 hectares and 30 territorial coal exploration licenses covering some 360,000 hectares in coal-bearing stratigraphy. The Division Mountain NI 43-101 report of December 21, 2005 states a measured resource of 52.5 million tonnes of high Volatile "B" Bituminous coal for the property, which occupies less than five percent of Cash Mineral's total coal leases in the Yukon. The potential exists to export coal through the Port of Skagway, Alaska, as well as providing feedstock for mine-mouth power station.

Cash Minerals is also pursuing the development of a coal mine in China which would provide feedstock to an adjacent coal-to-liquids (CTL) plant, which would utilize the Fischer-Tropsch process to convert coal into clean-burning fuel.

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