Cash Minerals Ltd.

Cash Minerals Ltd.

April 02, 2007 09:00 ET

Cash Minerals Announces Drilling of Odie Property Scheduled to Begin in April, 2007

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 2, 2007) - Cash Minerals Ltd. (TSX VENTURE:CHX) today announced that drilling of the Odie property in the Wernecke Uranium District, Yukon is scheduled to begin in April, 2007. Drilling at Odie follows very positive results from ground geophysical surveys which have identified specific drill targets for the 2007 exploration season.

"Two diamond drills and crews are currently being mobilized to the Odie property, with drilling scheduled to begin in April," stated Basil Botha, President and CEO of Cash Minerals Ltd. "The airborne geophysical survey conducted in 2006 followed by the detailed ground geophysical survey conducted in February 2007 have provided the technical data required to identify specific targets for diamond drilling at Odie. The Board and Management of Cash Minerals are very excited by the early start to the 2007 exploration season, and are looking forward to the summer season, when five drills will be operating from three exploration camps in the Wernecke Uranium District (Igor, Lumina and Bear River)."

"Cash Minerals has assembled a world-class geological team, which we consider to be one of the most impressive groups of exploration geologists working in the uranium sector," continued Mr. Botha. "Dr. Geordie Mark, Vice President Exploration, and his project managers will direct a total of over fifty geological consultants and field personnel in one of Canada's largest uranium exploration programs. This highly experienced technical team will be utilizing the latest geological knowledge and modeling tools to generate and test numerous uranium targets, with the aim to define a resource in 2007."

As reported on March 5, 2007, Odie is the largest of 19 properties that Cash Minerals holds in the highly prospective Wernecke Uranium District, together with Mega Uranium Ltd. (MGA:TSX) Extensive geophysical surveys conducted in 2006 and 2007 have identified coincident gravimetric and magnetic anomalies in interpreted dilatant fault zones. These anomalies at Odie, which exhibit strong geophysical similarities to known Iron Oxide Cu-Au-U (IOCG) mineral systems (e.g. Olympic Dam), are considered to represent favourable areas for mineralization and will be drilled starting in April, 2007.

In addition to Odie, drilling at the Igor and Lumina properties is scheduled to begin in June, 2007. Very positive drillhole results from 2005 and 2006, combined with recent geophysical data, will be used to identify 2007 targets, with holes to be drilled to depth. Current plans call for two drills to be operated at both Igor and Lumina in 2007. (Refer to news release dated March 5, 2007).

The 2007 uranium exploration program will be managed by Cash Minerals, who will act as operator of the Yukon Uranium Project, a partnership between Cash Minerals and Mega Uranium Ltd. Exploration in the Wernecke Uranium District will be conducted under the supervision of Mr. Christopher K. Hutchings, P.Geo., who is the qualified person as specified in National Instrument 43-101 for technical disclosure. Mr. Hutchings is President of Kiex Consulting Limited, a professional geoscience consulting company.

About Cash Minerals Ltd.

Cash Minerals ( is an emerging publicly listed energy company focused on uranium, coal and alternative fuels (synfuels). Cash Minerals and Mega Uranium Ltd. currently each have a 50% interest in the Yukon Uranium Project. Cash Minerals has the right to earn a 75% interest in the partnership upon meeting certain conditions, including bringing the partnership projects to bankable feasibility. The uranium prospects under the Yukon Uranium Project are located primarily in the Wernecke District of the Yukon. These highly prospective prospects include numerous iron-oxide copper-gold (IOCG) and structurally-controlled hydrothermal uranium targets.

The Company is also engaged in exploring and developing coal properties in southwest Yukon Territory. The Company's Division Mountain project has a measured resource of 52.5 million tonnes of high Volatile "B" Bituminous coal (refer to NI 43-101 report dated December 21, 2005), which occupies less than five percent of Cash Minerals' total coal leases in the Yukon. The potential exists to provide this coal as feedstock for a mine-mouth power station. Cash Minerals is also pursuing the development of a coal mine in China that 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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