Cash Minerals Ltd.

Cash Minerals Ltd.

April 16, 2007 08:00 ET

Cash Minerals Begins Drilling at Odie Property (IOCG-U TARGET), Wernecke Uranium District, Yukon

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 16, 2007) - Cash Minerals Ltd. (TSX VENTURE:CHX) today announced that two drills have started drilling IOCG-U targets on the Odie property, located in the Wernecke Uranium District, Yukon. The Odie property is one of nineteen properties under the Yukon Uranium project, a partnership between Cash Minerals and Mega Uranium Ltd (TSX:MGA). The targets were identified using ground geophysical data completed by Aurora Geosciences (Canada) in March of this year. Ground crews were mobilized on February 12th to complete high-resolution ground gravimetric and magnetic surveys over airborne anomalies discovered in late 2006. (Refer to news release dated April 2, 2007). Drill locations have been identified for stage one drilling on Odie. Three-dimensional modeling of the target area is being undertaken to further enhance target selection at the property.

"The early start to the 2007 drilling season is great news. Drilling at Odie started four days ahead of schedule, and credit must be given to our ground operational crews who have worked diligently to set up the Odie camp," said Basil Botha, President and CEO of Cash Minerals. "Instead of operating our exploration season from June to September, the Odie property allows us to extend the season from April to late October of each year, as it is at a lower elevation than our other Wernecke properties.

"The Odie property is a massive geophysical anomaly, which exhibits gravimetric, magnetic and structural features comparable to those of the world-class Olympic Dam IOCG system in Australia. The Wernecke Uranium District is well known for IOCG-U mineralization, and in fact was the region that provided a foundation for the IOCG model," continued Mr. Botha.

"With the development of new geophysical techniques, advances in computer processing, and more comprehensive geological data, the district represents a new frontier where we can more readily detect ore systems at depth. We are applying these new techniques to our Wernecke Properties, and the Odie property represents an area with very exciting potential," said Dr. Geordie Mark, Vice President, Exploration.

The Odie Property, which covers a surface area of over 200 square kilometers, contains numerous geophysical anomalies that represent potential IOCG-style targets. The largest anomaly (over three square kilometres) represents a massive gravity high that is not only coincident with a large, but complex, magnetic low (Figures 4 and 5), but also occurs within a series of controlling faults. (To view these figures go to .) The faults are interpreted to have been active at the same time as IOCG-U mineralization at the Igor prospect.

Three project geologists are currently in the Odie camp (Rick Zuran, who is a seasoned Yukon field geologist and worked on the Igor project in 2006; Dr Damien Foster, who is well versed in the anatomy of IOCG and hydrothermal Uranium systems; and Raul Sanabria, a structural geologist with international mining and exploration experience in Europe and Africa).

Field crews will begin mobilizing in May to set up a base camp at Bear River, which will serve as a staging ground for camps at the Lumina and Igor properties. This will also serve as a central supply camp for fly programs at other properties in the Wernecke Uranium District. Extensive field mapping and geophysics will be completed on these properties prior to the selection of suitable drill targets.

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 Mega Uranium Ltd., 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 iron-oxide copper-gold (IOCG), 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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