Cash Minerals Ltd.
TSX VENTURE : CHX

Cash Minerals Ltd.

March 05, 2007 08:00 ET

Cash Minerals Commences $15 Million (30,000 Metres) Uranium Exploration Program in the Wernecke District, Yukon

- Cash Minerals appointed operator by new partner Mega Uranium Ltd. -

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 2, 2007) - Cash Minerals Ltd. (TSX VENTURE:CHX) today announced that ground geophysical crews have been mobilized on the newly acquired Odie property, which was acquired in 2006 as part of an aggressive staking program in the Wernecke Uranium District, Yukon. Drilling on the Odie property is scheduled to commence in April 2007 with two drills.

"The 2007 exploration program is the largest uranium exploration program in the Yukon and ranks as one of the largest uranium exploration programs in Canada this year," stated Basil Botha, President and CEO of Cash Minerals Ltd. "With a budget of $15 million, five drill rigs and a highly experienced geological team, we are focused on reaching our 2007 objective, which is to define a uranium resource at one or more properties in the Wernecke District." The 2007 exploration program will consist of approximately 30,000 metres of drilling. Mr. Botha continued, "Management continues to be impressed by the quality of our properties and we remain confident that the Wernecke Uranium District has the potential for a world-class discovery."

Odie Property

The Odie property comprises of 1,560 claims covering approximately 325 square kilometres (Figure 1). Odie is the largest of 19 properties that Cash Minerals holds in the highly prospective Wernecke Uranium District, together with Mega Uranium Ltd. (TSX: MGA) An extensive airborne geophysical survey conducted on Odie in 2006 identified coincident positive gravimetric and magnetic anomalies in interpreted dilatant fault zones (Figures 2 and 3). The confluence of these features is considered to represent favourable areas for drilling. (To view the above figures, please visit the Cash Minerals' website at http://www.cashminerals.com/s/Uranium.asp.)

"With the strong geophysical similarities between Odie and Iron Oxide Cu-Au-U (IOCG) mineral systems (e.g. Olympic Dam), Cash Minerals' exploration team is looking forward to testing these targets at Odie," stated Dr. Geordie Mark, Vice President, Exploration and an IOCG geologist. "A ground geophysical survey is currently underway on the Odie property, and these data together with our knowledge of IOCG systems in the Wernecke Uranium District will provide the basis for drill target delineation in 2007."

Two of the five drills contracted for the 2007 exploration season will be mobilized on the Odie property, with drilling starting in April. It is anticipated that the 2007 field season at Odie will run from February to November.

In addition to Odie, Cash Minerals will continue exploration in 2007 with geophysical surveys and drilling at the Lumina, Igor and Vic properties. Together with Mega Uranium Ltd., Cash Minerals holds one of the largest portfolios of uranium prospects in the Wernecke Uranium District, Yukon, which includes over 4,000 claims covering over 800 square kilometres.

Igor and Lumina Properties

At the Igor property, holes will be drilled at depth to follow up on encouraging results from 2005 and 2006 drilling and ground geophysical surveys, which helped to delineate a gravimetric anomaly close to surface in 2006. This gravity anomaly has not yet been tested and will be drilled following the arrival of drills at the Igor property in June (Refer to news release dated January 23, 2007).

Drilling on the Lumina property will commence with two drills in June, where the exploration team will continue to test mineralization found in outcrops and drill holes. In late 2006, encouraging airborne radiometric surveys completed on Lumina detected as many as 90 anomalous zones on the property. (Refer to news releases dated September 6, 2006, December 18, 2006 and January 17, 2007). Comprehensive field work is also planned for Lumina and will include prospecting, detailed structural mapping and sampling.

The 2007 uranium exploration program will be managed by Cash Minerals, who will act as operator under the Yukon Uranium Partnership between Cash Minerals and Mega Uranium Ltd.

"The appointment of Cash Minerals as operator is a notable development in the management of the Yukon Uranium Partnership," commented Mr. Botha. "With Cash Minerals' technical and operational expertise, together with the support of Mega Uranium Ltd., the elements are in place for a successful 2007 uranium exploration program."

Exploration Team

The 2007 exploration program will be led by Dr. Geordie Mark, Ph.D., Vice President, Exploration. Dr. Mark will be assisted by Dr. Michael Carew, Ph.D. and Dr. Damien Foster, Ph.D., who are both specialists in Iron-Oxide-Copper-Gold (IOCG) deposits; Mr. Raul Sanabria, M.Sc., who is a specialist in structurally complex mineralized fault systems; and Mr. Rick Zuran, who specializes in regional exploration and has more than 17 years experience in the Yukon.

The exploration team will also include Aurora Geosciences Ltd. who are conducting ground geophysical surveys at Odie, and additional consultant geologists whose services will include structural mapping and data interpretation. Data dissemination and 3-D modeling will be supported by consultants based out of Australia. Airborne geophysical gravity surveys conducted over the Odie property in 2006 were conducted by Bell Geosciences. A 1748 line-kilometer helicopter-borne radiometric survey over the Lumina Property in 2006 was undertaken by McPhar Geosurveys Ltd.

Cash Minerals is also pleased to announce the appointment of Mr. Stan Bharti, P.Eng. as Chairman of the Board of Directors. Mr. Bharti has over 25 years experience in mine operations, public markets and finance. He was the founder and Chairman of Desert Sun Mining, and currently holds Board positions on a number of publicly traded resource companies. Mr. William Clarke will remain on the Board as a Director.

About Cash Minerals Ltd.

Cash Minerals (www.cashminerals.com) 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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To view Figure 1 please click on the following link: http://www.ccnmatthews.com/docs/chxfig1.pdf

To view Figure 2 please click on the following link: http://www.ccnmatthews.com/docs/chxfig2.pdf

To view Figure 3 please click on the following link: http://www.ccnmatthews.com/docs/chxfig3.pdf

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