Cash Minerals Ltd.

Cash Minerals Ltd.

July 14, 2005 13:00 ET

Cash Minerals Concludes Letter of Understanding and Working Alliance With Champagne and Aishihik First Nations, Yukon

TORONTO, ONTARIO--(CCNMatthews - July 14, 2005) - CASH MINERALS LTD. (TSX VENTURE:CHX) is pleased to announce that a Letter of Understanding has been concluded with Champagne and Aishihik First Nations (CAFN), Yukon. Working together, CAFN and Cash Minerals will cooperate to move the Division Mountain Coal project towards production in 2007.

"Champagne and Aishihik First Nations are interested in assessing the potential of our land for mineral opportunities," said Chief James Allen. "We wish to maximize the economic benefits for our citizens through employment, training, contracting and direct participation in business opportunities which may arise from the Division Mountain coal project".

With the guidance and expertise of the Access Consulting Group, Whitehorse, Cash Minerals will conduct the environmental, heritage, hunting, trapping and fishing studies as required under land use environmental assessment and protection regulations governed by The Yukon Environmental and Socioeconomic Assessment Act (YESSA).

"This is excellent news and we are excited to have this opportunity to cooperate with Chief James Allen and his First Nations at this stage of our development," said Bill Clarke, Chairman, Cash Minerals. "We are impressed by the willingness of CAFN to explore the significant opportunities for the First Nation that will flow from the Division Mountain coal project. Cash Minerals has sent out letters to the respective Chiefs of Little Salmon Carmacks, Kwanlin Dun and Ta'an Kwach'an First Nations to open a dialogue, build positive working relationships and to maximize the benefits of our project to all interested First Nations in the Yukon".

In concluding the Letter of Understanding with CAFN, Cash has undertaken to conduct a geological mapping program later this summer on CAFN "A" lands that border Division Mountain. The mapping program will be conducted along strike from Division Mountain property and continue into CAFN lands where there are visible signs of coal at surface.


The Division Mountain Coal Project.

The Division Mountain Coal project, located 90 kms northwest of Whitehorse, lies 20 km west of Highway 2 and Yukon's main power grid, and 290 km from the tidewater port at Skagway, Alaska. The Project is owned 100% by Cash Minerals Ltd and consists of five coal leases measuring 776.4 hectares and 22 Territorial coal exploration licenses covering 360,000 hectares. The exploration area covers 4,017 square kilometres of coal bearing stratigraphy.

A recently completed NI 43-101 Report on the Project by Norwest Corporation confirmed a Measured & Indicated (M&I) Resource of 51.6 million tonnes of coal. A subsequent scoping study, also completed by Norwest, indicated that the Project is potentially viable. Cash Minerals is conducting exploration work, geological, transportation and economic studies, and environmental reviews in anticipation of application for mining permits. A full bankable feasibility study by Norwest is in progress and is scheduled for completion by September 2005.

Uranium Exploration

In addition to the Division Mountain Coal Project, the Company also has a right to earn an interest in six significant uranium projects in the Yukon Territory, including four in the Wernecke Mountain area of northeastern Yukon. These uranium projects are hosted in Proterozoic age iron-oxide rich breccia bodies that share numerous textural and mineralogical similarities to the IOCG deposit (Iron-Oxide-Copper-Gold) model, which include Olympic Dam, Ernest Henry and Candelaria. Two uranium properties, (one in west-central and one in southeastern Yukon), are both hosted in Cretaceous granitic intrusions and are best viewed as bulk tonnage uranium targets, modeled on the Rossing Deposit in Southern Africa. All of the uranium projects have considerable existing data as they were aggressively explored by majors in the late 1970s and early 1980s. A 2,800 metre drill program of approximately 24 holes is currently in progress on four of the Uranium properties in the Yukon.

Cash Minerals Ltd. ( is an emerging energy resource company listed on the TSX Venture Exchange under the symbol "CHX". The Company has approximately 24.2 million shares outstanding.


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