Cash Minerals Ltd.

Cash Minerals Ltd.

October 13, 2006 10:28 ET

Cash Minerals Discovers New Uranium Showings at the Lumina Property, Including 1.82% '36.4 lbs/ton' U3O8 Outcrop at the Ram Showing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 13, 2006) - Cash Minerals Ltd. (TSX VENTURE:CHX) announces uranium assays from an extensive mapping and prospecting program conducted at the Lumina property. This work was done in conjunction with a highly successful diamond drill program. The Lumina property is one of four uranium prospects in the Wernecke District of Yukon Territory which Cash Minerals has tested by drilling in 2006. Work is currently focusing on iron-oxide-copper-gold (IOCG) prospects with two drills operating and a third drill about to begin. Drilling is expected to continue into November 2006 and resume again in Spring 2007.

Strongly radioactive rocks have been discovered on the Lumina property within an area that is 7 km long and up to 5 km wide. Helicopter-borne radiometric surveys were flown across the property in early September 2006, and the results from these surveys are expected to identify additional targets.

Radioactive rocks from several showings on the property have assayed greater than 1% U3O8. Highlights from 2006 include samples taken in the vicinity of the Ram Showing which ranged from 0.348% to 1.82% U3O8, a newly discovered outcrop 1.3 km northeast of the Jack Flash Showing which returned 0.554% U3O8, and another new discovery 1.5 km to the southeast where a 1 metre chip sample taken across the accessible portion of the much wider radioactive zone assayed 0.19% U3O8.

"The newly discovered showings, widespread float occurrences and very positive drillhole results from the Jack Flash Showing continue to provide encouragement that the Lumina property is a highly prospective uranium target," said Basil Botha, President and Chief Executive Officer of Cash Minerals Ltd. "As previously announced, the next step is to develop and implement an expanded drilling program in 2007 to further test the Jack Flash Showing and to locate other major concentrations of uranium mineralization in the Wernecke District."

The following is an update on drilling at the Lumina and Igor properties.

Lumina (Jack Flash Showing)

On September 6, 2006, Cash Minerals announced assays from the first eight drill holes at Jack Flash. Significant drillhole intersections included:

- 55.01 m of 0.103% U3O8 (including 27.01 m of 0.203% U3O8) from Hole L06-07

- 11.87 m of 0.119% from Hole L06-04

- 16.44 m of 0.140% U3O8 from Hole L06-02

A total of 19 holes were drilled at Jack Flash, for a total of 2,356 metres. Assay results for the remaining 11 drillholes are expected in November, 2006.


A total of 21 holes have been drilled at Igor, for a total of 2,857 metres. Assay results for the first set of drillholes are expected in November, 2006.

Starting in 2007, Dr. Geordie Mark will provide direction in the planning and execution of the uranium exploration program. Dr. Mark specializes in the genesis and interpretation of hydrothermal IOCG) geological systems, and has over 12 years of field and research experience relevant to the exploration and interpretation of IOCG deposits in Australia, Europe and Canada. He has written and contributed to numerous technical papers and reports on the subject, including reports on the Ernest Henry IOCG system in Australia.

All 2006 analyses for the Lumina property were conducted at SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan. Uranium values were routinely obtained by total digestion ICP analyses with confirmation by assays for all samples exceeding 1000 ppm. 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.Geo. who is the qualified person as specified in National Instrument 43-101 for technical disclosure in this news release.

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 six uranium prospects located in various parts of the Yukon. The properties are Lumina, Igor, Bond, Steel, Alle and Pedler. These highly prospective prospects include numerous IOCG, structurally-controlled and unconformity-related uranium targets. The agreement also grants Cash Minerals the right to earn 50% in any uranium properties that is subsequently discovered by the joint venture.

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. Division Mountain contains a confirmed (NI 43-101) coal resource of 52.5 million tonnes, which occupies less than five percent of the coal properties. 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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