Cash Minerals Ltd.

Cash Minerals Ltd.

September 19, 2007 08:00 ET

Cash Minerals Intersects 0.055% U3O8 and 2.82% Copper Over 22.25 Metres in First Phase of Drilling at Igor Uranium Property

Intercepts 1.5 metres of 0.14% U3O8, 0.035% molybdenum and 0.08 g/t Au at Lumina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 19, 2007) - Cash Minerals Ltd. (TSX VENTURE:CHX) and joint-venture partner Mega Uranium Ltd. (TSX:MGA) today announced results from the first phase of drilling at the Igor and Lumina properties. Advanced exploration in the Wernecke Uranium District builds on past exploration success by once again producing notable results as shown by intersections yielded in the first phase of drilling.

Highlights from recent drilling at Igor and Lumina include:

- At Igor: 22.25 metres at 0.055% uranium oxide (U3O8), 2.82% copper (Cu), 5.2 g/t silver (Ag) and 0.03 g/t gold (Au); and

- At Lumina: 1.5 metres of 0.14% U3O8, 0.035% molybdenum (Mo) and 0.08 g/t Au; as well as 40.1 metres of 0.014% uranium (U), 0.047% Mo and 0.31 g/t Au

Igor and Lumina, known as iron-oxide, copper-gold-uranium (IOCG-U) and U-Mo-Au targets, respectively, are both located in Canada's mineral-rich Wernecke Uranium District, Yukon Territory. A total of 16,000 metres has been diamond drilled in 2007, with up to six drill rigs operating concurrently on a number of the Yukon properties. The focus for drilling in 2007 has been the Igor and Lumina properties. Exploration on other Wernecke properties is engaged in testing other areas to identify targets for this year and 2008 drilling.

"Management is extremely pleased with results from the first phase of drilling, which continues to show the potential of a world-class IOCG target, similar to that of Australia's Olympic Dam mine," commented Basil Botha, President and CEO. "Our plan this year was to use a systematic approach to exploration, which would support us in reaching our objective of defining a resource. Today's results clearly validate our approach where we are continuing to extend the distribution of known uranium mineralization, in addition to creating additional project value through new mineral discoveries, such as the polymetallic U-Mo-Au mineralization shown in the 2007 drilling data at Lumina."

Igor Property Continues to Deliver

At Igor, IOCG-U mineralization crops out and is open at depth. Uranium-copper mineralization is largely coincident with masses of magnetite, hematite, barite and pyrite within dilatant veins and breccias, interpreted to have formed over a long period of geological time.

Drilling at Igor began in June 2007 and initial results show intersections with appreciable uranium and copper mineralization, which include 22.25 m at 0.055% U3O8, 2.82% Cu, 5.2 g/t Ag and 0.03 g/t Au; 9.5 m at 1.68% Cu, 0.24 g/t Au; and 3.0 g/t Ag; and 3.6 m at 0.125% U3O8 (Table 1).

The objective of the 2007 drill program at Igor aims to define a resource by testing existing areas with known uranium and copper mineralization, as well as examining the potential for IOCG-U mineralization at depth, which would comprise of testing the annulus-shaped sub-surface geophysical anomaly identified in 2006. Initial drilling conducted this year has yielded intersections of U-Cu-Au-Ag mineralization comparatively close to the surface, with the source of the anomaly currently being tested. Drilling will continue at Igor until the end of October weather conditions permitting, with three drills allocated to the property.

Hole From To Interval U3O8 Cu Au Ag
Name (m) (m) (m) (%) (%) g/t g/t

IG-06 138.75 161.00 22.25 0.055 2.82 0.03 5.2

IG-02 6.00 15.5 9.50 - 1.68 0.24 3.0
includes 9.00 12.0 3.00 - 3.01 0.39 4.4
and 110.20 119.4 9.25 - 0.60 0.05 1.0
includes 110.15 111.90 1.75 - 2.01 0.16 2.4

IG-03 186.2 191.7 5.50 0.037 - 0.03 1.6
includes 190.7 191.7 1.00 0.099 - 0.01 0.6
and 223.0 226.6 3.60 0.125 - - 2.2
includes 225.0 225.6 0.60 0.310 - - 1.8

Table 1. Summary drill hole results from preliminary analysis from the Igor property.

"Cash Minerals' drilling and exploration program is going extremely well in the Wernecke Uranium District. Given the intersections of U-Cu-Au-Ag mineralization at Igor, as well as the characterization of U-Mo-Au mineralization on the Lumina property, the district could be better described as a polymetallic minerals province," stated Dr. Geordie Mark, Vice President, Exploration. "Our exploration team continues to apply an integrated technical approach with the aim of adding value by enhancing targeting strategies, which in the case at Lumina would assess the hydrothermal mineralization as part of a polymetallic U-Mo-Au system."

Adding Value at Lumina

Drilling and exploration at the Lumina property began in June primarily near the Jack Flash showing, which returned significant uranium mineralization during the 2006 exploration season (55.1 m at 0.103% U3O8; refer to press release dated September 2006). Drilling in 2007 has proved continuity of the uranium mineralization discovered in 2006, and it has extended the known sub-surface distribution of uranium mineralization around 130 m to the southwest (e.g., LU-27, Table 2).

The geology of the property has evolved due to drilling conducted this year, which has expanded our knowledge of Lumina. In turn, this knowledge has facilitated additional drill planning and geochemical sampling defining the presence of significant polymetallic U-Mo-Au mineralization (Table 2), thereby enhancing the metal potential of the property. Exploration within the Lumina property shows that there are numerous areas with comparable geology, some with more than one kilometre long, on-surface uranium anomalies, which were defined from heli-borne radiometrics. The geology of many of these regions exhibit common characteristics and show U-(Mo-Au) mineralization, most likely formed in a single hydrothermal system distributed for tens of kilometres throughout the Lumina property.

Hole From To Interval U3O8 Mo Au Ag
Name (m) (m) (m) (%) (%) g/t g/t

LU-20 124.05 153.45 29.4 0.026 0.034 0.23 0.9
includes 127.05 130.95 3.9 0.053 0.115 0.89 3.1

LU-21 78.10 98.10 20.0 0.031 0.022 0.04 0.5
includes 78.10 85.55 7.5 0.048 0.017 0.05 0.5

LU-23 52.0 65.5 13.5 0.043 0.008 0.03 0.6
includes 64.0 65.5 1.5 0.139 0.035 0.08 1.9
and 79.0 81.0 2.0 0.033 0.084 1.09 3.2

LU-27 96.7 136.8 40.1 0.014 0.047 0.31 1.3
includes 96.7 106.8 10.1 0.025 0.065 0.22 1.9
includes 125.3 131.3 6.0 0.015 0.062 0.88 1.4

Table 2. Summary drill hole results from preliminary analysis from the Lumina property.

Drilling is still underway in the Werneckes with five drills operating at Igor, Lumina and properties in and around the Bear River camp. Drilling at Igor is currently testing the geophysical anomaly beneath the surface. At, Lumina drilling continues to test for U-Mo-Au mineralization to the north of the Jack Flash showing. Geochemical results from the second phase of drilling, as well as geophysical data collected from the Wernecke properties during the 2007 exploration season, are expected to be released in the second half of Q4 2007.

Cash Minerals Confirms Cash Position

Cash Minerals would also like to address the subject of investment strategy as it pertains to the company's cash holdings. Cash Minerals' investment policy prioritizes the preservation of capital, while ensuring both liquidity and adequate returns by investing in Banker's Acceptances issued by Canadian Schedule 1 Financial institutions only. The company has total cash and Banker's Acceptances of approximately C$10 million.

In addition, the Company has granted management 150,000 options. The options are exercisable at $0.63 per share and are for a term of five years.

Samples prepared and analyzed by ALS Chemex, Vancouver. Samples are crushed, pulverized and digested in a four-acid solution and all elements, but gold were analyzed by ICP methods. Gold was analyzed by Fire Assay and ICP-AES. Exploration in the Wernecke Uranium district is being 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. True width intervals are unconstrained due to insufficient data at depth.

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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Cautionary Note Regarding Forward-Looking Information This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, statements regarding exploration prospects, statements regarding synergies and financial impact of the proposed transaction, the terms and conditions of the offer and the offer itself being made, the benefits of the proposed transaction, the identification of mineral reserves and resources, costs of and capital for exploration projects, exploration expenditures, timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company (and the company resulting from the successful completion of the proposed transaction) to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; the business of Cash Minerals and Signet not being integrated successfully or such integration proving more difficult, time consuming or costly than expected; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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