Cash Minerals Ltd.
TSX VENTURE : CHX

Cash Minerals Ltd.

December 18, 2006 09:01 ET

Cash Minerals Intersects 2.51 Metres of 0.29% U3O8 At Lumina 'Jack Flash Showing' and Obtains Up to 1.82% U3O8 From Surface Samples

FOURTEEN HOLES AT LUMINA INTERSECT ENCOURAGING MINERALIZATION - $15 Million Uranium Exploration Budget Planned For 2007 -

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 18, 2006) - Cash Minerals Ltd. (TSX VENTURE:CHX) today announced that remaining assays from the 2006 drill program at the Lumina property (Jack Flash Showing) have been received, as well as assays from 43 surface samples taken elsewhere on the Lumina property, located in the Wernecke District of the Yukon Territory. Assays include drill hole intersections of 0.030% U3O8 over 21.71 metres (including 0.161% U3O8 over 1.48 metres) and 0.287% U3O8 over 2.15 metres, as well as assay values of up to 1.82% U3O8 from surface samples. Figure 1 shows the location of all holes drilled at Lumina (Jack Flash Showing) in 2006, and Figures 2 and 3 show drill hole cross sections.

"These encouraging results from Lumina together with impressive results received from the airborne radiometric survey further support management's opinion that the Lumina property contains highly prospective uranium targets," said Mr. Basil Botha, President and Chief Executive Officer. "The latest results again show that notable uranium mineralization exists close to the surface and in 2007 we will continue to aggressively drill for depth extension and along strike at Lumina. Cash Minerals is budgeting up to $15 million for the 2007 exploration program, which includes a major drill program with 5 drill rigs to explore the company's land holdings of over 4,000 mineral claims in the Yukon."

The 43 surface samples from outcrops, sub-crops and boulders at Lumina were taken over an area of about 50 square kilometres in the central and northern part of the property, as illustrated by Figure 4. In addition to drilling and surface sampling, an airborne radiometric survey of 1,178 line kilometres flown in 2006 has identified over 90 new radiometric anomalies at Lumina, as illustrated by Figure 5.

The latest results from Lumina follow the initial drill hole assays that were previously announced. The assays from the first 8 holes were also very positive, with every hole intersecting uranium mineralization at less than 80 metres depth, which is very close to the surface. (Refer to news release dated September 6, 2006).

"Widespread uranium showings and radioactive anomalies, coupled with encouraging drilling results from the 2006 exploration program, provide Cash Minerals with the confidence to continue focusing on this highly prospective property," continued Mr. Botha. "In addition to the detailed drill program, additional geological and geophysical investigation is planned for 2007."

All drill core and surface sample 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 samples exceeding 1000 ppm. Reproducibility is excellent and between the two techniques. Measured radioactivity also correlates well within the analytical results. Exploration in the Wernecke District is being managed by Archer, Cathro & Associates (1981) Limited under supervision of W.A. Wengzynowski who is the qualified person as specified in National Instrument 43-101 for technical disclosure in this news release.

Tables 1 contains highlights of the latest drill hole assays from Lumina (Jack Flash Showing), and Table 2 contains highlights of surface sampling from Lumina. Table 3 is a compilation of all drill hole assays from Lumina (Jack Flash Showing) reported in 2006.




Table 1: Lumina (Jack Flash Showing) - Highlights of Drill Hole Assays(i)

---------------------------------------------------------------------------
Hole From To Interval %U3O8
(m) (m) (m)
---------------------------------------------------------------------------
L06-09 44.81 47.85 3.04 0.021
---------------------------------------------------------------------------
L06-09 74.91 96.62 21.71 0.030
---------------------------------------------------------------------------
(incl.) 82.95 84.43 1.48 0.161
---------------------------------------------------------------------------
L06-10 53.95 57.00 3.05 0.032
---------------------------------------------------------------------------
L06-11 124.05 126.20 2.15 0.287
---------------------------------------------------------------------------
L06-11 133.58 134.72 1.14 0.081
---------------------------------------------------------------------------
L06-15 53.59 54.06 0.47 0.037
---------------------------------------------------------------------------
L06-18 53.95 55.00 1.05 0.030
---------------------------------------------------------------------------
L06-19 63.51 66.14 2.63 0.027
---------------------------------------------------------------------------
(i) Holes L06-12,13,14,16,17 contained lower levels of uranium
mineralization


Table 2: Lumina - Highlights of Surface Sampling (ii)

-------------------------------------------
Sample %U3O8
-------------------------------------------
C103602 0.458
-------------------------------------------
C103603 0.509
-------------------------------------------
C103604 1.820
-------------------------------------------
C103606 0.348
-------------------------------------------
C103614 0.274
-------------------------------------------
C103616 0.142
-------------------------------------------
C103621 0.554
-------------------------------------------
C103624 0.261
-------------------------------------------
C103626 0.477
-------------------------------------------
C103639 0.190
-------------------------------------------
(ii) Assays are from radioactive rock samples.
Other rock samples contained lower levels of uranium.


Table 3: Lumina (Jack Flash Showing) - 2006 Drill Hole Assays

---------------------------------------------------------------------------
Hole From To Interval %U3O8
(m) (m) (m)
---------------------------------------------------------------------------
L06-01 65.45 66.45 1.00 0.170
---------------------------------------------------------------------------
L06-01 74.52 75.35 0.83 0.232
---------------------------------------------------------------------------
L06-02 58.85 75.29 16.44 0.140
---------------------------------------------------------------------------
incl. 60.85 63.84 2.99 0.324
---------------------------------------------------------------------------
and 73.63 75.29 1.66 0.413
---------------------------------------------------------------------------
L06-03 60.05 82.29 22.24 0.048
---------------------------------------------------------------------------
incl. 60.05 62.89 2.84 0.106
---------------------------------------------------------------------------
L06-04 53.53 65.40 11.87 0.116
---------------------------------------------------------------------------
incl. 53.53 55.75 2.22 0.533
---------------------------------------------------------------------------
L06-05 56.22 64.37 8.15 0.030
---------------------------------------------------------------------------
L06-06 16.68 19.70 3.02 0.015
---------------------------------------------------------------------------
L06-06 66.45 68.45 2.00 0.078
---------------------------------------------------------------------------
L06-07 41.76 96.77 55.01 0.103
---------------------------------------------------------------------------
incl. 57.09 84.10 27.01 0.203
---------------------------------------------------------------------------
incl. 61.09 78.13 17.04 0.290
---------------------------------------------------------------------------
incl. 70.03 70.33 0.30 8.100
---------------------------------------------------------------------------
L06-08 50.90 59.58 8.68 0.029
---------------------------------------------------------------------------
L06-08 68.61 89.92 21.31 0.035
---------------------------------------------------------------------------
incl. 71.62 74.12 2.50 0.111
---------------------------------------------------------------------------
L06-09 44.81 47.85 3.04 0.021
---------------------------------------------------------------------------
L06-09 74.91 96.62 21.71 0.030
---------------------------------------------------------------------------
(incl.) 82.95 84.43 1.48 0.161
---------------------------------------------------------------------------
L06-10 53.95 57.00 3.05 0.032
---------------------------------------------------------------------------
L06-11 124.05 126.20 2.15 0.287
---------------------------------------------------------------------------
L06-11 133.58 134.72 1.14 0.081
---------------------------------------------------------------------------
L06-15 53.59 54.06 0.47 0.037
---------------------------------------------------------------------------
L06-18 53.95 55.00 1.05 0.030
---------------------------------------------------------------------------
L06-19 63.51 66.14 2.63 0.027
---------------------------------------------------------------------------
(i) Holes L06-12,13,14,16,17 contained lower levels of uranium
mineralization


Please click on http://www.ccnmatthews.com/docs/chx1218.pdf or figures showing the locations of all holes drilled at Lumina (Jack Flash Showing) in 2006, drill hole cross sections, the location of surface samples and the radiometric survey of the Lumina property.

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 joint venture partner Twenty-Seven Capital Corp., Cash Minerals has the optional right to earn a 75% interest in any of the Wernecke District uranium prospects located in the Yukon Territory, Canada. These highly prospective prospects include numerous IOCG, structurally-controlled and unconformity-related uranium targets. In 2006, Cash Minerals conducted an extensive exploration program in the Wernecke District, which included 2,600 of drilling at the Lumina property and 3,000 metres of drilling at the Igor property.

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. The Division Mountain NI 43-101 report of December 21, 2005 states a measured resource of 52.5 million tonnes of high Volatile "B" Bituminous coal for the property, which occupies less than five percent of Cash Minerals' total coal leases in the Yukon. On November 15, 2006, the Company announced the findings of the Division Mountain mine feasibility study which found that is technically and economically feasible to develop an open pit mine producing 240,000 tonnes of unwashed coal per year over a 20-year period, with the product being sold to a potential 50 MW (net) mine-mouth power station located adjacent to the Division Mountain property.

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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