Cash Minerals Ltd.

Cash Minerals Ltd.

March 31, 2005 06:00 ET

Cash Minerals Ltd.: 43-101 Report On Division Mountain Coal Project Confirms Measured & Indicated Resource Of 51.6 Million Tonnes


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CASH MINERALS LTD.

TSX VENTURE SYMBOL: CHX

MARCH 31, 2005 - 06:00 ET

Cash Minerals Ltd.: 43-101 Report On Division Mountain
Coal Project Confirms Measured & Indicated Resource Of
51.6 Million Tonnes

TORONTO, ONTARIO--(CCNMatthews - March 31, 2005) - CASH MINERALS LTD.
(TSX VENTURE:CHX) is pleased to announce the results of a 43-101 Report
on the Company's Division Mountain Coal Project (see Press release of
March 2, 2005.) This report will be available on Sedar at www.sedar.com.

According to the 43-101 Report, which reviewed previous exploration
findings including the results of 64 diamond drill holes, "Exploration
to date has outlined a resource of 51.6 million tonnes of high Volatile
"B" Bituminous coal. This resource includes 38.6 million tonnes of
measured and 13.0 million tonnes of indicated resources." (See detailed
break-down from the 43-101 Report in Table 16-1 below.)

The 43-101 Report was completed by Salt Lake City, Utah- based Norwest
Corporation, a leading North American coal and energy engineering
consultancy. T.C. Becker, B.Sc., P. Geo. was the qualified person
responsible for the report under NI 43-101.

Addressing the expansion potential, the 43-101 Report notes, "The coal
resource remains open to expansion in both the down dip direction and
along strike. Reverse circulation percussion drilling, excavator and
hand trenches have exposed both coal and favourable stratigraphy within
a 7.5 km radius of the delineated resource. For instance, trenching on
Corduroy Mountain, 4 km east of the delineated resource, exposed an
aggregate thickness of 23 m of coal with a maximum seam width of 3 m and
drilling has indicated aggregate thicknesses of up to 18 m."

In its analysis of the mineral processing and metallurgical testing of
the resource, the 43-101 report demonstrated the potential to produce
clean coal that compares favourably with other Pacific Rim suppliers,
exceeds sales requirements for thermal coal in the Asian market, with
essential clean coal parameters of 11% ash, 0.58% total sulphur and 6795
kcal/kg calorific value and is also suitable for pulverized coal
injection (PCI) used in steel production.

Combining the results of this 43-101 report, which enables the Company
to advance the Division Mountain project, with the previously announced
Uranium transaction, further enhances the Company's stated goal of
becoming an energy resource company. Cash Minerals is also investigating
the Coal Bed Methane potential of the Division Mountain area, as well as
opportunities for power generation.

A Scoping Study is also underway to further address the project's
geology, coal resources and quality, mineability, mining costs and
transportation options. The results of that study are expected to allow
Cash Minerals to make decisions regarding possible development of the
Project.

The Division Mountain Coal Project.

The Division Mountain coal deposit is located 90 km north-northwest of
Whitehorse in southwestern Yukon Territory. Access is by a 31 km
four-wheel drive road leaving the Klondike Highway at Braeburn. The main
area of exploration interest lies 20 km west of the highway and
parallels the Yukon Energy Corporation electrical transmission grid.
This point is 280 km by road from a year-round tidewater port at
Skagway, Alaska.

The coal deposit is 100 % owned by Cash Minerals Ltd. Most of the area
of detailed exploration at Division Mountain lies within five coal
leases, which grant mining rights for a renewable 21 year term. In
addition, the company owns 22 Territorial Coal Exploration Licences
encompassing approximately 360,000 hectares of coal bearing stratigraphy
in the Division Mountain area. These were acquired in October 1992 and
are held under renewable three-year terms.

Exploration at Division Mountain has been directed toward outlining
sufficient resources to support an export thermal coal mine and/or a 20
MW to 50 MW generating station for a period in excess of twenty years.
Exploration on the property conducted between 1972 and 1999 consisted of
10.2 km of excavator trenching, 64 diamond drill holes totaling 10,555 m
and 20 reverse circulation percussion drill holes totaling 1869 m.

Exploration to date has outlined a resource of 51.6 million tonnes of
high Volatile "B" Bituminous coal. This resource includes 38.6 million
tonnes of measured and 13.0 million tonnes of indicated resources.
Approximately 47.0 million tonnes of the resource falls into the area
covered by the five coal leases while 4.6 million tonnes lie to the
southeast of leases.

The coal resource remains open to expansion in both the down dip
direction and along strike. Reverse circulation percussion drilling,
excavator and hand trenches have exposed both coal and favorable
stratigraphy within a 7.5 km radius of the delineated resource. For
instance, trenching on Corduroy Mountain, 4 km east of the delineated
resource, exposed an aggregate thickness of 23 m of coal with a maximum
seam width of 3 m and drilling has indicated aggregate thicknesses of up
to 18 m.

The next phase of exploration at the Division Mountain property should
focus on moving all resources in the area of detailed exploration to the
measured category, providing better geological and engineering
definition of the resources in the Cairnes Syncline area, testing the
Corduroy Mountain showing and exploration of outlying occurrences. A
two-phase program is recommended with the second phase modified
depending on the results of Phase 1. The second phase may focus on more
drilling at Corduroy Mountain, drilling other targets identified during
Phase 1, drilling for coalbed methane and completion of a feasibility
study. The entire proposed program is budgeted at $1,999,635 with Phase
1 totaling $892,320 and Phase 2 totaling $1,107,315. Detailed budgets
and work programs are included in the report.



Table 16.1 Measured and Indicated Resources by Section
---------------------------------------------------------------------
Measured Indicated Total
Section Tonnes Tonnes Tonnes
---------------------------------------------------------------------
8+950N 3,873,857 -- 3,873,857
---------------------------------------------------------------------
9+270N -- 1,486,881 1,486,881
---------------------------------------------------------------------
9+510N 3,049,831 2,098,028 5,147,858
---------------------------------------------------------------------
9+800N 1,854,234 927,644 2,781,878
---------------------------------------------------------------------
10+050N 1,167,476 998,054 2,165,531
---------------------------------------------------------------------
10+375N -- 2,711,994 2,711,994
---------------------------------------------------------------------
10+710N 3,152,730 2,028,776 5,181,506
---------------------------------------------------------------------
10+725N 408,011 -- 408,011
---------------------------------------------------------------------
10+914N 2,356,794 -- 2,356,794
---------------------------------------------------------------------
11+244N 3,284,341 -- 3,284,341
---------------------------------------------------------------------
11+500N 5,253,853 -- 5,253,853
---------------------------------------------------------------------
11+829N 5,556,860 -- 5,556,860
---------------------------------------------------------------------
12+134N 2,743,834 2,790,071 5,533,906
---------------------------------------------------------------------
12+754N 998,906 -- 998,906
---------------------------------------------------------------------
13+048N 1,573,850 -- 1,573,850
---------------------------------------------------------------------
13+353N 1,847,102 -- 1,847,102
---------------------------------------------------------------------
14+075N 543,072 -- 543,072
---------------------------------------------------------------------
14+267N 512,517 -- 512,517
---------------------------------------------------------------------
14+404N 376,239 -- 376,239
---------------------------------------------------------------------
38,553,505 13,041,449 51,594,954
---------------------------------------------------------------------


Cash Minerals - An Emerging Energy Company

Cash Minerals Ltd., (CHX-TSX Venture Exchange) is an emerging energy
resource company with coal assets and uranium exploration properties.

In addition to the Division Mountain Thermal Coal Project, the Company
also has a right to earn an interest in six significant uranium projects
in Yukon Territory, including four in the Wernecke Mountain area of
northeastern Yukon and 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. The other two uranium properties, (one
in west-central and one in southeastern Yukon), are both hosted in
Cretaceous granitic intrusions. These prospects are best viewed as bulk
tonnage uranium targets, modeled on the Rossing Deposit in southern
Africa. All of the projects host uranium showings that were aggressively
explored by majors in the late 1970s and early 1980s before uranium
prices dropped. A National Instrument 43-101 report is near completion
on all properties.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Cash Minerals Ltd.
    Greg W. Taylor
    Vice President, Corporate Development
    1 (416) 861-5905
    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR ACCURACY OF THIS RELEASE.