Cash Minerals Ltd.

Cash Minerals Ltd.

April 17, 2007 08:00 ET

Cash Minerals Signs Joint Venture Agreement for Uranium Property in Central Mineral Belt, Labrador

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 17, 2007) - Cash Minerals Ltd. (TSX VENTURE:CHX) today announced that a definitive joint venture agreement has been signed with Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) on the Aillik uranium property, located in the Central Mineral Belt, Labrador. Cornerstone staked the property in November 2006 and in January 2007 signed a Letter of Intent with Cash minerals to enter into the joint venture agreement.

The Central Mineral Belt is a major focus for uranium exploration in Canada. The largest and most advanced projects currently in the belt are those held by Aurora Energy Resources, who recently announced new resource estimates of 58 million pounds of U308 ("uranium") Measured and Indicated and 38 million pounds of uranium Inferred at their Michelin and Jacques Lake deposits (

The 40.5 sq km (162 claims) Aillik property adjoins Aurora Energy Resources' holdings. The property is underlain by rocks interpreted by the Geological Survey of Newfoundland & Labrador to be the same as or similar to those which host the Michelin and Jacques Lake deposits. The Aillik claims are immediately west of and on trend from Aurora's Otter Lake uranium system and its associated radiometric anomaly. The 2007 exploration program at Aillik will start with an extensive airborne geophysical survey of the property, scheduled to begin in the third quarter 2007. A map of the property may be viewed at

Following consultation with geophysical survey maps, it is Cash Minerals' opinion that the Aillik property has a great deal of potential as a uranium exploration prospect. "The systems identified on Aurora's property appears to continue into the Aillik property. The airborne surveys and field work to be conducted this year should provide good backup information for this highly prospective property prior to drilling in 2008," said Basil Botha, President and CEO, Cash Minerals Ltd.

The joint venture agreement gives Cash Minerals the right to earn a 51% interest in the Aillik property by spending $3 million on exploration, and by paying Cornerstone a total of $300,000 cash and issuing 300,000 stock warrants to Cornerstone over a four-year period. Cash Minerals will be the operator during the earn-in period.

Initial exploration at Aillik will be 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.

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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