Uranium Mining and Exploration

[sumisu]

Cash Minerals Intersects Over 27 Metres '88 Feet' of 0.20% Uranium Oxide 'U3o8' in Phase One Drilling at the Lumina Property Within a 10 Kilometre Long Uraniferous Structural Corridor

Wednesday September 6, 10:42 am ET

Second High-Grade Uranium Discovery on the Igor Property Currently Being Drill Tested


VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 6, 2006 -- Cash Minerals Ltd. (TSX VENTURE:CHX.V - News) announces assays from the first eight drill holes at the Lumina property (Jack Flash showing), located in the Wernecke Mountains of Yukon Territory as part of phase one drilling. An additional 11 holes have been drilled and results are pending. Almost all holes in phase one intersected uranium mineralization close to surface. The mineralization is structurally controlled and possibly unconformity related. It is localized within a structural corridor that is about 3 km wide and 10 km long.

Cash Minerals continues to drill its Igor IOCG property where 2005 drill results intersected over 14 metres of 4.79% copper and 0.215% U3O8 close to surface.

Cash Minerals will hold a conference call and webcast to discuss Lumina phase one drill results. Representing Cash Minerals on the call will be Basil Botha, President and Chief Executive Officer of Cash Minerals Ltd. Peter Arendt, Vice President, Engineering and Marketing, Suraj Ahuja, Uranium Consultant and Special Advisor to the Board, Dr. Geordie Mark, IOCG Specialist and Andy Rickaby, Member of the Board of Directors. Doug Eaton of Archer, Cathro & Associates Ltd., head of the geological team, will also be present on the call. The call will begin with brief remarks followed by a question-and-answer period with financial analysts.

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Conference Call Details

Date: Thursday, September 6, 2006
Time: 11:00 a.m. (Eastern Time)
Dial-In Numbers: [phone] (Toronto and International)
[phone] (Canada and the U.S.)

Cash Minerals Ltd. will also host a live audio webcast. The webcast will
be available via the Cash Minerals website at http://www.cashminerals.com .
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Significant drill hole intersections from Jack Flash (Lumina property) include the following:

Hole L06-07
-----------
55.01 m of 0.103% U3O8, which includes
- 27.01 m of 0.203% U3O8
- 17.04 m of 0.290% U3O8
- 30 cm of 8.100% U3O8

Hole L06-04
-----------
11.87 m of 0.116 m, which includes
- 2.22 m of 0.533% U3O8

Hole L06-02
-----------
16.44 m of 0.140% U3O8, which includes
- 2.99 m of 0.324% U3O8
- 1.66 m of 0.413% U3O8
Detailed assay results for intersections of uranium mineralization are contained in Table 1. The holes were drilled on two section lines collared from the same drill site, targeted at the Jack Flash showing, a highly radioactive zone that outcrops on the north face of the Lumina cirque. (Refer to the link www.cashminerals.com/s/Uranium.asp?ReportID=103562 for plans and cross sections of the holes drilled at Jack Flash).

In addition to the first eight holes reported from Jack Flash, a further 11 holes have been completed, with 2 from this site and the remainder from the 4 other sites, for a total of approximately 2,600 metres. Four of the holes were lost short of their target depth.

Igor Iron Oxide Copper Gold (IOCG) Property

- 2006 drilling at Igor is being conducted based on the strength of the 2005 results, which revealed high levels of copper and uranium oxide (U3O8) in a large IOCG system. The uranium and copper mineralization at Igor is hosted in a discordant breccia body. Recent work by Dr. Geordie Mark, a consulting geologist from Monash University, Melbourne Australia has confirmed that the mineralization at Igor belongs to the IOCG class of deposits.

- The Igor property yielded very positive drill hole results in 2005. Highlights from that drilling included the following intersections, which were reported on September 7, 2005:

- 14.5 m of 4.79% Cu and 0.215% U3O8

- 12.43 m of 4.79% Cu and 0.192% U3O8

- 4.32 m of 6.62% Cu and 0.400% U3O8

- Fourteen holes totaling approximately 2,000 metres have been drilled at Igor in 2006 and a further four to six holes measuring approximately 1,500 metres are planned before year end. Approximately 227 square km of ground has been staked in and around Igor to cover additional perspective targets, which make up this current system.

"The Company's Board and Management are very excited by the first drill hole results from Jack Flash, which include notably high assays. With positive results from Jack Flash, we have now clearly identified two highly prospective uranium targets, the other being Igor, which yielded a number of high grade copper and uranium drill hole intersections in 2005," said Basil Botha, President and Chief Executive Officer of Cash Minerals Ltd. "What is extremely significant about the results from Jack Flash is that every hole in this first batch of drill results intersected uranium mineralization very close to the surface, which suggests that this may be the tip of the iceberg. These positive results at drill hole depths of no more than 80 metres suggest that we have only scratched the surface, and the Lumina property may host significant uranium mineralization at depth. The next step at Lumina is to develop and implement an expanded drilling program in 2007 to follow the 10 km long fault zone which runs through the Jack Flash Showing to locate other potential areas with major concentrations of uranium mineralization.

Mr. Botha further noted, "It is Management's opinion that the Wernecke Mountain district has the potential for a major discovery of copper and uranium mineralization, as supported by the results achieved to date."

In addition to the extensive drill programs at the Lumina and Igor properties, Cash Minerals' 2006 uranium exploration program also includes the following activities:

Additional 2006 Drilling

- Additional drilling for the remainder of 2006 will target other IOCG prospects in the Wernecke Mountains. These targets have been selected based on favourable geological, mineralogical, geochemical and/or geophysical anomalies. Most of the targets are distinguished by strong magnetic and gravity signatures.

Surface Prospecting

- Extensive surface exploration has been conducted at several of Cash Minerals uranium prospects. This includes geological mapping, prospecting, radiometric sampling, collecting surface samples and identifying radioactive outcrops and boulders. Several new radioactive occurrences have been identified.

- Surface mapping is being conducted by a team led by specialized structural and stratigraphic geologists.

Aerial Surveys

- A full spectra helicopter borne radiometric survey (approx. 2,000 km.) is set to commence shortly, and will be followed by an airborne gravity survey (approx. 3,000 km.) over prospective targets.

Additional Staking

- As reported previously, the Company has continued to expand its land holdings of prospective uranium properties, with the total surface area now covering over 80,000 hectares, which represents over 4,000 claims.

- Cash Minerals and its partner Twenty-Seven Capital now have the largest land position for uranium prospects of all the resource companies operating in the Yukon. (Refer to the link www.cashminerals.com/s/Uranium.asp?ReportID=103562 for map of Cash Minerals' Wernecke district uranium properties).

Table 1: Assay Results from Lumina Drill Holes

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Hole From(m) To(m) Interval(m) %U3O8
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L06-01 65.45 66.45 1.00 0.170
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L06-01 74.52 75.35 0.83 0.232
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L06-02 58.85 75.29 16.44 0.140
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incl. 60.85 63.84 2.99 0.324
-----------------------------------------------
and 73.63 75.29 1.66 0.413
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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
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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
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incl. 57.09 84.10 27.01 0.203
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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
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incl. 71.62 74.12 2.50 0.111
-----------------------------------------------
Holes L06-01 to 06 were drilled north and gradually steepened from -41.5 degrees to -80 degrees. Holes L06-07 and 08 were rotated to azimuth 330 degrees and were drilled at -45 degrees and -60 degrees respectively. The holes pierced the favourable contact at points ranging from 5 to 31 m apart. Hole L06-07 was the furthest west of the holes.

All eight of the holes intersected uraniferous intervals within variably brecciated and altered siltstone dominant strata. The most radioactive material was localized at what appears to be a redox interface, where uranium mineralization within hydrothermal water has concentrated in fracture zones. Strongly brecciated strata that underlie the mineralization are anomalously bleached and are often hematite bearing, while the overlying, less brecciated strata are relatively unaltered. The contact between these two mainly siltstone units strikes about 120 degrees and dips moderately to the south.

All core 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 who is the qualified person as specified in National Instrument 43-101 for technical disclosure in this news release. The geological team is headed up by Doug Eaton from Archer Cathro, who has over thirty years of experience in the Yukon. The team also benefits from the advice of Suraj Ahuja, a recognized uranium geologist with extensive experience in Canadian unconformity-related deposits, and Dr. Geordie Mark, an IOCG specialist.

"The strength of our geological team is the key factor in the success of our 2006 uranium exploration program," continued Mr. Botha. "We are in the process of further expanding the team in order to plan for the next phase of our uranium exploration in the Yukon. Our geologists will integrate the extensive data that has been collected to develop preliminary geological models and to plan for the 2007 drilling program. I am extremely confident that the combination of most prospective land holdings, solid technical data and geological expertise will result in the identification of excellent drill targets which are critical to further determining the extent of uranium mineralization in our properties. Starting in 2007, we plan to utilize up to five drill rigs in the Werneckes."

About Cash Minerals Ltd.

Cash Minerals (www.cashminerals.com) is an emerging publicly listed resource company. Under an agreement with joint venture partner Twenty-Seven Capital Corp., Cash Minerals has the option to earn a 75% interest in one or more of several uranium prospects located in various parts of the Yukon. These prospects include numerous IOCG prospects and structurally-controlled and unconformity-related uranium targets. The company is also engaged in exploring and developing coal properties in the Yukon, and is involved in the development of a coal-to-liquids (CTL) project in China, which uses the Fischer-Tropsch process to convert coal into clean-burning diesel fuel.

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Contact:
Contacts:
Cash Minerals Ltd.
Basil Botha
President & CEO
[phone]
[phone] (FAX)
[e-mail]

Cash Minerals Ltd.
Peter Arendt
Vice President
[phone]
[phone] (FAX)
[e-mail]