Cash Minerals Reports Progress of Uranium Drilling at Lumina and Igor Properties

Cash Minerals Reports Progress of Uranium Drilling at Lumina and Igor Properties

June 30, 2006 Filed Under: Diamond Mining, Mining Services, Uranium Mining  

Cash Minerals Ltd. (TSX VENTURE: CHX) today announced that diamond drilling of its Lumina and Igor uranium properties in the Wernecke Mountain region of Yukon is underway and proceeding according to plan.

“I am extremely pleased with the drilling progress that has been made so far, and am looking forward to receiving assay results which will provide an indication of the extent of uranium mineralization in our properties,” stated Mr. Basil Botha, President and Chief Executive Officer of Cash Minerals Ltd. “In the event that the assays indicate the possibility of economically mineable uranium deposits, we have sufficient funds in the treasury to expand our 2006 uranium exploration program beyond the $5 million currently budgeted.”

Drilling on the Lumina and Igor properties commenced on schedule in mid-June due to extensive planning sessions conducted earlier in the year. “This advanced planning has given us the opportunity to mobilize to the various sites ahead of the other exploration companies in the Wernecke Mountains,” said Mr. Botha. The smooth start-up of the 2006 uranium exploration program is also largely due to the exploration management team Archer, Cathro & Associates Ltd., who have more than 35 years of exploration experience in the Yukon. “An experienced exploration team with local knowledge is of great benefit when running drill programs in the Yukon,” continued Botha.

Geological teams are currently on the ground and Cash Minerals is fortunate to have retained Dr. Geordie Mark, an IOCG geological specialist from Australia, who is conducting mapping, core evaluation, magnetic survey analysis and the construction of geological models associated with Olympic Dam type characteristics. Suraj Ahuja, Special Advisor to the Board and Doug Eaton of Archer, Cathro & Associates Ltd. head the geological team. Suraj Ahuja and Andy Rickaby, Director of the Board, will visit all uranium exploration properties in July. This will provide them with an opportunity to assess and evaluate the work completed to date.

Further visits have been planned on July 20 to give newsletter writers, market analysts and institutional investors a first hand opportunity to evaluate the Lumina and Igor properties and discuss the merits of Cash Minerals’ exploration programs to date. The Lumina property is equipped with a landing strip that accommodates twin engine aircraft; this allows supplies and fuel to be brought into camp via helicopter or fixed-wing aircraft.

Four holes have been completed in and around the Jack Flash uranium showing, which is located on the Lumina property in the Wernecke Mountain region of north-east Yukon. Exploration conducted in 2005 concluded that the Jack Flash showing exhibits characteristics of unconformity related, high-grade, vein-and-fracture-controlled uranium mineralization similar to Athabasca-Basin style deposits. (See news release dated October 12, 2005). The lengths of the four holes that have been drilled range in length from approximately 80 metres to 150 metres. Total drilling at Lumina in 2006 will measure approximately 3,500 metres.

Three holes have been completed at the Igor uranium property, with each hole measuring approximately 100 metres. Exploration drilling at Igor in 2005 included a 74.44 metre drill hole intersection which averaged 1.4 lb/ton U3O8 and 1.88% copper (Cu) an iron-oxide-copper-gold (IOCG) breccia. (See news release dated September 7, 2005). Total drilling at Igor in 2006 will measure approximately 5,500 metres.

Work leading to results described in this news release was conducted by Archer, Cathro & Associates (1981) Limited under the supervision of Bill Wengzynowski, P.Eng. a Qualified Person under NI 43-101. All assays were conducted at the laboratories of ALS Chemex in North Vancouver.

To view photographs of 2006 exploration activity at Lumina and Igor, please log on to

About Cash Minerals Ltd.

Cash Minerals ( 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 the eight uranium prospects in the Yukon. These prospects include four IOCG prospects and an attractive unconformity-related uranium target all located in the Wernecke Mountain region of north-east Yukon. 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, which uses the Fischer-Tropsch process to convert coal into clean-burning diesel fuel.

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Contacts: Cash Minerals Ltd. Basil Botha President & CEO (604) 633-9942 (604) 633-9972 (FAX)

Cash Minerals Ltd. Peter Arendt Vice President (604) 633-9942 (604) 633-9972 (FAX)

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