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Message: Cash Minerals Options to Earn 75% in Igor Uranium Property

Cash Minerals Options to Earn 75% in Igor Uranium Property

posted on Feb 13, 2008 08:36AM
Cash Minerals Ltd.February 12, 2008 - 09:00:20 AMCash Minerals Elects to Earn 75% Interest in Igor Uranium PropertyVANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 12, 2008) - Cash Minerals Ltd.(TSX VENTURE:CHX) today announced that under the Yukon Uranium Project ("YUP")agreement, the company has elected to earn a 75% interest in the Igor uraniumproperty, located in the Wernecke Uranium District, Yukon. Igor is the mostadvanced project in the company's portfolio of properties and is marked forresource definition this year.The decision to earn an additional 25% interest (previously Cash Minerals held50%), in Igor was reached after three consecutive and highly successful drillprograms were executed at the property in 2005, 2006 and 2007. Recent resultsreleased from Igor show appreciable uranium mineralization at surface, andopen to the north and at depth. The 2007 program, which produced the mostsignificant intersections to date, yielded 140 metres of 0.042% uranium oxide(U3O8), 0.76% copper (Cu) and 0.05 g/t gold (Au), including 7 metres of 0.417%U3O8, 7.37% Cu and 0.33 g/t Au in hole 22. (Refer to press release issued onJanuary 23, 2008)."Exercising our option to earn a 75% interest in the Igor uranium property isin line with Cash Mineral's strategy to build long-term shareholder value.Igor is where we will define a resource this year and where management willfocus exploration efforts in 2008. This year's strategy will include drillingto the north of the main zone and at depth to build on the initial resourcenumber," commented Basil Botha, President and CEO of Cash Minerals Ltd.In accordance with the YUP agreement, Cash Minerals paid joint-venture partnerMega Uranium Ltd. (TSX:MGA) $1,000,000 in cash for the Igor property and willmove forward towards producing a bankable feasibility study for this target.The remainder of the properties in YUP, will be transferred to the YukonUranium Joint Venture ("YUJV"), whereby each partner will hold a 50% interestin each of the non-elected Wernecke Uranium Properties (excluding the Curieproperty, which is 100% held by Cash Minerals). Cash Minerals and Mega Uraniumwill contribute to this year's exploration budget in accordance with theirinterest held in each of the properties selected for drilling in 2008.About Cash Minerals Ltd.Cash Minerals is a Canadian-based resource company focused on uraniumexploration coal and alternative fuels (synfuels). Under an agreement withjoint venture partner Mega Uranium Ltd., Cash Minerals has recently earned a75% interest in the highly prospective Igor property, located in the WerneckeUranium District, Yukon. Wernecke Uranium properties include numerousiron-oxide copper-gold-uranium (IOCG-U), structurally-controlled hydrothermaluranium targets.Forward-Looking StatementThis document may contain or refer to forward looking information based oncurrent expectations, including, but not limited to timing of mineral resourceestimates, future exploration programs and the impact on the Company of theseevents. Forward-looking information is subject to significant risks anduncertainties, as actual results may differ materially from forecastedresults. Forward-looking information is provided as of the date hereof and weassume no responsibility to update or revise them to reflect new events orcircumstances.Should you wish to receive Company news via email, please email[email protected] and specify "CHX News" in the subject line.FOR FURTHER INFORMATION PLEASE CONTACT: Cash Minerals Ltd. Basil Botha President & CEO (604) 633-9942  Email:[email protected]   Cash Minerals Ltd. Peter Arendt Vice President, Engineering (604) 633-9942(604) 633-9972 (FAX) Email: [email protected]  THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITYFOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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