Cash Minerals Ltd.
COMPANY DATA | INTRODUCTION
| PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | Suite 1890, Oceanic Plaza 1066 West Hastings Street Vancouver, B.C. Canada V6E 3X1 |
| Tel No.: | (604) 633-9942 |
| Fax No.: | (604) 633-9972 |
| Web Site: | www.cashminerals.com |
| Corporate Email: | info@cashminerals.com |
| Contact Person: | Salisha Hosein |
| Position: | Manager, Investor Relations |
| Traded Market: | TSX-V |
| Traded Symbol: | CHX |
| Outstanding Shares: | 75.9 Million |
| 52 Week High: | $ 2.24 |
| 52 Week Low: | $ 0.33 |
| Present Price: | Click Here |
INTRODUCTION
Cash Minerals Ltd. is an emerging publicly listed energy company. The Company is engaged in exploring and developing uranium and coal properties in Canada's Yukon Territory, 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.
PROJECT IN HAND
(1) Uranium Project, Yukon Territory
Under an agreement with joint venture partner Twenty-Seven Capital Corp., Cash Minerals has the option to earn a 75% interest in six uranium prospects in various parts of the Yukon. The properties are Lumina, Igor, Bond, Steel, Alle and Pedlar. These highly prospective prospects include numerous IOCG (Iron-Oxide-Copper-Gold), structurally-controlled and unconformity-related uranium targets. The agreement also grants Cash Minerals the right to earn 50% in any uranium properties that is subsequently discovered by the joint venture.
Four properties (Lumina, Igor, Bond and Steel), all located in the Wernecke Mountain region of north-east Yukon, have many similar characteristics to well-known IOCG (Iron-Oxide-Copper-Gold) deposits, which include the Ernest Henry and giant Olympic Dam deposits in Australia. It has been theorized that the uranium deposits of Yukon and Australia were formed together in the Proterozoic age and separated by the movement of tectonic plates, which would explain the geological similarities of the two regions.
The Lumina showing exhibits unconformity style high-grade vein/fracture controlled mineralization. 2006 assays on eight holes at Lumina (Jack Flash) included intersections averaging 8.10% U3O8 over 0.30 m, 0.29% U3O8 over 17.4 m and 0.533% U3O8 over 2.22 m. All holes intersected zones of notable uranium mineralization close to surface.
Igor, Bond and Steel are hosted in Proterozoic age iron-oxide rich breccia bodies that share numerous textural and mineralogical similarities to Olympic Dam. Highlights of 2005 drilling at Igor included 74.4 m of 1.4 lbs U3O8 and 1.88% Cu; 14.5 m of 4.3 lbs U3O8 and 4.79% Cu; 12.4 m of 3.84 lbs U3O8 and 4.79 lbs Cu.
Spending on 2006 uranium exploration is budgeted to be $5 million and will initially be focused on Lumina and Igor.
In addition to the Wernecke Mountain area, Cash Minerals also has two other uranium properties located in Yukon, Pedlar (in west-central Yukon) and Alle (in southeastern Yukon). Both properties host uranium in Cretaceous granitic intrusions. These prospects are best viewed as bulk tonnage uranium targets, modeled on the Rossing Deposit in southern Africa. Archer, Cathro & Associated (1981) Limited is preparing a separate 43-101 Report on these properties.
The six Yukon uranium properties collectively comprise 75 claims totalling about 1,500 hectares. They cover key portions of earlier properties that were extensively explored by Chevron Canada Ltd., Aquitaine Company of Canada Ltd., Eldorado Nuclear and other major companies during the period 1974 to 1982.
(2) Coal Projects, Yukon Territory
Cash Minerals' coal properties in the Braeburn and Carmacks areas of south west Yukon cover an area of approximately 4,000 sq.km.
To date, coal exploration has focused primarily on the Company's 100%-owned Division Mountain project, which is located 90 km north of Whitehorse. The Division Mountain coal project comprises of five coal leases measuring 776.4 hectares and 30 territorial coal exploration licences covering approximately 360,000 hectares in coal-bearing stratigraphy. Division Mountain contains a confirmed (NI 43-101) coal resource of 52.5 million tonnes, which occupies less than 5% of Cash Minerals' coal properties in the Yukon, so there is plenty of potential for expansion. The potential exists to export coal through the Port of Skagway, Alaska, as well as providing feedstock for mine-mouth power station. The Division Mountain project will focus on the production of coal to feed a mine-mouth electricity generating station in the Yukon.
With Yukon currently facing an electricity shortage, as well as being fully dependent on imported gasoline and diesel fuels, Cash Minerals' coal reserves could play a key role in the Yukon's economic development.
Previous exploration activity confirms the existence of other coal resources in the area. In 2006, $1 million is budgeted for additional coal exploration.
(3) Coal-to-Liquids (Synfuels) Project, China
Cash Minerals is involved in the development of a coal-to-liquids (CTL) project in China. The Company is pursuing the development of a coal mine in China which would provide feedstock to an adjacent coal-to-liquids (CTL) plant, which would utilize the Fischer-Tropsch process to convert coal into clean-burning diesel fuel.
On April 27, 2006, the Company announced that it had achieved a fully executed Memorandum of Understanding with the Zhalainuoer Coal Industry Co., Ltd., a leading state owned mining company, and the Municipal Government of Manzhouli in China for the foundation of a joint venture proposing the development of a coal mine to supply coal for a coal-to-liquids plant producing 50,000 barrels per day of liquid fuel.
In May 2006, Cash Minerals commissioned a China-based consulting group to prepare a conceptual study for a coal-to-liquids processing plant, in order to confirm the technical and economic viability of a 50,000 barrels per day CTL plant in China. The Company retained China-based company, The Balloch Group, to assist in project development.
The next steps of the project will include finalizing the acquisition of a suitable coal resource, confirming a coal resource according to NI 43-101 compliance standards, negotiating terms of the royalty agreement with Manzhouli regional government, continuing discussions with technology partners for the CTL conversion and conducting conversion tests on the coal.
MANAGEMENT
Cash Minerals Ltd. is managed by an experienced team of professionals who have been carefully selected for their proven expertise and records of achievement. The management team includes high caliber professionals with combined experience of 100 years in uranium, 50 years in coal and 40 years in synfuels.
William (Bill) Clarke - Chairman
Basil Botha - President & CEO, Director
Deborah Battiston - Chief Financial Officer, Director
Stan Bharti - Director
Bruce Humphrey - Director
Andy Rickaby, P.Eng. - Director
Peter Rowlandson - Director
Tony Wonnacott - Corporate Secretary
Peter Arendt - Vice President, Engineering & Marketing
Suraj Ahuja - Uranium Consultant and Special Advisor to the Board
David Meyer - Business Consultant
Sam Wallingham - Special Advisor to the Board
Geordie Mark, Ph.D. - IOCG Geologist
Salisha Hosein - Manager, Investor Relations
NEWS UPDATE
On March 5, 2007, Cash Minerals Ltd. announced that it has appointed Dr. Geordie Mark as vice-president, exploration. In this role, Dr. Mark will be responsible for developing and managing exploration programs for the Company's prospects in the Wernecke uranium district, Yukon, and in the Central mineral belt, Labrador. Dr. Mark will also be involved in investor relations and business development activities.
On March 5, 2007, Cash Minerals Ltd. announced that its ground geophysical crews has been mobilized on the newly acquired Odie property, which was acquired in 2006 as part of an aggressive staking program in the Wernecke uranium district, Yukon. Drilling on the Odie property is scheduled to commence in April 2007, with two drills.
On March 02, 2007 The TSX Venture Exchange has accepted for filing documentation relating to an agreement between Cornerstone Capital Resources Inc. and Cash minerals Ltd. Pursuant to the agreement, the company will have an option to acquire a 51% interest in the Aillik uranium property, located in Labrador, Newfoundland.
Tagish Lake Gold Corp.
On January 29, 2007 Cash Minerals Ltd. has signed a letter of intent with Cornerstone Capital Resources Inc. to explore the Aillik property, which is located adjacent to uranium properties held by Aurora Energy Resources in the Central mineral belt, Labrador. Under the terms of the letter of intent, Cash Minerals and Cornerstone will enter into a joint venture agreement in which Cash Minerals has the ability to earn a majority interest in the Aillik property.
On January25, 2007 Twenty-Seven Capital Corp. has filed and mailed out to shareholders the information circular pertaining to the proposed merger between Twenty-Seven Capital and Mega Uranium Ltd. The general meeting where the merger will be voted upon is scheduled for February 07, 2007. Al present, all YUP properties are owned 50% by Twenty-Seven and 50% by Cash Minerals.
On January 23, 2007 Cash Minerals Ltd. has received the results of 2006 exploration drilling on the Igor uranium property in the Wernecke uranium district, Yukon. Several significant intersections were discovered.
On January 17, 2007, Cash Minerals Ltd. announced encouraging new geochemical data for surface samples collected from the Lumina property located in Yukon. Assay results show that rocks collected in 2006 with up to 1.82% U3O8 mineralization also contain up to 3 g/t gold, 2,440 ppm molybdenum, 12.9 g/t silver and 0.58% copper.
On January 16, 2007, Cash Minerals Ltd. announced a drill hole assay of 0.078% U3O8 over 4.92 metres, including 0.383% U3O8 over 0.83 metre, and surface assays of 0.939% U3O8 and 0.181% U3O8 from a new discovery at the Bonnie property located in Yukon.
On January 10, 2007, Cash Minerals Ltd. announced new discovery at Vic property, Yukon. Cash Minerals has recorded assays 0.22% U3O8, 0.19% U3O8, 2,650 ppm molybdenum and 2.62 g/t gold from surface samples collected from brecciated zones at the Vice property. All samples contain appreciable silver and copper concentrations.
On December 18, 2006 Cash Minerals Ltd. has received the remaining assays from its 2006 drill program at the Lumina property (Jack Flash showing), as well as assays from 43 surface samples taken elsewhere on the Lumina property, located in the Wernecke district of Yukon. Assays include drill hole intersections of 0.03% U3O8 over 21.71 metres (including 0.161% U3O8 over 1.48 metres) and 0.287% U3O8 over 2.15 metres, as well as assay values of up to 1.82% U3O8 from surface samples.
On December 04, 2006 Cash Minerals Ltd., under the Yukon uranium project (YUP) agreement, has earned a 50% interest in YUP. Under the terms of the YUP agreement, Cash Minerals has the right to increase its interest in the Wernecke district uranium properties to 75%. The company has elected to defer the decision on exercising this right until January 31, 2008. Notification of the deferment was made to Cash Minerals' joint venture partner on November 28, 2006.
On November 15, 2006, Cash Minerals Ltd. announced that it has completed the feasibility study on Division Mountain coal project located in the Yukon Territory. The feasibility study, completed by Norwest Corporation, confirms that Division Mountain has the potential to be developed into an economically viable mine. With this positive outlook it is management's intention to continue to pursue the Division Mountain project.
On November 1, 2006, Cash Minerals Ltd. announced that the Company has been invited to take part in a uranium panel at the upcoming San Francisco Hard Assets Conference. The session, titled Mr. Dines Uranium Picks, will be hosted by highly regarded investment advisor Mr. James Dines. Cash Minerals will be represented by Mr. Basil Botha, President and CEO. The session is scheduled to be held on Sunday, November 26, 2006 at 12:00 PM (Pacific Time) at the San Francisco Marriott Hotel.
Cash Minerals will also be exhibiting a booth in the main exhibition hall on November 26th and 27th. Investors interested in meeting with management are invited to visit booth #817.
On October 13, 2006, Cash Minerals Ltd. released the uranium assays from an extensive mapping and prospecting program conducted at the Lumina property. This work was done in conjunction with a highly successful diamond drill program. The Lumina property is one of four uranium prospects in the Wernecke district of Yukon Territory which Cash Minerals has tested by drilling in 2006. Work is currently focusing on iron-oxide-copper-gold (IOCG) prospects with two drills operating and a third drill about to begin. Drilling is expected to continue into November, 2006, and resume again in spring 2007.
Strongly radioactive rocks have been discovered on the Lumina property within an area that is 7 km long and up to 5 km wide. Helicopter-borne radiometric surveys were flown across the property in early September, 2006, and the results from these surveys are expected to identify additional targets.
Radioactive rocks from several showings on the property have assayed greater than 1% U3O8. Highlights from 2006 include samples taken in the vicinity of the Ram showing which ranged from 0.348% to 1.82% U3O8, a newly discovered outcrop 1.3 km northeast of the Jack Flash showing which returned 0.554% U3O8, and another new discovery 1.5 km to the southeast where a one-metre chip sample taken across the accessible portion of the much wider radioactive zone assayed 0.19% U3O8.