VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 09/08/2006 -- NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Cash Minerals Ltd. (TSX VENTURE: CHX) (the "Company") is pleased to announce that it has entered into an agreement to raise up to $12 million on a commercially reasonable efforts basis by way of a brokered private placement with a syndicate of agents led by Pacific International Securities Inc. and including Sprott Securities Inc. and Canaccord Adams (the "Agents"). The offering is for up to 6,000,000 flow-through units (the "Flow-Through Units") of the Company at a price of $2.00 per Flow-Through Unit. The Agents have been granted an over-allotment option to offer for sale up to an additional 1,200,000 Flow-Through Units exercisable until the closing date. Closing is expected to occur on or about October 10, 2006.

Each Flow-Through Unit will consist of one flow-through common share and one half of one transferable non flow-through common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $2.50, for a period of 18 months following the closing date. However, if over a period of 20 consecutive trading days between the date that is 4 months following the closing date and the expiry of the Warrant, the daily volume weighted average trading price of the common shares on the TSX Venture Exchange, or such other stock exchange where the majority of the trading volume occurs, exceeds $3.25 on each of those 20 consecutive days, the Company may, within 30 days of such an occurrence, give written notice to the holders of the Warrants that the Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day following the giving of notice unless exercised by the holders prior to such date.

The Agents will receive a commission of 6.0% of the gross proceeds raised in this private placement, which they may elect to receive in cash or, in whole or in part, in units of the Company at a deemed price equal to the Flow-Through Unit of the offering. The commission units will have the same terms as the Flow-Through Units of the offering but shall be non-flow-through units. The Agents will also receive compensation options (the "Compensation Options") equal to 8.0% of the number of Flow-Through Units issued in connection with the offering. Each Compensation Option will entitle the Agents to purchase one additional common share of the Company at a price of $2.05 per common share for a period of 18 months following the closing date.

The gross proceeds from the sale of the Flow-Through Units will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2006 taxation year.

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.

Should you wish to receive Company news via email, please email shosein@cashminerals.com and specify "CHX News" in the subject line.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE