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Tuesday, December
09, 2008
Crosshair Discovers New Uranium Zone
Crosshair Exploration & Mining Corp. (NYSE Alternext US: CXZ) (TSX: CXX) is
pleased to report the discovery of a previously unidentified zone of uranium
mineralization, referred to as the "Apollo Zone", on its Central
Mineral Belt (CMB) Uranium Project in Labrador.
During the summer of 2008, follow-up prospecting of several anomalies
identified in 2006 revealed significant uranium mineralization over a 500
meter (m) strike length. The Apollo Zone returned grab samples assaying up to
0.50% U3O8 in outcrop and 0.20% U3O8 in local boulders. This new zone appears
to lie along strike of the Boiteau Lake Showing
(0.79% U3O8) announced by Bayswater Uranium Corp. (TSX.V: BAY) (Nov. 20,
2008). The Boiteau Lake Showing lies very close to
the Crosshair/Bayswater property boundary and the trend is open along strike
for the 7 kilometres between the showing and the Apollo Zone.
The Apollo Zone lies approximately 11 kilometres NE from the C Zone uranium
resource and approximately 3 kilometres south of previously discovered Blue
Star, where sampling by Crosshair in 2006 returned values of up to 1.37% U3O8
in outcrop.
Location maps and complete assay highlights are posted on the Company website
at: http://www.crosshairexploration.com/s/ApolloZone.asp
Uranium mineralization at the Apollo Zone is hosted within variably foliated
sedimentary rocks of the Heggart Lake Formation. A
strong penetrative foliation is locally developed, notably within sericite-altered matrix-supported conglomerates. Kinematic
indicators suggest the mineralized zone is hosted within an oblique, steeply
east-dipping sinistral shear zone. Sulphide
minerals present are predominantly pyrite but locally include chalcopyrite
and bornite.
About Crosshair
Crosshair is a dominant player in the exploration for uranium in the Central
Mineral Belt of Labrador - Canada's most promising emerging uranium district.
The CMB Uranium Project is host to potentially three types of uranium
mineralization - Iron Oxide Copper Gold (IOCG - Olympic Dam), structurally
controlled/shear zone and unconformity types of mineralization. All of
Crosshair's currently defined resources (C Zone, Area 1, Armstrong and Two
Time Zone) fall outside of Labrador Inuit Lands. These assets are therefore
not directly impacted by the Nunatsiavut
Government's decision in March 2008 to place a three year moratorium on
uranium mining within their self-governed Labrador Inuit Lands.
The Company's exploration work on the CMB Uranium Project is supervised by
Sally Gillies and John Clarke. Sally Gillies, M.Sc., P.Geo., Lonestar Division General
Manager, is a member of the Professional Engineers and Geoscientists of
Newfoundland and Labrador, and a Qualified Person as defined in NI 43-101. Ms.
Gillies has verified that the assay results
presented above have been accurately summarized from the official assay
certificates provided to the Company. A QA/QC program has been implemented
consisting of standard, blank and duplicate samples.
Rock samples collected by the Company are sent to Activation Laboratories in Ancaster, ON for analyses. Uranium analysis is performed
by the delayed neutron counting (DNC) method, while multi-element analysis is
performed using Inductively Coupled Plasma Mass Spectrometry (ICP-MS). Samples
that exceed the upper limit for uranium are re-assayed using X-ray
fluorescence (XRF).
For more information on the Company and its properties, please visit the
website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
"Mark J. Morabito"
President & Chief Executive Officer
Crosshair Exploration & Mining Corp. - Vancouver
T: 604-681-8030
F: 604-681-8039
E: investor@crosshairexploration.com
www.crosshairexploration.com
Cautionary Note Regarding
Forward-Looking Information
Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and
financial performance, and often contain words such as
"anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements
that an action or event "may", "might",
"could", "should", or "will" be taken or occur,
or other similar expressions. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or other future
events, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following risks: the risks associated with
outstanding litigation, if any; risks associated with project development;
the need for additional financing; operational risks associated with mining
and mineral processing; fluctuations in uranium, gold and other commodity
prices; title matters; environmental liability claims and insurance; reliance
on key personnel; the potential for conflicts of interest among certain
officers, directors or promoters with certain other projects; the absence of
dividends; competition; dilution; the volatility of our common share price
and volume; and tax consequences to U.S. shareholders. Forward-looking
statements are made based on management's beliefs, estimates and opinions on
the date that statements are made and the Company undertakes no obligation to
update forward-looking statements if these beliefs, estimates and opinions or
other circumstances should change. Investors are cautioned against
attributing undue certainty to forward-looking statements.
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