|
|
Thursday, December
06, 2007
Crosshair Extends C Zone to Northeast by Intersecting 0.10% U3O8 Over
18.3 Metres
Crosshair
Exploration & Mining Corp. (AMEX: CXZ)
(TSX-V: CXX) is pleased to provide the latest assay results from holes ML-140
to ML-154 of the recently completed drill program at the C Zone on the
Company's Central Mineral Belt (CMB) Uranium Project in Labrador. The latest
results are highlighted by ML-140, which tested the shallow, up-dip portion
of the resource and by ML-141, which was drilled 100 metres northeast of the
current C Zone resource. Both of these holes will aid in expanding the
current uranium resource. Select highlights from the latest results include:
- 0.31% U3O8
over 4.2 metres
(5.8 to 10.0 m) and
0.20% U3O8 over 2.7 metres (12.6 to 15.3 m)
both part of a wider zone grading
0.10% U3O8 over 20.7 metres (5.3 to 26.0 m)
in hole ML-140,
- 0.73% U3O8
over 2.0 metres
(118.0 to 120.0 m) as part of a wider zone grading
0.35% U3O8 over 5.1 metres (118.0 to 123.1
m), both within a wider zone
grading
0.10% U3O8 over 18.3 metres (106.7 to 125.0
m) in hole ML-141, and
- 0.11% U3O8
over 4.5 metres (276.5 to 281.0 m) from the Lower C Zone in ML-149.
"The latest results clearly demonstrate the potential to extend the
existing C Zone resource along strike" says J. Wayne Pickett, P.Geo, VP
Exploration at Crosshair. "The C Zone has now been extended outside of
the defined resource by 100 metres to the northeast, further increasing both
the number of pounds of U3O8 and the overall dimensions
of the resource."
Eight of the drill holes tested the northeast portion of the C Zone,
including holes ML-141 and ML-149, both of which were collared 100 metres
outside of the currently defined resource. Results from these holes are
highlighted by ML-141, which intersected 0.10% U3O8
over 18.3 metres, including 0.35% U3O8 over 5.1 metres.
Hole ML-140, an undercut of previously released holes ML-138 and ML-139,
tested the shallow, up-dip portion of the Upper C Zone and intersected
uranium mineralization grading 0.10% U3O8 over 20.7 metres including 0.31% U3O8
over 4.2 metres. The grade and width of mineralization intersected in these
holes will add to the uranium resource in the near surface portion of the C
Zone.
Complete assay highlights from holes ML-140 to ML-154 along with current
drill sections and maps are posted on the Company website at: http://www.crosshairexploration.com/s/CZone.asp
Results for approximately 18 additional holes from the current program are
pending and will be released over the coming weeks. Crosshair has recently
suspended its drilling operations on the CMB Uranium Project for winter
freeze-up and is currently planning an aggressive 2008 program set to begin
early in the New Year that will see three drills turning on the property
throughout the winter.
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 750 sq km Central Mineral Belt 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.
The Company's exploration work on the Central Mineral Belt Uranium Project is
supervised by J. Wayne Pickett, P.Geo., a member of the Professional
Engineers and Geoscientists of Newfoundland and Labrador, the Vice President
Exploration of the Company and a Qualified Person as defined in NI 43-101.
Mr. Pickett has verified that the 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.
Split drill core samples are being 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 of the Company and its properties, please visit the
website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
"Mark J Morabito"
President and CEO
Crosshair Exploration & Mining Corp. -- Vancouver
T: 604-681-8030
F: 604-681-8039
E: dan@crosshairexploration.com
www.crosshairexploration.com
Cautionary Note Regarding
Forward-Looking Information
Information set forth in this news
release may involve forward-looking statements. Forward-looking statements
are statements that relate to future, not past, events. In this context,
forward-looking statements often address a company's 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of the content of this News Release.
|
|