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Tuesday, January
13, 2009
Crosshair Maintains Labrador Claims
Crosshair Exploration & Mining Corp. (NYSE Alternext
US: CXZ) (TSX: CXX) ("Crosshair") provides further information regarding its land package in Labrador
following Crosshair's January 7, 2009 News Release announcing that Crosshair
and Target Exploration and Mining Corp. ("Target") agree to combine
to create a solid North American uranium asset base. Crosshair currently
controls 7133 claims (178,325 hectares) in the Central Mineral Belt
(CMB) of Labrador.
Crosshair's original land package, which was once controlled by Shell Canada
Resources in the 1960's and 70's, is host to the C Zone -- Area 1 --
Armstrong Corridor, which has a current National Instrument (NI) 43-101
indicated resource of 5.19 million (M) pounds (lbs) of uranium (U3O8)
(6.92 million tonnes at 0.034% U3O8) and an additional
inferred resource of 5.82 M
lbs of U3O8 (8.17 million tonnes at 0.032% U3O8)
between all three zones. All three zones remain open for expansion along
strike and to depth. The claims acquired in May 2008 host the Two Time
Deposit, which has an existing NI 43-101 indicated resource of 2.33 M lbs of U3O8
(1.82 million tonnes at 0.058% U3O8) and an additional
inferred resource of 3.73 M
lbs of U3O8 (3.16 million tonnes at 0.053% U3O8),
also open for expansion. The complete resource estimate can be found in the
NI 43-101 report entitled Technical Report on the Central Mineral Belt
Uranium Project, Labrador,
Canada dated
July 31 2008, as well as on Crosshair's website.
The majority of the claims in Labrador are
in good standing under provincial work assessment rules until 2012 and some
claims are in good standing as late as 2018, meaning no work is required on
these claims for the foreseeable future. Crosshair will only undertake the minimum
amount of work on the balance of the claims to maintain the assets in Labrador and keep them in good standing until the 3
year moratorium (announced March 2008) on uranium mining and milling on the
Labrador Inuit Lands (LIL) is lifted. When and if that occurs, Crosshair will
resume its exploration and development activities and continue drilling with
the goal of expanding its resources.
"We are committed to maintain the integrity of the assets in Labrador for the benefit of our shareholders,"
says Mark Morabito, President and CEO of Crosshair.
"Fortunately we are in a position to do so with minimal cash outlays for
the next several years. We remain hopeful that the situation in Labrador will
resolve itself within the next two years after the original 3 year time frame
has expired and look forward to resuming our aggressive Labrador
uranium resource expansion program in due course."
Change of Board Members
Crosshair announces the resignation of Ron Atlas from the Board of Directors.
Mr. Atlas is the Chairman and CEO of Universal Uranium Ltd. and the Board of
Directors would like to thank Mr. Atlas for his services. Stewart Wallis,
President of Target, will be appointed to the Board of Directors upon
completion of the merger.
About Crosshair
Crosshair is a dominant player in the exploration for uranium in the Central
Mineral Belt of Labrador. 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.
Sally Gillies, M.Sc., P.Geo.,
Lonestar Division General Manager of Crosshair and
a Qualified Person as defined in National Instrument 43-101, has reviewed and
is responsible for the technical information contained in this news release.
For more information on Crosshair and its properties, please visit the
website at www.crosshairexploration.com.
ON BEHALF OF THE CROSSHAIR BOARD
"Mark J. Morabito"
President & Chief Executive Officer
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.
Cautionary Note Concerning Reserve
and Resource Estimates
This press release uses the terms "reserves",
"resources", "proven reserves", "probable
reserves", "measured resources", "indicated
resources" and "inferred resources". United States investors are advised that,
while such terms are recognized and required by Canadian securities laws, the
United States
Securities and Exchange Commission (the "SEC") does not recognize
them. Under United States
standards, mineralization may not be classified as a "reserve"
unless the determination has been made that the mineralization could be
economically and legally produced or extracted at the time the reserve
determination is made. Mineral resources that are not mineral reserves do not
have demonstrated economic viability. United States investors are
cautioned not to assume that all or any part of measured or indicated
resources will ever be converted into reserves. Inferred Resources are in
addition to Measured and Indicated Resources. Further, inferred resources
have a great amount of uncertainty as to their existence and as to whether
they can be mined legally or economically. It cannot be assumed that all or
any part of the inferred resources will ever be upgraded to a higher
category. Therefore, United
States investors are also cautioned not to
assume that all or any part of the inferred resources exist, or that they can
be mined legally or economically. Disclosure of "contained ounces"
is permitted disclosure under Canadian regulations, however, the SEC normally
only permits issuers to report "resources" as in place tonnage and
grade without reference to unit measures. Accordingly, information concerning
descriptions of mineralization and resources contained in this release may
not be comparable to information made public by United States companies
subject to the reporting and disclosure requirements of the SEC.
National Instrument 43-101 Standards of Disclosure for Mineral Projects
("NI 43 101") is a rule developed by the Canadian Securities
Administrators, which established standards for all public disclosure an
issuer makes of scientific and technical information concerning mineral
projects. Unless otherwise indicated, all reserve and resource estimates
referred to in this press release or released by the Company in the future
have been or will be prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Classification System. The
requirements of NI 43 101 are not the same as those of the SEC and any
reserves reported by the Company in compliance with NI 43 101 may not qualify
as reserves under the SEC's standards.
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