VANCOUVER, BRITISH COLUMBIA (AMEX: CXZ) is pleased to announce
the start of its 2008 winter drilling program on its Central
Mineral Belt (CMB) Uranium Project in Labrador. The planned 13,000
m program will include three active drills on the property,
conducting Phase II drilling at the B Zone, Area 3, Area 1, and
targets in the Armstrong area. Crosshair will also continue to
define and expand the C Zone resource, which will include drilling
between the C Zone and Area 1 in an effort to link the zones. Area
1, which has a defined strike length of 600 m, is located 1.5 km
along strike to the southwest of the C Zone. Linking the two zones
could potentially add 2 km strike length to the C Zone deposit. In
addition, Crosshair will test priority gravity and IP targets along
the entire Armstrong - B Zone corridor for IOCG type mineralization
at depth.
Successful Phase I drill programs at the B Zone, Area 3, Area 1
and Armstrong targets have demonstrated the potential to host
multiple uranium deposits on the CMB Property. A combination of
ground geophysical, geochemical, and geological mapping surveys
carried out in 2007 have helped to better define each of these
zones, as well as identify new areas of mineralization within
them.
B Zone / Area 3
The B Zone, located 3.5 km northeast of the C Zone, contains
uranium mineralization predominantly hosted by strongly altered and
hematized sandstone, particularly where cut by altered mafic dykes.
A total of 62 rock samples from the B Zone produced an average
grade of 0.72% U3O8, to a maximum of 3.97% U3O8. Drilling by
Crosshair in 2006 intersected mineralization grading up to 0.27%
U3O8 over 7.6 metres.
The B Zone also exhibits many of the geological and geochemical
characteristics of IOCG type mineralization, akin to the world
class Olympic Dam deposit. These characteristics include locally
elevated copper, silver and gold values as well as a spatial
association with a large gravity anomaly. Crosshair plans to drill
over 1200 metres at the B Zone and Area 3 in order to test the down
dip and along strike extensions of mineralization intersected by
previous drilling.
Armstrong
Armstrong, located approximately 3 km southwest of the C Zone,
anchors the southwest end of the same 4.5 km long trend that hosts
the C Zone and Area 1. Uranium mineralization that is
intermittently exposed along a 300 metre strike length
predominantly occurs in sheared, chloritized mafic volcanic rocks.
Follow-up ground work in 2007 resulted in the discovery of two new
zones of mineralization, one located 80 metres northeast, and
another located 300 metres southwest, of the original Armstrong
discovery. Eight separate one-metre channel samples from the new
showing to the southwest returned an average grade of 0.14% U3O8,
while scintillometer readings over the new showing to the northeast
are off-scale over an exposed 3-4 metre wide by 10 metre long area.
Both of these new zones will be drill tested during the current
winter program.
Area 1
At Area 1, located 1.5 km southwest of the C Zone, continuity of
mineralization has been confirmed by drilling along a 600 metre
strike length, returning intercepts up to 0.11% U3O8 over 11.5
metres, including 0.32% U3O8 over 3.0 metres. The geological
setting and style of mineralization strongly resembles that of the
C Zone, and it is believed that Area 1 potentially represents the
southwest extension of the C Zone mineralization. Crosshair's 2007
program successfully extended the C Zone an additional 300 metres
to the southwest, towards Area 1. As part of the current winter
program, Crosshair plans to drill over 2200 metres in order to
further define the mineralized zone at Area 1, and to test select
targets along the C Zone - Area 1 corridor. One of the Company's
main goals for 2008 will be to link the two zones with an
aggressive diamond drilling campaign.
C Zone
Drilling at the C Zone in 2007 returned the best intercepts to
date from the CMB Uranium Property and successfully added 400
metres of strike length to the currently defined resource.
Three-dimensional modeling of the existing drill hole data as well
as new structural interpretations of the deposit have greatly
helped to advance Crosshair's understanding of the C Zone geology
and controls on mineralization, allowing Crosshair geologists to
more successfully target and define the zone.
As part of the winter program, Crosshair will continue to test
the down dip and along strike extensions of several mineralized
intercepts at the C Zone in order to further upgrade and expand the
current resource. The C Zone currently contains a NI 43-101
compliant indicated resource of 3.19 million pounds of U3O8 (3.75
million tonnes at 0.04%) and an additional NI 43-101 inferred
resource of 4.59 million pounds of U3O8 (6.32 million tonnes at
0.03%). Crosshair plans to update this resource estimate in
2008.
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 September 9, 2007, as filed
on SEDAR on September 10, 2007, as well as on the Company's
website.
IOCG Targets
In late January, Crosshair will activate a third rig on the CMB
Uranium Property capable of deep drilling in order to test several
targets for IOCG type mineralization associated with a large
gravity anomaly along the Armstrong - B Zone corridor. In 2007,
Crosshair carried out additional ground geophysics, including
gravity and IP/resistivity surveys, in order to better define the
IOCG targets. A number of targets have been identified and are
currently being prioritized for drill testing.
Additional information and maps for priority target areas on the
CMB Uranium Property can be found on the Company website at:
http://www.crosshairexploration.com/s/CentralMineralBelt.asp.
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 755 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 on the Company and its properties, please
visit the website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
Mark J Morabito, President and CEO
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.
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of the content of this News Release.
Contacts: Crosshair Exploration & Mining Corp. Dan McIntyre
(604) 681-8030 (604) 681-8039 (FAX) Email:
dan@crosshairexploration.com Website:
www.crosshairexploration.com
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