Crosshair Energy Corporation (NYSE Amex: CXZ) (TSX:
CXX) (“Crosshair” or the “Company”) is pleased to
announce that the Nunatsiavut Government of Newfoundland and
Labrador enacted its Environmental Protection Act and an amendment
to the Labrador Inuit Lands Act. This legislation officially lifts
the moratorium on the working, production, mining and development
of uranium on Labrador Inuit Lands, which had been in effect since
April 2008.
“Labrador contains one of the largest undeveloped uranium
resources in the world,” said Stewart Wallis, President and CEO of
Crosshair. “Lifting this moratorium allows uranium companies
operating in Labrador, such as Crosshair and Paladin, to advance
their projects and paves the way for an economic infusion that
mineral exploration and development will bring to the communities
of Labrador.”
The moratorium was originally put in place in April 2008 for a
period of three years, in order to allow the Nunatsiavut Government
time to establish a lands administration system and to develop an
Environmental Assessment Act and environmental protection
legislation. Even though 92% of Crosshair’s Labrador property falls
outside the Labrador Inuit Lands, the moratorium had a significant
negative impact on the market value of all companies operating in
Labrador.
The focus of Crosshair’s exploration activities in Newfoundland
and Labrador are the CMB and CMB-JV properties. The CMB Project
consists of 2,116 claims in 22 licences and covers 529 square km.
It hosts the C Zone – Area 1 – Armstrong Corridor, which has a
current Indicated Mineral Resource of 5.19 million pounds of
uranium (6.92 million tonnes at 0.034% U3O8) and an additional
Inferred Mineral Resource of 5.82 million pounds of uranium (8.17
million tonnes at 0.032% U3O8) between all three zones. It also
contains an Indicated Mineral Resource of 42.8 million pounds of
vanadium (14.7 million tonnes at 0.15% V2O5) and an additional
Inferred Mineral Resource of 93.6 million pounds (28.3 million
tonnes at 0.16% V2O5). All three zones remain open and future
programs will be aimed at confirming the continuity of
mineralization between the zones.
The CMB JV Project (800 claims in 11 licences) is a joint
venture partnership with Silver Spruce Resources (“SSE”). The
Company has notified SSE that their interest will be diluted to
less than 10% and thus they will now retain a 2% Net Smelter Return
Royalty. The Project is host to the Two Time Zone, which has an
existing Indicated Mineral Resource of 2.33 million pounds of
uranium (1.82 million tonnes at 0.058% U3O8) and an additional
Inferred Mineral Resource of 3.73 million pounds of uranium (3.16
million tonnes at 0.053% U3O8), also open for expansion. In
addition to the Two Time prospect, the CMB-JV also contains the
Firestone, South Brook, Running Man and Big Bear prospects.
Stewart Wallis, P.Geo. President and CEO of Crosshair and a
Qualified Person as defined by NI 43-101, has reviewed and approved
the technical information contained in this news release.
Additional information about the CMB Project can be found in the
Form 43-101 Technical Report on the Central Mineral Belt (CMB)
Uranium - Vanadium Project, Labrador, Canada, dated January 20,
2011 (Rev March 10, 2011). Additional information regarding the CMB
JV Project can be found in the Technical Report on the CMBNW
Property, Labrador Canada dated June 22, 2009. Copies of both
reports are available on SEDAR at www.sedar.com.
About Crosshair
Crosshair is a prominent player in the exploration and
development of uranium and vanadium projects in the US and Canada.
Its flagship properties, Bootheel and Juniper Ridge, have
established resources and are located in uranium mining friendly
Wyoming. Bootheel has the potential to be mined using in-situ
recovery methods. The CMB Uranium/Vanadium Project and the CMB JV
Uranium Project are located in Labrador, Canada and have four
currently defined resources - C Zone, Area 1, Armstrong and Two
Time Zone. The Crosshair team is composed of knowledgeable and
experienced professionals with global experience in exploration,
mining and corporate finance that are committed to operating in an
environmentally responsible manner.
For more information on Crosshair and its properties, please
visit the website at www.crosshairenergy.com.
ON BEHALF OF THE CROSSHAIR BOARD
"Mark J. Morabito"
EXECUTIVE CHAIRMAN
T: 604-681-8030
F: 604-681-8039
E: info@crosshairenergy.com
www.crosshairenergy.com
For Investor Relations, please call:
Bevo Beaven
720-932-8300
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. Forward-looking statements or
information relate to, among other things the potential economic
benefits to Labrador, mineral resource estimates on the Company’s
properties and the exploration potential of the Company's
properties. 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 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; tax
consequences to U.S. shareholders and other risks and
uncertainties, including those described in the Risk Factors
section in the Company’s Annual Report on Form 20-F for the
financial year ended April 30, 2011 filed with the Canadian
Securities Administrators and available at www.sedar.com.
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, except as required by law. 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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