Crosshair Energy Corporation (NYSE Amex: CXZ) (TSX:
CXX) (“Crosshair” or the “Company”) is pleased to
announce that its 2012 exploration program for the Juniper Ridge
Uranium Project, located in south-central Wyoming, is scheduled to
begin June 1, 2012.
The program of approximately 60,000 ft (18,290 metres) of
drilling will build on the strong results from last year’s program
which culminated in an initial mineral resource estimate of 5.2
million pounds of uranium oxide (4.14 million tons at 0.063%
eU3O8), using a grade-thickness (GT) cut-off of 0.1%-ft.
“We are excited to be continuing our resource expansion efforts
in Wyoming this year,” stated Mark Ludwig, Crosshair Energy’s
President & CEO. “Last year’s successful program confirmed an
Indicated Resource of more than 5 million pounds of uranium oxide
and we expect the 2012 program to capture more of the historic
resource.”
Mr. Ludwig went on to say, “As the percentage of the world’s
nuclear generated electricity continues to grow, the uranium needed
to fuel those generating stations will pressure existing supply. To
meet the increasing need for uranium, I expect to see higher levels
of exploration, development and production from Wyoming’s uranium
deposits during the next decade.”
2012 Juniper Ridge Program Details
- The 2012 program is planned to employ
three drill rigs, four geologists, and two geophysicists.
- Drilling will be focused in areas where
significant resource drilling was done in the 1970s and 1980s.
- 88% of the resource is shallow, lying
within 150 ft. of surface.
- Metallurgical testing is underway to
confirm the favorable recoveries recorded in the historic
reports.
- Environmental monitoring infrastructure
is scheduled to be installed once the drilling begins, for the
collection of baseline environmental conditions in preparation for
permitting.
- The Juniper Ridge exploration program
is being supervised by Tom Bell, Ph.D., Vice President & Chief
Geologist of Crosshair Energy.
- The goal of the 2012 program is to
verify more of the historic geological resources estimated at 7 to
10 million pounds at a grade between 0.056% and 0.067% U3O8. These
potential tonnages and grades are conceptual in nature, there has
been insufficient exploration to define an increased mineral
resource and it is uncertain if further exploration will increase
the mineral resources. These figures are reported as exploration
targets based on reasonable assumptions made from historical data
by the Company.
About Juniper Ridge
The Juniper Ridge Property is composed of 197 federal lode
claims and one state mineral lease totaling 4,710 acres (1,906 Ha).
Last year’s exploration activities succeeded in identifying 5.2
million pounds of uranium oxide (4.14 million tons at 0.063%
eU3O8), using a grade-thickness (GT) cut-off of 0.1%-ft. The focus
of the current exploration program is to verify more of the
historic geological resources which range from 5.2 million tons
grading 0.067% U3O8 totaling 6.97 million pounds of uranium (AGIP
Mining Company in 1986), to 8 million tons grading 0.056% U3O8
totaling 9.9 million pounds (Urangesellschaft USA in 1978). These
historical resource estimates were completed prior to the
implementation of NI 43-101 and are not compliant with currently
accepted reserve and resource classifications as set forth by the
Canadian Institute of Mining and Metallurgy. Given the quality of
the historic work completed on the Property, Crosshair believes the
resource estimates are both relevant and reliable. However, a
qualified person has not completed sufficient work to classify the
historic mineral resources as current mineral resources or mineral
reserves as defined in NI 43-101, and Crosshair is not treating the
historic resources as current. Additional drilling is required to
verify these historic results. Therefore, the historical resource
estimates should not be relied upon. Additional information on the
Juniper Ridge Project can be found at:
http://www.crosshairenergy.com/s/JuniperRidge.asp.
Stewart Wallis, P.Geo., a Director of Crosshair and a Qualified
Person as defined by NI 43-101, has reviewed and is responsible for
the technical information contained in this news release.
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.
Additional information about the Juniper Ridge Project can be
found in the technical report filed on SEDAR at www.sedar.com
entitled: “Juniper Ridge Uranium Project, Carbon County, Wyoming,
USA, 43-101 Mineral Resource Technical Report” dated February 21,
2012. 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
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 Juniper Ridge
resource estimate, the future demand for uranium, the increased
mineral resource estimate, the details of the exploration program
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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