VANCOUVER, BRITISH COLUMBIA (AMEX: CXZ) is pleased to provide
the latest assay results from holes ML-114 to ML-139 of the
recently completed drill program at the C Zone on the Company's
Central Mineral Belt (CMB) Uranium Project in Labrador. The strong
mineralization intersected by drilling, much of which is at very
shallow depths, continues to expand and upgrade the current C Zone
uranium resource. Highlights from this portion of the program
include:
- 0.20% U3O8 over 22.4 metres (70.9 to 93.3 m) as part of a
wider zone grading 0.10% U3O8 over 46.3 metres (47.0 to 93.3 m),
both within a broader zone of 0.048% U3O8 over 101.0 metres (46.0
to 47.0 m) from hole ML-122(i),
(i) previously released
- 0.10% U3O8 over 5.5 metres (87.5 to 93.0 m) including 0.20%
U3O8 over 2.0 metres (90.0 to 92.0 m) in hole ML-124,
- 0.10% U3O8 over 5.0 metres (84.0 to 89.0 m) and 0.10% U3O8
over 6.0 metres (91.5 to 97.5 m) both within a wider zone grading
0.047% U3O8 over 52.0 metres (61.5 to 113.5 m) in hole ML-126,
- 0.10% U3O8 over 6.0 metres (92.5 to 98.5 m) and 0.11% U3O8
over 1.5 metres (105.5 to 107.0 m) both within a wider zone grading
0.052% U3O8 over 16.5 metres (92.5 to 109.0 m) in hole ML-127,
- 0.10% U3O8 over 5.0 metres (30.0 to 35.0 m) including 0.21%
U3O8 over 2.2 metres (31.0 to 33.2 m) in hole ML-135, and
- 0.21% U3O8 over 4.6 metres (5.5 to 10.1 m) within a zone
grading 0.10% U3O8 over 12.0 metres (4.0 to 16.0 m) all within a
wider zone grading 0.050% U3O8 over 35.9 metres (4.0 to 39.9 m) in
hole ML-139.
"We are very pleased by the strong mineralization intersected at
very shallow depths," says J. Wayne Pickett, P.Geo., VP Exploration
at Crosshair. "These excellent results expand the C Zone in several
directions including to the southwest where we continue to extend
the strike length towards Area 1. Joining the C Zone and Area 1
will be one of the goals of the 2008 program."
Holes ML-117 to ML-119 and ML-122 to ML-127 were all collared in
the central portion of the Upper C Zone resource. These holes
include previously released ML-122, which returned the best
intersection to date from the CMB Uranium Project, as well as hole
ML-126 which returned several higher grade intervals within a broad
zone averaging 0.05% U3O8 over 52.0 metres. All of the holes will
aid in upgrading the current resource estimate, which will be
updated in 2008.
Holes ML-132 to ML-134 and ML-138 to ML-139 all tested the
shallow, up-dip portion of the Upper C Zone and intersected uranium
mineralization grading up to 0.10% U3O8 over 12.0 metres including
0.21% U3O8 over 4.6 metres in hole ML-139. The grade and width of
mineralization intersected in these holes demonstrates the
potential to increase the uranium resource in the near surface
portion of the C Zone.
Holes ML-128 to ML-129 and ML-135 to ML-137 were all collared
outside of the currently defined Upper C Zone resource and
represent an additional 75 meters of strike length to the southwest
portion of the currently defined resource, where it still remains
open. Results from these holes are highlighted by ML-135, which
intersected 0.10% U3O8 over 5.0 metres.
Complete assay highlights from holes ML-114 to ML-139 along with
current drill sections and maps are posted on the Company website
at: http://www.crosshairexploration.com/s/CZone.asp.
Results for over 30 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
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.
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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