Universal Announces Closing of Sale of Labrador Uranium Property to Crosshair

Universal Uranium Ltd. (TSX VENTURE:UUL) is pleased to announce that it has
closed on the agreement with Crosshair Exploration ("Crosshair") to acquire all
of Universal's 60% interest in its Central Mineral Belt (CMB), Labrador, uranium
project, consisting of approximately 4,737 claims and including the Two Time
uranium deposit, which sits outside the Labrador Inuit Land area.


The Two Time Zone is the most advanced prospect within Universal's 1,184 square
kilometre land holdings in the CMB and is a joint venture partnership with
Silver Spruce Resources ("Silver Spruce"), whereby Silver Spruce retains a 40%
ownership. Crosshair will be the operator of the project. The Two Time Zone has
an existing NI 43-101 compliant indicated resource of 2.33 million pounds of
uranium (U3O8) (1.82 million tonnes grading 0.058% U3O8) and an additional
inferred resource of 3.73 million pounds of U3O8 (3.16 million tonnes grading
0.053% U3O8).


"The sale of this property to Crosshair will prove extremely beneficial to both
parties. The shares of Crosshair received by Universal will give us a large
position in the future of the entire property. Crosshair is better equipped to
deal with the complexities of developing this property and has the geological
staff and expertise to advance this discovery to production," says Ron Atlas,
President of Universal. "The 2% NSR allows Universal to participate directly in
the profit potential of the property. The private placement made in Universal by
Crosshair will allow Universal to concentrate its efforts on its Potash property
in Saskatchewan, and on the acquisition of additional attractive mineral
prospects currently under review."


"We are pleased that the acquisition is complete and we look forward to
expanding the Two Time Zone and also advancing a number of exciting discoveries
in the area to the drill ready stage," says Mark Morabito, CEO of Crosshair.
"Together with our C Zone - Armstrong corridor, Crosshair now controls the only
two 43-101 uranium deposits in the western portion of the CMB and both are
outside the Labrador Inuit Land area."


The Two Time Zone has a current strike length of 475 metres (m) and remains open
along strike and to depth. The Two Time Zone is located approximately 17 km
northwest of Crosshair's C Zone. Significant uranium drill intercepts include:


- 0.052% U3O8 over 107 m including

0.11% U3O8 over 30 m in CMB-07-6

- 0.042% U3O8 over 109 m including

0.10% U3O8 over 32 m in CMB-07-14

The complete resource estimate can be found in the NI 43-101 report entitled
Technical Report on the CMBNW Property, Labrador, Canada dated June 12, 2008, as
filed on SEDAR on June 13, 2008 by both Universal and Silver Spruce.


Acquisition Details

As consideration for Universal's interest in the Property, Crosshair paid to
Universal CDN$500,000 and issued 10,000,000 common shares and 7,500,000
warrants. Each warrant entitles Universal to purchase an additional common share
in the capital of Crosshair at CDN$1.00 per share for a period of three years
from Closing subject to early expiry in the event that the average trading price
of Crosshair's common shares exceeds CDN$2.00 for a period of 20 days while the
warrants are outstanding. The securities issued to Universal are subject to
escrow for two years following the Closing, to be released in equal tranches in
three month intervals. Universal will grant Crosshair's management a voting
proxy over any Crosshair shares it holds or acquires on exercise of the
warrants. These escrow and voting provisions will expire if Universal
distributes the securities to its shareholders. Universal will retain a 2% net
smelter return royalty on its 60% interest in the Property, 0.5% of which may be
purchased by Crosshair for CDN$1,000,000.


Crosshair has also purchased, by way of private placement, 2,222,222 units of
Universal at a price of CDN$0.45 per unit. Each unit consists of one common
share of Universal and one share purchase warrant entitling Crosshair to
purchase an additional common share of Universal at a price of CDN$0.65 per
Universal Warrant for a period of 24 months.


Universal Uranium Ltd. (TSX VENTURE:UUL) is a publicly held Canadian exploration
company focused on acquiring, exploring and developing mineral properties
located in favorable geo-political climates. The company is led by a highly
skilled, experienced board and management team with significant successes in
managing early stage mineral exploration companies.


ON BEHALF OF THE BOARD:

Ronald Atlas, President & Chairman of the Board

The Company seeks Safe Harbour.

Standard & Poor's Listed

Issued Share Capital: 46,878,513
Universal Uranium Ltd. (TSXV:UUL)
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