Crosshair Exploration & Mining Corp.

Crosshair Exploration & Mining Corp.

December 03, 2009 16:46 ET

Crosshair Announces a Private Placement for Gross Proceeds of $500,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Dec. 3, 2009) - Crosshair Exploration & Mining Corp. (TSX:CXX)(NYSE Amex:CXZ) ("Crosshair") is pleased to announce that, subject to regulatory approval, it will undertake a non-brokered private placement with a single institutional investor of 2,000,000 flow-through shares of Crosshair ("Flow-Through Shares") at a price of $0.25 per Flow-Through Share for gross proceeds of $500,000 (the "Flow-Through Private Placement"). Each Flow-Through Share qualifies as a "flow-through share" for the purposes of the Income Tax Act (Canada).

All securities issued pursuant to the Flow-Through Private Placement are subject to a four month hold period. In connection with the Flow-Through Private Placement, Crosshair will, subject to regulatory approval, pay a finder's fee to Axemen Resource Capital, a Limited Market Dealer.

The funds raised from the Flow-Through Private Placement will be used by Crosshair for exploration expenditures on its Golden Promise Gold Project and for its Central Mineral Belt Vanadium Resource upgrade work, which will constitute Canadian exploration expenditures (as defined in the Income Tax Act (Canada)) and will be renounced for the 2009 taxation year.

About Crosshair

Crosshair is a dominant player in the exploration and development of uranium and gold in the US and Canada. Its flagship Project, Bootheel, is located in uranium mining friendly Wyoming and with its in-situ mining potential, Bootheel is designed for near term production. The CMB Uranium Project is located in Labrador, Canada and has four currently defined resources – C Zone, Area 1, Armstrong and Two Time Zone. The Crosshair team is comprised of knowledgeable and experienced professionals with both exploration and mining backgrounds.

For more information on Crosshair and its properties, please visit the website at


Mark J. Morabito, CEO

Cautionary Note Regarding Forward-Looking Information

Information set forth in this news release may involve forward-looking statements under applicable securities laws, including statements about the offering of Flow-Through Shares. 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. 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, except as required by applicable law. Investors are cautioned against attributing undue certainty to forward-looking statements.

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