Crosshair Exploration & Mining Corp.

Crosshair Exploration & Mining Corp.

October 31, 2007 09:15 ET

Crosshair Hits Best Intersection to Date at the C Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - Crosshair Exploration & Mining Corp. (TSX VENTURE:CXX)(AMEX:CXZ) is pleased to report assay results from holes ML-107 to ML-113 and ML-122 of the ongoing drill program at the C Zone on the Company's Central Mineral Belt (CMB) Uranium Project in Labrador. The latest assay results are highlighted by hole ML-122, an infill hole that will help to upgrade portions of the C Zone resource, which intersected:

- 0.20% U3O8 over 22.4 metres as part of a wider zone grading

0.10% U3O8 over 46.3 metres, both contained within a broader zone grading

0.048% U3O8 over 101.0 metres starting from a depth of 46.0 metres.

Hole ML-122 tops previous results from hole ML-87, released in August of this year, which intersected 0.10% U3O8 over 45.7 metres.

Other significant intercepts from the latest results include:

- 0.08% U3O8 over 2.0 metres from the Lower C Zone in hole ML-107,

- 0.14% U3O8 over 10.5 metres from the Upper C Zone in hole ML-109,

0.26% U3O8 over 5.5 metres

- 0.11% U3O8 over 2.8 metres from the Upper C Zone in hole ML-112,

- 0.11% U3O8 over 2.5 metres from the Lower C Zone in hole ML-113.

Holes ML-109 and ML-110 were collared in the southwest portion of the C Zone, at shallower depths up-dip of the currently defined limits of the Upper C Zone resource and will help to further increase the resource. Hole ML-109 returned 0.26% U3O8 over 5.5 metres as part of a wider interval grading 0.14% U3O8 over 10.5 metres, while hole ML-110 also intersected strongly elevated vanadium mineralization grading 0.23% V2O5 over 5.7 metres. Drill holes ML-107 and ML-113 both returned encouraging intercepts of uranium mineralization from the northeastern portion of the Lower C Zone, which remains open.

"We are again very encouraged by these results since ML-122 intersected some of the strongest uranium mineralization reported to date at the Upper C Zone and ML-109 represents a very good intercept at shallow depths in a portion of the C Zone that has not had a lot of previous drilling," says J. Wayne Pickett, P.Geo, VP Exploration at Crosshair.

Crosshair also wishes to provide corrected assay values from hole ML-106, which was originally reported as intersecting 0.10% U3O8 over 10.9 meters in a release dated October 18, 2007. Activation Laboratories reported an erroneous DNC uranium assay value that was subsequently discovered and corrected. The originally reported intercept actually grades 0.05% U3O8 over the same 10.9 meter interval.

Assay highlights from holes ML-106 (revised) to ML-113, as well as ML-122 are detailed in the following table, and are also posted along with current drill sections and maps on the Company website at:

The orientation of the mineralized zones at the C Zone is interpreted to be dipping moderately southeast and the stated widths are approximately 80-100% of true widths.

Hole # From (m) To (m) Length (m) % U3 O8 % V2 O5
ML-106 Upper C Zone 58.8 109.2 50.4 0.02% pending
revised including 71.3 82.2 10.9 0.05% pending
and 98.2 100.2 2.0 0.03% pending
and 104.7 106.5 1.8 0.04% pending
ML-107 Upper C Zone 121.0 125.0 4.0 0.03% pending
133.5 135.5 2.0 0.05% pending
155.0 157.0 2.0 0.03% pending
Lower C Zone 331.8 333.8 2.0 0.08% pending
ML-108 No significant assays
ML-109 Upper C Zone 8.2 18.7 10.5 0.14% 0.044%
including 11.2 16.7 5.5 0.26% 0.054%
ML-110 Upper C Zone 25.1 30.8 5.7 0.05% 0.229%
ML-111 Upper C Zone 48.8 49.2 0.4 0.07% pending
ML-112 Upper C Zone 53.0 60.4 7.4 0.05% pending
including 53.5 56.3 2.8 0.11% pending
ML-113 Lower C Zone 290.5 296.5 6.0 0.06% pending
including 291.5 294.0 2.5 0.11% pending
ML-122 Upper C Zone 46.0 147.0 101.0 0.048% pending
including 47.0 93.3 46.3 0.10% pending
including 70.9 93.3 22.4 0.20% pending
including 90.9 93.3 2.4 1.76% pending

Crosshair currently has three rigs operating at the C Zone on the CMB Uranium Project, all of which will continue to drill on the property until winter freeze-up in early November. Assay results are pending for approximately 35 additional holes that have been drilled at the C Zone, which continues to be extended by the current drilling and remains open in all directions.

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


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.

To view the C Zone Drill Results table accompanying this release please click on the following link:

To view the C Zone Plan Map accompanying this release please click on the following link:

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the content of this News Release.

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