Crosshair Exploration & Mining Corp.

Crosshair Exploration & Mining Corp.

October 11, 2007 09:15 ET

Crosshair Intersects 0.10% U3O8 Over 15.8 Metres at the C Zone & Continues to Expand Uranium Resource

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2007) - Crosshair Exploration & Mining Corp. (TSX VENTURE:CXX)(AMEX:CXZ) is pleased to report assay results from holes ML-91 to ML-100 of the ongoing drill program at the C Zone on the Company's Central Mineral Belt (CMB) Uranium Project in Labrador. Significant uranium mineralization continues to be intersected in all drill holes, with specific highlights shown below:

- 0.44% U3O8 over 3.3 metres as part of a wider interval grading
0.10% U3O8 and 0.07% V2O5 over 15.8 metres intersected in hole ML-96,

- 0.10% U3O8 and 0.08% V2O5 over 5.9 metres intersected in hole ML-98(i),

- 0.18% U3O8 and 0.22% V2O5 over 3.9 metres intersected in hole ML-99,

- 0.10% U3O8 over 6.4 metres, 0.10% U3O8 over 8.5 metres and 0.08% U3O8 over 6.3 metres in hole ML-100, which are separate intervals, the first two being part of a wider interval grading 0.07% U3O8 over 23.51 metres.

(i) Lower C Zone

The current drill campaign at the C Zone continues to expand the existing C Zone resource, which remains open in all directions, as well as upgrade the resource with infill drilling. Four of the reported holes are step-out holes located outside of the current resource to the northeast, while the other six holes represent infill holes that will aid in upgrading the current resource. Several intercepts from the infill drilling have returned better grades and thicknesses than proximal intercepts from previously drilled holes, as highlighted by ML-96 and ML-100. Results from the step-out holes are highlighted by ML-98, which intersected 0.21% U3O8 and 0.13% V2O5 over 2.7 metres within a wider zone of 0.10% U3O8 and 0.08% V2O5 over 5.6 metres from the Lower C Zone.

"We are very encouraged by the continued expansion and locally improved grades of the Upper C Zone as well as the further expansion of the Lower C Zone," says J. Wayne Pickett, P.Geo, VP Exploration at Crosshair. "The consistent uranium and vanadium results of our continued drilling give us more data to model and target the C Zone deposit."

Crosshair has three drill rigs operating on the CMB Uranium Project, all of which are currently drilling at the C Zone. Two of the rigs have been focused on expanding and upgrading the uranium resource at the C Zone since commencement of the current program in late June. A third rig was added in August to test targets at other areas before joining the other two rigs at the C Zone. Assay results from other target areas are pending and will be released over the coming weeks.

Additional assay highlights from holes ML-91 to ML-100 are detailed in the following table:

Hole # From (m) To (m) Length (m) % U3O8 % V2O5
ML-91 79.00 83.00 4.0 0.03% 0.06%
121.00 121.50 0.5 0.07% 0.23%
ML-92 123.22 145.55 22.3 0.03% 0.09%
including 123.22 123.72 0.5 0.43% 0.10%
and 134.02 143.55 9.5 0.05% 0.06%
including 140.02 143.55 3.5 0.08% 0.06%
ML-93 144.10 152.40 8.3 0.06% pending
including 150.10 152.40 2.3 0.11% pending
ML-94 89.40 91.00 1.6 0.09% 0.11%
126.00 135.30 9.3 0.03% 0.04%
145.30 148.40 3.1 0.03% 0.07%
ML-95 17.50 19.25 1.8 0.04% 0.05%
63.76 65.76 2.0 0.03% 0.10%
65.76 69.13 3.4 0.01% 0.29%
ML-96 33.52 74.12 40.6 0.05% 0.08%
including 33.52 49.30 15.8 0.10% 0.07%
including 33.52 36.85 3.3 0.44% 0.05%
ML-97 101.45 103.95 2.5 0.03% 0.06%
165.40 167.90 2.5 0.03% 0.48%
174.70 175.70 1.0 0.03% 0.13%
177.20 178.30 1.1 0.04% 0.12%
Lower C Zone 326.00 331.50 5.5 0.05% 0.12%
ML-98 146.00 150.50 4.5 0.03% 0.09%
155.50 156.00 0.5 0.07% 0.07%
162.00 163.50 1.5 0.04% 0.10%
Lower C Zone 306.75 312.70 5.9 0.10% 0.08%
including 310.00 312.70 2.7 0.21% 0.13%
ML-99 23.82 66.42 42.6 0.03% 0.12%
including 41.92 61.92 20.0 0.06% 0.15%
including 47.87 50.07 2.2 0.11% 0.10%
and 58.00 61.92 3.9 0.18% 0.22%
ML-100 13.80 90.20 76.4 0.03% pending
including 28.17 51.68 23.5 0.07% pending
including 28.17 34.53 6.4 0.10% pending
including 28.17 30.44 2.3 0.25% pending
and 43.15 51.68 8.5 0.10% pending
including 48.72 51.18 2.5 0.21% pending
and 70.54 76.80 6.3 0.08% pending

Full assay highlights, tables, drill section and maps have been posted on the Company website:

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

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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.

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