Crosshair Exploration & Mining Corp.

Crosshair Exploration & Mining Corp.

June 09, 2006 15:45 ET

Crosshair to Commence Phase 2 Drilling at Upper C Zone-Eight Other Targets to be Tested in 20,000 Meter Program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 9, 2006) - Crosshair Exploration and Mining Corp. (TSX VENTURE:CXX) (the "Company") is pleased to announce that on the weekend of June 10-11, 2006 Phase 2 diamond drilling will commence on the Central Mineral Belt uranium property, 135 kilometers north of Goose Bay, Labrador. The first drill rig is on site, ready to begin and will be dedicated to further expanding the Upper C Zone 43-101 uranium resource to follow up the successful drill results from this spring. A second drill rig has been contracted and mobilized to the property and is scheduled to begin drilling July 1, 2006. The second rig will be used to drill test numerous additional high priority targets beginning with Area 51. A comprehensive summary of the full range of Uranium targets scheduled to be drilled across the entire Central Mineral Belt property is available on the website at

Upper C Zone Expansion

The Phase 2 program will commence at the Upper C Zone on June 10th-11th and will involve 30 to 40 drill holes for a total of approximately 8,500 meters to further expand the Upper C Zone 43-101 uranium resource to depth and along strike. The Phase 2 drilling will continue to test the Upper C Zone to at least 300 meters down dip and will also test the strike extension towards Area 1, about 1.2 kilometers southwest of the C Zone. See

The Upper C Zone was originally drilled by Shell Canada in the 1970's. A National Instrument 43-101 compliant mineral resource estimate was completed by Roscoe Postle Associates Inc. (RPA) of Toronto and reported the Upper C Zone to contain an inferred resource of 124,000 tonnes grading 0.25% U3O8 (688,000 pounds) using a cut off of 0.10%.

The report makes note that Shell Canada's drilling was shallow (less than 75 meters vertical depth), and recommended drilling to undercut the Shell drill holes to test the down dip extension.

A Phase 1 drill program was conducted by the Company in February/March on the Upper C Zone. All 19 holes from the Phase 1 drill program intercepted multiple zones of uranium mineralization and expanded the Upper C zone to a depth of 150 meters and a strike length of 675 meters. The Upper C Zone remains open at depth and along strike.

The current NI43-101 compliant uranium resource estimate will be updated following the Phase 2 drill program and will include the 3000 meters of drilling from Phase 1.

Second Drill Rig Mobilized To Drill New Targets

A second drill is scheduled to begin testing eight high priority uranium targets including several identified by the 2005 airborne radiometric and magnetic survey and subsequently followed-up through ground work. Drilling is planned to commence in early July at Area 51, followed by programs at Moran Heights, Areas 1 - 4, B-Zone and the Croteau Lake uranium targets.

Area 51

Drilling is scheduled to begin at Area 51 on July 1. Initially, 8-16 drill holes are planned to test the strong uranium radiometric anomaly. A trenching program to expose bedrock for sampling will also be conducted.

Area 51 was first identified by the airborne radiometric survey conducted during the summer of 2005. At that time the anomaly was catalogued by Company geologists as "Area 5", being the fifth significant Uranium radiometric target identified by the airborne survey (see Company news release dated November 23, 2005) and was subsequently visited by Company ground crews to obtain bedrock samples. Geologists were unable to obtain satisfactory samples from the anomaly at the time due to weathering and thick overburden although values up to 0.05% U3O8 were returned from the samples collected. Several small pits were dug but most failed to reach bedrock. Scintillometer readings from these pits were routinely several thousand counts per second suggesting a significant bedrock source.

The anomaly is approximately 1.5 kilometers long and is located in close proximity and at the same orientation as an unconformity between the overlying Moran Lake Group sediments and volcanics with older, crystalline basement rocks. A visual representation of the radiometric anomaly can be found at the following company web site link. See maps on web site

The uranium radiometric anomaly for Area 51 is comparable to the size and strength of the signature at the Upper C Zone, which outcrops at surface. The Company's geological team considers this very encouraging because of the strength of the radiometric signal through varying amounts of overburden. According to Fugro, the operator of the airborne radiometric survey, it takes very little overburden to absorb most of the gamma rays - 50% of the signal is absorbed by 5 cm of dry soil. It was due to the mysterious nature of this target it was renamed from Area 5 to Area 51. Additional ground work is planned for this area in the coming weeks including further prospecting and a proposed trenching program.

New Target Development

The airborne radiometric survey conducted late summer of 2005 identified numerous uranium radiometric anomalies on the 685 sq km property. The Company completed a comprehensive review of the airborne radiometric and magnetic data and structural analysis to prioritize uranium targets for ground follow-up work.


Exploration in 2006 will include continuing the ground follow-up of these targets with the objective of developing new drill targets as quick as possible.

About Crosshair

Crosshair is an aggressive uranium and gold exploration and development Company with select projects in Newfoundland and Labrador. The Company has developed into a dominant player in the exploration for uranium in the Central Mineral Belt of Labrador. The 685 sq km Moran Lake Uranium / IOCG Project is host to potentially three significant types of uranium mineralization - Iron Oxide Copper Gold (IOCG - Olympic Dam), structurally controlled, shear zone ("Michelin") and unconformity types of mineralization. In addition, through option agreements with Rubicon Minerals Corporation, Crosshair has secured a position in one of the most prospective massive sulphide districts in Canada as well as a promising early stage high grade gold property at South Golden Promise and Golden Promise.

For more information of the Company and its properties, please visit the website at


"Mark J Morabito"

President and CEO

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