Crosshair Exploration & Mining Corp.
TSX VENTURE : CXX

Crosshair Exploration & Mining Corp.

November 03, 2005 18:05 ET

Crosshair Exploration and Mining Corp.: Closing of Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2005) - Crosshair Exploration and Mining Corp. (TSX VENTURE:CXX) (the "Company") is pleased to announce the closing of the brokered private placement with Pacific International Securities (the "Agent") for 4,000,000 flow-through Units (the "FT Units") at a price of $1.00 per FT Unit, for aggregate gross proceeds of $4,000,000 and 7,500,000 non-flow-through units (the "Common Share Units") at a price of $0.80 per Common Share Unit for aggregate gross proceeds of $6,000,000. The Agent has partially exercised the over-allotment option by selling an additional 1,477,500 Common Share Units for aggregate gross proceeds of $1,182,000. Each FT Unit is comprised of one flow-through common share of the Company and one half of one transferable non-flow-through share purchase warrant. Each whole warrant is exercisable for a period of two (2) years from the date the financing is closed and entitles the holder to purchase one (1) common share of the Company at a price of $1.75 per share. Each Common Share Unit is comprised of one non-flow-through common share of the Company and one half of one transferable non-flow-through share purchase warrant. Each whole warrant is exercisable for a period of two (2) years from the date the financing is closed and entitles the holder to purchase one (1) common share of the Company at a price of $1.25 per share.

The Agent was entitled to a commission of 7% of the gross proceeds of the placement, part of which was taken in cash ($460,547.20) with the remainder in Units (402,741 Units). The Agent was also issued 1,297,750 compensation options equal to 10% of the number of Units sold. Each compensation option entitles the Agent to acquire one Common Share of the Issuer at an exercise price of $0.85 for a period of two years. Completion of the financing is subject to receipt of all necessary regulatory approvals. All securities issued pursuant to this offering will be subject to a four month hold period commencing November 3, 2005.

The proceeds from the financing will be utilized by the Company for the exploration, development of the Moran Lake Uranium/ IOCG project in Labrador. Proceeds raised from the flow-through portion of this offering will be used for exploration expenditures in Canada that qualify as Canadian Exploration Expenses as defined in the Income Tax Act and will be renounced for the 2005 taxation year.

Crosshair is an aggressive gold and uranium exploration and development company with significant holdings in North America and China. The Company is currently exploring the 612 sq km Moran Lake Uranium / IOCG Project in Labrador. In addition, through a joint venture 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. Crosshair has also set its sights on the emerging market in China with the development of the Beigou Gold Project. For more information on Crosshair and our properties, please visit the website at www.crosshairexploration.com.

ON BEHALF OF THE BOARD

"Mark J. Morabito"

President

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

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