Crosshair Exploration & Mining Corp.

Crosshair Exploration & Mining Corp.

July 18, 2005 09:15 ET

Crosshair Exploration and Mining Corp.: Commencement of 2005 Exploration Program at Victoria Lake

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 15, 2005) - Crosshair Exploration and Mining Corp. (TSX VENTURE:CXX) (the "Company") is pleased to announce the commencement of the 2005 summer exploration program on the Victoria Lake property (formerly named Block 4 of the South Golden Promise property) located in south central Newfoundland. The Victoria Lake property consists of 215 claims (5375 ha) and is under option from Rubicon Minerals Corporation. The property is currently being explored by Crosshair for precious and base rich metal volcanic massive sulphide deposits, which are known to occur in the vicinity.

The Victoria Lake property is adjacent to the recent Messina Minerals Boomerang discovery (13.6% zinc, 4.0% lead, 0.7% copper, 102 g/t silver and 1.0 g/t gold over 13.9 meters of core) and is located in the central Dunnage Zone of Newfoundland which hosts several high grade, precious metal rich massive sulphide deposits, including: the past producing Buchans mine (16 million tonnes @ 14.5% Zn, 7.5% Pb, 1.3% Cu, 126 g/t Ag and 1.3 g/t Au); the Duck Pond deposit (proven and probable reserves of 4.1 million tonnes at an average grade of 3.3% Cu, 5.7% Zn, 59 g/t Ag and 0.9 g/t Au); and the Messina Minerals controlled Long Lake massive sulphide prospect (historical resources of @ 0.5 million tonnes grading 16% zinc, 2% copper, 1% lead, 38 g/t Ag and 0.9 g/t gold). An area map of the Victoria Lake project showing proximity to the above mentioned massive sulphide deposits can be found on the Company's web site at

Previous Work

Previous exploration by Noranda in the 1980's and early 1990's identified four prospective target areas on the Victoria Lake property featuring massive sulphide style alteration characterized by low sodium values (to 0.13% Na2O) and enriched barium (up to 4,940 ppm Ba). There are unsourced sulphide boulders which returned historic assays of 6.5% Zn, 4.1% Pb, 0.37% Cu, 33.9 g/t Ag and 1.02 g/t Au. The altered rocks are closely associated with strong soil geochemical anomalies in base and precious metals. Although limited shallow drilling was carried out on three of the prospects, the results were inconclusive. Limited drilling was also completed in the vicinity of the Messina Minerals Boomerang prospect by Noranda and others, however all failed to explain a gravity anomaly until the discovery hole was drilled by Messina in December of 2004.

2005 Summer Program

The 2005 summer program will see the establishment of about 7 kilometers of new grid and the refurbishment of approximately 55 line kilometres of old grid. A gravity survey will be conducted on the property to further define targets and diamond drilling will follow to test targets of merit. Drilling is planned for the third or fourth quarter of 2005.

About Crosshair

Crosshair is an aggressive gold and uranium exploration and development company with significant holdings in North America and China. The Company's primary focus is the Moran Lake Uranium / IOCG Project in Labrador. In addition, through a joint venture with Rubicon Minerals Corporation, Crosshair has secured a position in more than 2,500 strategically located mineral claims in Newfoundland, Canada. These claims include four projects, including South Golden Promise adjacent to Rubicon's Jacyln Gold discovery and Victoria Lake, adjacent to Messina Minerals' Boomerang VMS discovery. Crosshair has also set its sights on the emerging market in China with the development of the Beigou Gold Project in western Liaoning Province.

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


"Timothy Froude, P.Geo."

Senior Vice President, Exploration

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