Crosshair Exploration & Mining Corp.

Crosshair Exploration & Mining Corp.

August 17, 2005 09:15 ET

Crosshair Exploration and Mining Corp: Commencement of Airborne Radiometric and Magnetic Survey on The Moran Lake Uranium/IOCG Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 17, 2005) - Crosshair Exploration and Mining Corp (TSX VENTURE:CXX) (the "Company") is pleased to announce the commencement of the airborne radiometric and magnetic survey being conducted by Fugro Airborne Systems on the Moran Lake Uranium / IOCG property in Labrador. The survey consists of 7,062 line kilometres and is expected to take 3-4 weeks to complete, depending on weather conditions. Fugro will provide preliminary data and maps to the Company as the survey progresses, which will enable the Company to begin follow up work consisting of prospecting and mapping anomalies before the airborne survey is completed. The results of the airborne survey and the concurrent field program already underway will be utilized to define additional targets warranting drill testing. The Company has developed at 1000m drill program using previous targets identified by Shell Canada during the course of their prior work on the project and targets identified by the airborne survey will be added to the existing drill targets.

The radiometric component of the airborne survey will be critical in defining and extending the known zones of bedrock mineralization at the B and C Zones and should also help locate the bedrock source of numerous unsourced mineralized float including the Moran Heights boulder field where over 300 boulders averaging between 0.5% and 1.0% U3O8 to a high of 2.36% U3O8 were located by previous operators. In the southern portion of the property, uranium occurrences are known and additional documentation from the radiometric survey could materially upgrade their significance.

Radiometrics will also be used to map out the potassic alteration halo often associated with IOCG systems. IOCG or Iron Oxide Copper Gold deposits are typically large bodies of iron oxide with variable amounts of copper, silver and gold. The Moran Lake property has extensive evidence supporting the existence of a significant IOCG deposit including a large gravity anomaly, locally intense hematization and brecciation of the volcanic rocks and locally significant copper and silver rich zones within the breccias.

The magnetic component of the airborne survey will help map out fault structures which are important areas for concentrating uranium, as well as copper/silver/gold enriched fluids associated with an IOCG system. The data from the magnetic data will be instrumental in defining drill targets within the large gravity anomaly.

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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