Crosshair Exploration & Mining Corp.

Crosshair Exploration & Mining Corp.

August 23, 2007 09:15 ET

Crosshair Intersects 0.10% Uranium Over 45.7 Metres in Step-Out Hole at the C-Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2007) - Crosshair Exploration & Mining Corp. (TSX VENTURE:CXX) (AMEX:CXZ) is pleased to report initial drill results from the ongoing drill program at the C Zone located on its Central Mineral Belt (CMB) Uranium Project in Labrador. Hole ML-87, a step-out hole, has intersected the thickest and highest grade zones of mineralization drilled on the property to date, and extends the C Zone to the northeast beyond the existing resource base.

Hole ML 87 intersected 0.10% U3O8 over 45.7 metres as part of a much wider interval that assayed 0.07% U3O8 over 71.3 metres.

The mineralized zone in ML-87 begins at a relatively shallow depth of 80 vertical metres and includes numerous higher grade intervals. Results are as follows:

- 0.07% U3O8 over 71.3 metres (79.7 to 151.0 m.) including

- 0.10% U3O8 over 45.7 metres (82.4 to 128.1 m.) including

- 0.78% U3O8 over 5.3 metres (122.3 to 127.6 m.) and

- 1.54% U3O8 over 2.3 metres (122.3 to 124.6 m.)

Further drilling of the Upper C Zone, which remains completely open along strike and to depth, is ongoing.

"The results from ML-87 are extremely encouraging and confirm that the Upper C Zone resource is continuing to expand." says J. Wayne Pickett, P.Geo, VP Exploration at Crosshair. "The impressive high grade material, especially at shallow depths, makes the C Zone story even more exciting."

Crosshair currently has three drill rigs operating on the CMB Uranium Project, two of which are focused on expanding and upgrading the uranium resource at the C-Zone. A third drill rig is being used to test other target areas. Additional assay results will be released over the coming weeks.

The orientation of mineralization in this part of the C Zone is still undetermined and an estimate of true width can not be established at this time. Full assay highlights, tables, drill section and maps have been posted on the Company website:

Current Cash Position:

Crosshair currently holds CAD $1.1M in cash and CAD $9.4M in liquid Bankers Acceptance Notes with a major Canadian financial institution. Crosshair does not hold any short term commercial paper or asset-backed securities.

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

Cautionary Note Regarding Forward-Looking Information

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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