Crosshair Exploration & Mining Corp.
TSX VENTURE : CXX

Crosshair Exploration & Mining Corp.

May 26, 2006 09:15 ET

Crosshair Outlines Drill Programs at Golden Promise

CALGARY, ALBERTA--(CCNMatthews - May 26, 2006) - Crosshair Exploration and Mining Corp. (TSX VENTURE:CXX) (the "Company") is pleased to provide an outline of exploration activities planned during the upcoming exploration programs on the Golden Promise and South Golden Promise properties. Significant high grade gold zones have been discovered on both properties. The Golden Promise project, recently optioned from Rubicon Minerals Corporation ("Rubicon" (RMX.TSX)) is host to the Jaclyn gold discoveries and is on trend with Crosshair's South Golden Promise project (previously optioned from Rubicon), which hosts the Linda/Snow White gold discovery. The Golden Promise claims are contiguous with the South Golden Promise claims and the Company believes that the overall claim group is emerging as a district of gold-bearing quartz veins similar to the Bendigo Gold District in Victoria, Australia. Crosshair has agreements with Rubicon to earn a majority interest (60%) in both projects.

As referenced in the Company's May 2nd press release, it is the Company's intention, following one season of drilling and exploration work on both projects - to merge the projects as one and spin out the combined project together with the Company's Victoria Lake VMS project, to a new company by way of shareholder dividend. This corporate strategy will allow the Company to focus exclusively on its Central Mineral Belt Labrador uranium projects, while allowing the Golden Promise and Victoria Lake VMS projects to develop independently in a separate company. This strategy is contingent on further satisfactory exploration results, shareholder approval and requisite regulatory approval.

Golden Promise Project

A Phase 1 program comprising approximately 2100 meters of diamond drilling in 13 holes targeting the Jaclyn North, Jaclyn and Jaclyn South Zones is scheduled to begin in mid June. The Phase 1 program will also include expanded prospecting and soil geochemistry over regional targets with the goal of discovering new zones of gold mineralization. Maps and sections illustrating the proposed drilling at Golden Promise are available on the website at www.crosshairexploration.com/s/Addenda.asp?ReportID=138865.

Jaclyn North Zone

The Jaclyn North Zone is currently inferred over a strike length of 600 m as outlined by the two diamond drill holes that have intersected mineralized quartz veins.

Three diamond drill holes are proposed to test the on strike (to the west) and depth extent of gold mineralization of the Jaclyn North Zone. The objective of the program is to test for continuity and extent of multiple mineralized veins in hole GP03-32 (12.13 g/t Au over 0.35 m; 12.30 g/t Au over 0.30 m and 7.42 g/t Au over 0.5 m) and to establish the geometry of the mineralized veins and their host lithologies. The drilling will also test the quartz boulder train within the area and a coincident linear magnetic low. The proposed drill holes are targeted to test for gold mineralization over a strike length of 100 meters and vertical depth of 50-100 meters.

Jaclyn Zone

The Jaclyn Zone is currently defined over a strike length of 375 meters and to a vertical depth of 192 meters and comprises a composite quartz vein system. Highlights from previous drilling include intersections of up to 16.57 g/t Au over an estimated true thickness of 1.64 m; 23.14 g/t Au over an estimated true thickness of 0.67 m; 68.95 g/t Au over an estimated true thickness of 0.21 m; 11.16 g/t Au over 1.6 meters; and 18.18 g/t Au over 0.6 meters.

Eight diamond drill holes totaling 1100 meters are proposed for the Jaclyn Zone. Phase 1 drilling at the Jaclyn Zone has the objective of extending the area of known mineralization within the zone at shallow to moderate depths. At the eastern end of the zone this will include drill holes to test the area east of hole GP02-18 on 50 meter centres at 50 and 100 meter vertical depths. The program will also test for extensions of the Jaclyn Zone mineralization 50 m to the west in drill holes targeting shallow (-50 meter) levels.

Jaclyn South Zone

The Jaclyn South Zone is currently inferred over a strike length of 100 m as defined by two diamond drill holes that have intersected mineralized quartz veins, in a similar geological setting to the Jaclyn Zone.

Two diamond drill holes for 350 meters are proposed to test the on strike extent of gold mineralization of the Jaclyn South Zone. The objective of the program is to test for continuity and extent of multiple veins in hole GP03-31 (44.6 g/t Au over 0.3 m) and GP03-33 (2.59 g/t Au over 0.3 m) and to establish the geometry of the mineralized veins and their host lithologies. The proposed drill holes are targeted to test for gold mineralization over a strike length of 100 meters and vertical depth of approximately 75 meters.

South Golden Promise Project

The Company has commenced a Phase 1 diamond drill program on the South Golden Promise property. The program is comprised of 16 proposed diamond drill holes for approximately 1100 meters and is designed to test the high grade Linda/Snow White vein system at depth and along strike (proposed drill plan map available on website at www.crosshairexploration.com/s/Addenda.asp?ReportID=138865).

Trenching conducted late in 2005 exposed a composite quartz vein system over a strike length of 170 meters, locally up to 5 m wide and open in all directions (see Crosshair news release dated December 20, 2005). Samples from the quartz vein system exposed have yielded grades of up to 232.0 g/t Au in grabs and up to 29.7 g/t Au over 0.5 m in channels.

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 www.crosshairexploration.com.

ON BEHALF OF THE BOARD

"Mark J Morabito"

President and CEO

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

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