VANCOUVER, BRITISH COLUMBIA (AMEX: CXZ) is pleased to announce
the latest assay results from ongoing drilling at Armstrong on the
Company's Central Mineral Belt (CMB) Uranium Project in Labrador.
Armstrong anchors the southern end of the 4.5 kilometre (km) long
uranium mineralized corridor, which also includes the C Zone to the
north and Area 1 in the middle. Highlights from the latest drilling
at Armstrong include:
- 0.20% U3O8 over 9.5 metres (from 180.4 m to 189.9 m),
including
0.50% U3O8 over 3.7 metres (from 182.4 m to 186.1 m), and
1.10% U3O8 over 1.6 metres (from 184.0 m to 185.6 m) in hole
ML-AR-26,
- 0.07% U3O8 over 5.4 metres (from 156.0 m to 161.4 m) in hole
ML-AR-09(i),
- 0.13% U3O8 over 3.4 metres (from 96.4 m to 99.8 m) and
0.10% U3O8 over 2.2 metres (from 176.3 m to 178.5 m) in hole
ML-AR-14(i), and
- 0.06% U3O8 over 7.2 metres (from 270.0 m to 277.2 m) in hole
ML-AR-04(i).
(i) previously released as eU3O8 calculated from downhole gamma
probe results.
Uranium mineralization has now been intersected at Armstrong
along a strike length of 175 m, where it remains open in all
directions. Armstrong was discovered by Crosshair in 2006 and is
situated at the southern end of the mineralized corridor. The
corridor also consists of the C Zone, where the current strike
length measures 1500 m and Area 1, where mineralization has been
intersected along a 600 m strike length. All three areas remain
open.
"Armstrong represents an exciting new discovery for Crosshair,
and our continued drilling success there, as well as at Area 1 is
very encouraging for the development of the 4.5 km long corridor of
mineralization," says Paul Hosford, President and COO. "Joining the
northern, central and southern areas of the corridor is one of our
main goals for 2008."
Current Armstrong drill plan maps and complete assay highlights
are posted on the Company website at:
http://www.crosshairexploration.com/s/Armstrong.asp.
During its planned 2008 summer program, Crosshair's 'Northstar
Division' will focus on further defining the mineralized zones at
Armstrong and Area 1, as well as increasing the currently defined
NI 43-101 uranium resource at the C Zone, and confirming continuity
between all three zones.
Crosshair's 4.5 km long corridor lies outside of Labrador Inuit
Lands (LIL) and is not directly impacted by the Nunatsiavut
Government's recent decision to place a three year moratorium on
uranium mining within LIL boundaries. In a recent news release by
the Government of Newfoundland and Labrador, Kathy Dunderdale,
Minister for the Department of Natural Resources, clarified the
Province's position on uranium development within its jurisdiction
with the following statement: "From our perspective, we are
confident in our approach to managing uranium development and the
regulatory role the Canadian Nuclear Safety Commission has over
uranium mining in Canada. I want to ensure the mining community is
aware that the rest of the province remains open to uranium
development while the Nunatsiavut Government goes through this
process."
Belmont/International Montoro Option
Crosshair wishes to advise that it has terminated its agreement
with Belmont Resources Inc. (TSX VENTURE: BEA) and International
Montoro Inc. (TSX VENTURE: IMT) giving Crosshair the option to earn
a 75% interest in 139 map-staked claims covering 3475 hectares
within the Central Mineral Belt of Labrador. After conducting lake
sediment sampling, prospecting and rock sampling on the claims
during 2007, Crosshair has returned the claims to the vendors in
good standing.
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 720 sq km CMB 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 CMB 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 assay 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 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 on the Company and its properties, please
visit the website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
Mark J. Morabito, Chief Executive Officer
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of the content of this News Release.
Contacts: Crosshair Exploration & Mining Corp. - Vancouver
Dan McIntyre (604) 681-8030 (604) 681-8039 (FAX) Email:
dan@crosshairexploration.com Website:
www.crosshairexploration.com
(TSXV:CXX)
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