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Thursday, November
15, 2007
Crosshair Drills Confirm Continuity of Uranium Mineralization at Area
1, 1500m Down Strike of C Zone
Crosshair Exploration & Mining Corp. (AMEX: CXZ) (TSX-V: CXX) is
pleased to report assay results from recent drilling at Area 1 on the
Company's Central Mineral Belt (CMB) Uranium Project in Labrador. Uranium
mineralization at Area 1 occurs in a very similar style and geologic setting
as the C Zone, which is located 1.5 kilometres
along strike to the northeast. Area 1 has now been defined over a minimum
strike length of 600
metres and remains open. Highlights from the drilling
to date at Area 1 are as follows:
- 0.21% U3O8 over 2.0 metres
(32.5 to 34.5 m)
and
0.20% U3O8 over 3.5
metres (39.0 to 42.5 m), both within
a zone grading
0.10% U3O8 over 12.5
metres (31.5 to 44.0 m) in hole ML-A1-21,
- 0.15% U3O8 over 2.5 metres
(64.0 to 66.5 m)
in hole ML-A1-31;
- 0.14% U3O8 over 1.5 metres
(41.5 to 43.0 m)
in hole ML-A1-35;
- 0.23% U3O8 over 1.8 metres
(43.5 to 45.3 m)
in hole ML-A1-36;
- 0.10% U3O8 over 5.2 metres (40.0
to 45.2 m)
in hole ML-A1-09* and
- 0.11% U3O8 over 11.5 metres
(26.0 to 37.5m) in hole ML-A1-16*.
*previously released
The uranium zone at Area 1 occurs along a 4.5 kilometre long
mineralized corridor that also includes the C Zone and the Armstrong Showing.
Exposure is generally poor along the 4.5 kilometre long
structure, but it does outcrop at the C Zone where it has been drilled for 1200 meters of strike
length. The zone outcrops again at Area 1 and at the Armstrong Showing, which
are located 1500
meters and 3000 meters, respectively, along strike to
the southwest. Further testing the continuity of mineralization between the
zones with drilling will be one of the Company's goals for 2008.
"We are very encouraged by these results from Area 1, where we have now
proven continuity over a 600
metre strike length." says J. Wayne Pickett,
P.Geo, VP Exploration at Crosshair. "The latest results, coupled with
our earlier success at Area 1, further confirm the existence of multiple
zones of strong mineralization on our CMB Project and indicate the potential
for a significant 1500
metre down strike extension of the C Zone."
Full assay highlights from holes ML-A1-18 to ML-A1-45, as well as ML-A1-09
and ML-A1-16 (previously released) are posted along with a current map on the
Company website at: http://www.crosshairexploration.com/s/Area1.asp. The mineralized zones at Area 1 are interpreted to
be dipping moderately southeast and the stated widths are approximately
80-100% of true widths.
Crosshair currently has two rigs operating at the C Zone on the CMB Uranium
Project, both of which will continue to drill on the property until early
December. Assay results are pending for approximately 50 additional holes
that have been drilled at the C Zone, which continues to be extended by the
current drilling and remains open in all directions.
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 www.crosshairexploration.com.
ON BEHALF OF THE BOARD
"Mark J Morabito"
President and CEO
Crosshair Exploration & Mining Corp. -- Vancouver
T: 604-681-8030
F: 604-681-8039
E: dan@crosshairexploration.com
www.crosshairexploration.com
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.
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