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Thursday, October 15, 2009
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Crosshair Announces Plans for Vanadium Resource
Crosshair Exploration & Mining Corp. (NYSE Amex: CXZ) (TSX: CXX) (?Crosshair?) is pleased to announce plans
to target the vanadium component of the resource on the Central Mineral
Belt (CMB) Uranium Project in Labrador with the goal of significantly
adding pounds of vanadium to the existing vanadium resource. A $200,000
program has been planned to produce an updated resource estimate that
focuses on the vanadium content without requiring further drilling.
The current
43-101 resource contains not only uranium, but a significant vanadium
component. The resource contains 11.7 million pounds of vanadium (6.9
million tonnes at 0.08% V2O5) in the indicated category and an additional
15.8 million pounds (8.2 million tonnes at 0.09% V2O5) in the inferred
category. This resource includes only the vanadium found within the
uranium envelope, but the ultimate vanadium resource appears to be much
greater.
For example,
although hole ML-181 averages 0.168%
V2O5 over 210.55 metres (m), less an 20 m was actually
used in the resource estimate because the resource focused solely on
uranium. A cross section detailing the above is posted on the Company
website at: www.crosshairexploration.com/s/CentralMineralBelt.asp
?With the renewed interest in vanadium, we felt it was important to
highlight the potential of our deposit? says Stewart Wallis, President of
Crosshair. ?Without any further drilling, there is the potential to
increase our vanadium resource an additional 25 to 30 million pounds.?
This increase in resources is conceptual in nature and is based on
previous drilling. There has been insufficient exploration to define the
resource and it is uncertain if further exploration will result in the
delineation of additional resources.
Vanadium highlights to date include:
- 0.206% V2O5 over 42.5m within
0.168% V2O5 over 210.6m in hole ML-181; and
- 0.215% V2O5 over 46.9m in hole ML-57; and
- 0.605% V2O5 over 11.85m in Hole ML-163.
These grades and intercepts are comparable with the Green Giant Vanadium
Project in Madagascar owned by Uranium Star Corporation (News Release
dated August 6, 2009). Highlights from their 2008 drill program include:
- 0.40% V2O5 over 44.2 in hole TH-08-27; and
- 0.51% V2O5 over 15.2m within
0.41% V2O5 over 21.3m in hole TH-08-11.
Using an open pit mine production rate of 25,000 tonnes per day at an 85%
recovery rate at an on-site acid plant and a minimum 200 million tonne
targeted deposit, consulting engineers predict that the Green Giant
Project could pay back capital costs of approximately $450 million in a
little over two years and continue to provide Uranium Star a substantial
profit over a 20 year mine life.
Resource
Program
Given the fact that the previous programs on the CMB focused on uranium,
most holes were only sampled where uranium was encountered. For this
reason, roughly 3,000 metres of core needs to be re-sampled and assayed
for vanadium. The field portion of the program will take approximately
one month to complete and cost approximately $175,000. The resource
modeling and estimation will take an additional month once assay results
have been received and will cost approximately $25,000.
About Crosshair
Crosshair is
a dominant player in the exploration and development of uranium and gold
in the US and Canada. Its flagship Project, Bootheel, is located in
uranium mining friendly Wyoming and with its in-situ mining potential,
Bootheel is designed for near term production. The CMB Uranium Project is
located in Labrador, Canada and has four currently defined resources ? C
Zone, Area 1, Armstrong and Two Time Zone. The Crosshair team is
comprised of knowledgeable and experienced professionals with both
exploration and mining backgrounds.
Stewart
Wallis, P.Geo., President of Crosshair and a Qualified Person as defined
by NI 43-101, has reviewed and is responsible for the technical
information contained in this news release.
For
more information on Crosshair and its properties, please visit the
website at www.crosshairexploration.com
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ON BEHALF OF THE CROSSHAIR BOARD
"Mark J.
Morabito"
President & Chief Executive Officer
Crosshair
Exploration & Mining Corp. - Vancouver
T: 604-681-8030
F: 604-681-8039
E: investor@crosshairexploration.com
www.crosshairexploration.com
Cautionary
Note Regarding Forward-Looking Information
Information set forth in
this news release may involve forward-looking statements under applicable
securities laws. Forward-looking statements are statements that relate to
future, not past, events. In this context, forward-looking statements often
address 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.
Cautionary
Note Concerning Reserve and Resource Estimates
This press release uses the
terms ?reserves?, ?resources?, ?proven reserves?, ?probable reserves?,
?measured resources?, ?indicated resources? and ?inferred resources?.
United States investors are advised that, while such terms are recognized
and required by Canadian securities laws, the United States Securities and
Exchange Commission (the ?SEC?) does not recognize them. Under United States
standards, mineralization may not be classified as a ?reserve? unless the
determination has been made that the mineralization could be economically
and legally produced or extracted at the time the reserve determination is
made. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. United States investors are cautioned not
to assume that all or any part of measured or indicated resources will ever
be converted into reserves. Inferred Resources are in addition to Measured
and Indicated Resources. Further, inferred resources have a great amount of
uncertainty as to their existence and as to whether they can be mined
legally or economically. It cannot be assumed that all or any part of the
inferred resources will ever be upgraded to a higher category. Therefore,
United States investors are also cautioned not to assume that all or any
part of the inferred resources exist, or that they can be mined legally or
economically. Disclosure of ?contained ounces? is permitted disclosure
under Canadian regulations, however, the SEC normally only permits issuers
to report ?resources? as in place tonnage and grade without reference to
unit measures. Accordingly, information concerning descriptions of
mineralization and resources contained in this release may not be
comparable to information made public by United States companies subject to
the reporting and disclosure requirements of the SEC. National Instrument
43-101 Standards of Disclosure for Mineral Projects (?NI 43 101?) is a rule
developed by the Canadian Securities Administrators, which established
standards for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects. Unless otherwise
indicated, all reserve and resource estimates referred to in this press
release or released by the Company in the future have been or will be
prepared in accordance with NI 43-101 and the Canadian Institute of Mining,
Metallurgy and Petroleum Classification System. The requirements of NI 43
101 are not the same as those of the SEC and any reserves reported by the
Company in compliance with NI 43 101 may not qualify as reserves under the
SEC?s standards.
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