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Tuesday, February
26, 2008
Crosshair Anchors 4.5 kilometer Uranium Mineralization Corridor
Crosshair Exploration & Mining Corp. (AMEX: CXZ) (TSX-V: CXX) is pleased to announce that strong uranium
mineralization has been intersected in several drill holes at Armstrong on
its Central Mineral Belt (CMB) Uranium Property. Armstrong anchors the
southern end of the 4.5
kilometer (km) long uranium mineralization corridor,
which includes the C Zone and Area 1.
As a result of this exciting new discovery, a second drill has been mobilized
to Armstrong in order to continue to define the mineralized zones, which
remain open in all directions.
"Hitting uranium mineralization at Armstrong really solidifies the 4.5 km strike corridor. In
addition to having an expanding C Zone resource at the northern end of the
corridor, which has a current mineralized strike length of 1.5 km, we also have a
developing zone in the middle at Area 1 (with a 600 m strike length) and
now also a southern anchor with Armstrong, which is 1.1 km from Area 1",
says Paul Hosford, President and COO of the Company. "The discovery of
new zones of strong uranium mineralization at Armstrong is an important
milestone for the Company."
A map showing the uranium mineralized corridor is posted on the Company
website at: http://www.crosshairexploration.com/s/Armstrong.asp
All eight holes drilled in this zone at Armstrong intersected uranium
mineralization. Highlights include:
Hole #
|
From (m)
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To (m)
|
Length (m)
|
% eU 3O 8 *
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% U 3O 8
|
ML-AR-04
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270.0
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277.2
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7.2
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0.07
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0.07
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including
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270.9
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273.3
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2.4
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0.11
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0.10
|
ML-AR-09
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156.0
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161.4
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5.4
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0.07
|
pending
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including
|
158.5
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161.0
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2.5
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0.10
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pending
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ML-AR-14
|
96.5
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100.0
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3.5
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0.10
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pending
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and
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176.5
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178.5
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2.0
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0.09
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pending
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Full DNC (delayed neutron count) assay
results are expected in about six weeks.
*These grades are reported as equivalent uranium (eU3O8) as surveyed with a
downhole radiometric probe that measures the amount of gamma radiation in the
immediately adjacent rock, an indirect measure of the presence of uranium.
The survey was carried out by Corwin Northcott, P.Geo., Geophysicist for the
Company using a 2PGA-1000 Poly-Gamma probe with a MGXII logger console and
motorized winch. The down hole logging equipment was manufactured by Mount
Sopris Instruments and calibrated at the company's Grand Junction, Colorado
facilities. Calibration was performed on August 23rd, 2007 in test pits with
varying grades. Quality checks are preformed on the probes prior to surveying
using uranium test sources containing a specified grade of uranium.
Probe highlights of all completed Armstrong holes along with current drill
maps are posted on the Company website at:
http://www.crosshairexploration.com/s/Armstrong.asp
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 755 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 radiometric probe work on the CMB Uranium Project is supervised
by Corwin Northcott, P.Geo., a member of the Professional Engineers and
Geoscientists of Newfoundland and Labrador, the Geophysicist of the Company
and a Qualified Person as defined in NI 43-101. Mr. Northcott has verified
that the probe results presented above have been accurately summarized. 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 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 on the Company and its properties, please visit the
website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
"Mark Morabito"
Chief Executive Officer
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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