.
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-V:BEA) and International Montoro Inc. (TSX-V: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
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.
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accuracy of the content of this News Release.