Crosshair Energy Corporation (TSX:CXX)(NYSE MKT:CXZ)(NYSE Amex:CXZ)
("Crosshair" or the "Company") is pleased to announce that the 2012
drill program has identified a new mineralized zone on the
northwest edge of the Juniper Ridge East resource area. Initial
results indicate a thick zone of uranium mineralization ranging
from 50 and 150 feet below surface, with grade thickness values
ranging up to 3.65 %eU3O8xFt. The trend is open to the northwest
and will be followed during subsequent drilling.
"This new uranium mineralization trend is consistent with the
overall trend at Juniper Ridge and is oriented directly toward
Juniper Ridge West, across nearly 4,500 feet of untested ground,"
said Tom Bell PhD, P.G., Crosshair's Vice President and Chief
Geologist. "Infill and delineation drilling have confirmed
mineralized zones and trends identified from previous drilling. We
have initiated a radiometric soil survey to identify subsequent
drilling locations on the trend."
"We are very pleased with the results from our 2012 drill
program at Juniper Ridge," said Mark Ludwig, Crosshair President
and CEO. "Discovering that the uranium mineralization we've been
tracking extends into previously unexplored territory is a
significant development. It'll be one of our key priorities now to
determine how far the trend continues toward Juniper Ridge
West."
Infill drilling has bolstered understanding of the current
resource by adding certainty to its tenor and distribution.
Delineation drilling has constrained some of the resource allowing
the program to focus on the most promising areas of new
mineralization, additional open mineralization trends, and the
lowest drilling density in areas of established resources.
Highlights of the results of the 2012 drilling program include:
----------------------------------------------------------------------------
From To Thickness Grade GT
HOLE ID (ft) (ft) (ft) (%eU3O8) (%eU3O8xft)
----------------------------------------------------------------------------
JRE-12-282 112.5 163.4 50.9 0.072 3.65
----------------------------------------------------------------------------
JRE-12-285 57.8 115.5 57.7 0.063 3.63
----------------------------------------------------------------------------
JRE-12-253 42.9 52.4 9.5 0.044 0.42
----------------------------------------------------------------------------
and 95.7 117.6 21.9 0.024 0.53
----------------------------------------------------------------------------
and 142.0 186.5 44.5 0.048 2.12
----------------------------------------------------------------------------
JRE-12-258 68.4 112.5 44.1 0.049 2.14
----------------------------------------------------------------------------
JRE-12-293 157.3 214.6 57.3 0.030 1.71
----------------------------------------------------------------------------
JRE-12-359 109.7 119.9 10.2 0.139 1.41
----------------------------------------------------------------------------
JRE-12-396 80.3 102.2 21.9 0.067 1.47
----------------------------------------------------------------------------
JRE-12-245 37.5 74.9 37.4 0.036 1.35
----------------------------------------------------------------------------
JRE-12-260 169.8 198.1 28.3 0.046 1.30
----------------------------------------------------------------------------
JRE-12-404 88.2 115.6 27.4 0.044 1.20
----------------------------------------------------------------------------
JRE-12-244 64.3 80.8 16.5 0.048 0.80
----------------------------------------------------------------------------
and 156.8 189.8 33.0 0.038 1.25
----------------------------------------------------------------------------
JRE-12-408 41.9 55.5 13.6 0.080 1.09
----------------------------------------------------------------------------
Complete results and maps can be found on the Crosshair website
at: http://www.crosshairenergy.com/s/JuniperRidge.asp. Composite
results are based on a minimum 0.02% eU3O8 and a grade x thickness
(GT) of 0.1.
The grades noted above are reported as equivalent uranium
(eU3O8) as determined by downhole radiometric logging equipment.
This wireline logging was performed by GAA Wireline utilizing
conventional total gamma and supplemented by Prompt Fission Neutron
(PFN) logging in mineralized zones. Conventional gamma measurements
are used to identify mineralized zones and PFN is used to
accurately measure the uranium concentration of each zone. PFN is
an alternative technology to Uranium Spectrographic Analysis (USAT)
used in Crosshair's 2011 drill program. The two logging methods
yield comparable results. Each method is recognized by the uranium
exploration industry as a valid means of accurately measuring
uranium concentration in situ.
In association with the drill program, the company has initiated
an extensive combined gamma and radon soil survey with the
following goals:
1. Identify zones of new mineralization on which to conduct subsequent
drilling,
2. Maximize use of drilling capital by pre-identifying areas of high
mineral probability,
3. Identify areas of low mineral probability to use as topsoil and tailings
storage areas,
4. Identify areas of low mineral probability suitable for use as a 40 acre
leach pad.
Capitalizing on these very positive drill results, the Company
has decided to reduce its 2012 exploration activities on the
Bootheel project in order to focus more resources on Juniper Ridge
during the current exploration season.
About Juniper Ridge
The Juniper Ridge Property is composed of 197 federal lode
claims and one state mineral lease totaling 4,710 acres (1,906 Ha).
Last year's exploration activities succeeded in identifying an
Indicated mineral resource estimate of 5.2 million pounds of
uranium oxide (4.14 million tons at 0.063% eU3O8), using a
grade-thickness (GT) cut-off of 0.1. The focus of the current
exploration program is to verify more of the historic geological
resources which range from 5.2 million tons grading 0.067% U3O8
totaling 6.97 million pounds of uranium (AGIP Mining Company in
1986), to 8 million tons grading 0.056% U3O8 totaling 9.9 million
pounds (Urangesellschaft USA in 1978). These historical resource
estimates were completed prior to the implementation of NI 43-101
and are not compliant with currently accepted reserve and resource
classifications as set forth by the Canadian Institute of Mining,
Metallurgy and Petroleum. Given the quality of the historic work
completed on the Property, Crosshair believes the resource
estimates are both relevant and reliable. However, a qualified
person has not completed sufficient work to classify the historic
mineral resources as current mineral resources or mineral reserves
as defined in NI 43-101, and Crosshair is not treating the historic
resources as current. Additional drilling is required to verify
these historic results. Therefore, the historical resource
estimates should not be relied upon. Additional information on the
Juniper Ridge Project can be found at:
http://www.crosshairenergy.com/s/JuniperRidge.asp.
Mark Ludwig, P.E., President and CEO of Crosshair and a
Qualified Person as defined by National Instrument 43-101, has
reviewed and approved the technical information contained in this
news release. Mr. Ludwig has verified that the results disclosed in
this news release have been accurately summarized from the original
downhole radiometric logs provided to Crosshair.
Audit Report Disclosure
Crosshair announces that in connection with its audited annual
financial statements for the year ended April 30, 2012, Crosshair
received an opinion from its auditors, Davidson & Company LLP
with respect to Crosshair's ability to continue as a going concern
being dependent upon its ability to raise additional funds through
equity financings, loans or other arrangements. A copy of
Crosshair's audited annual financial statements for the year ended
April 30, 2012 may be viewed at www.sedar.com or on Crosshair's
website at www.crosshairenergy.com.
About Crosshair
Crosshair is a prominent player in the exploration and
development of uranium and vanadium projects in the US and Canada.
Its flagship properties, Bootheel and Juniper Ridge, have
established resources and are located in uranium mining friendly
Wyoming. Bootheel has the potential to be mined using in-situ
recovery methods while Juniper Ridge appears to be suitable for an
open-pit heap leach operation. The CMB Uranium/Vanadium 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 composed of knowledgeable and experienced
professionals with global experience in exploration, mining and
corporate finance that are committed to operating in an
environmentally responsible manner.
Additional information about the Juniper Ridge Project can be
found in the technical report filed on SEDAR at www.sedar.com
entitled: "Juniper Ridge Uranium Project, Carbon County, Wyoming,
USA, 43-101 Mineral Resource Technical Report" dated February 21,
2012. For more information on Crosshair and its properties, please
visit the website at www.crosshairenergy.com.
ON BEHALF OF THE CROSSHAIR BOARD
Mark J. Morabito, EXECUTIVE CHAIRMAN
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. Forward-looking statements or
information relate to, among other things mineral resource
estimates, increasing mineral resource estimates, additional
mineralization, the details of the exploration program and the
exploration potential of the Company's properties. 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 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; tax consequences
to U.S. shareholders and other risks and uncertainties, including
those described in the Risk Factors section in the Company's Annual
Report on Form 20-F for the financial year ended April 30, 2012
filed with the Canadian Securities Administrators and available at
www.sedar.com. 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, except as required
by law. 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.
Contacts: Crosshair Energy Corporation Konstantine Tsakumis
604-681-8030 604-681-8039 (FAX)info@crosshairenergy.com Crosshair
Energy Corporation Bevo Beaven Investor Relations 720-932-8300
www.crosshairenergy.com
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