Crosshair Energy Corporation (TSX:CXX)(NYSE MKT:CXZ)(NYSE Amex:CXZ)
("Crosshair" or the "Company") is pleased to announce the receipt
of the first set of assay results from the on-going drilling
program on its CMB uranium/vanadium property in Labrador, Canada.
To date, a total of 16 holes, totaling 2,923 metres, have been
completed on the property, with the goal of expanding the existing
uranium and vanadium resources, as well as testing new uranium
targets on the property.
"We are pleased with the results from this first set of assays
as they appear to confirm that the uranium mineralization at Two
Time and the vanadium mineralization within the C Zone corridor is
more extensive than our current resource estimates would indicate,"
stated Mark Ludwig, Crosshair's President & CEO. "We are
looking forward to receiving the remainder of our assays in order
to continue to advance these key deposits."
Two Time Prospect
Drilling on the Two Time prospect was aimed at extending the
deposit to the south and at depth. As illustrated in the table
below, drill hole CMB-12-49 successfully intersected mineralization
at the expected depth over a thicker interval, indicating the
deposit is continuous to the south along strike and along dip. This
hole represents a minimum 50m step out to the south from previous
holes into the deposit.
-----------------------------------------------
From To Interval
Hole ID (m) (m) (m) U3O8%
-----------------------------------------------
CMB-12-49 319.5 324.0 4.5 0.032
-----------------------------------------------
and 345.4 346.4 1.0 0.032
-----------------------------------------------
and 492.5 521.0 28.5 0.031
-----------------------------------------------
including 494.0 498.0 4.0 0.051
-----------------------------------------------
and 513.5 516.5 3.0 0.074
-----------------------------------------------
C Zone Corridor
Drilling within the C Zone corridor was focused on determining
if the vanadium mineralization identified to date represents one
continuous body within the corridor. Drill hole ML-12-197 was
positioned halfway between the Area 1 prospect and the Trout Pond
prospect. As the following table shows, vanadium mineralization was
intersected supporting the interpretation of a single continuous
zone of vanadium mineralization within the corridor.
------------------------------------------------
From To Interval
Hole ID (m) (m) (m) V2O5%
------------------------------------------------
ML-12-197 66.0 68.0 2.0 0.153
------------------------------------------------
and 76.0 78.0 2.0 0.167
------------------------------------------------
and 96.0 106.0 10.0 0.150
------------------------------------------------
To date, assays for 302 samples, from four drill holes have been
received. Drilling is continuing on the CMB project with additional
assay results pending. The true width of the mineralized zone is
70% to 90% of the lengths stated above. Uranium analysis was
carried out by Activation Labs of Ancaster, Ontario utilizing the
delayed neutron counting (DNC) method, while multi-element analysis
was performed using Inductively Coupled Plasma Mass Spectrometry
(ICP-MS). Standards, blanks, and duplicate assays were included at
regular intervals in each sample batch submitted from the field as
part of Crosshair's ongoing Quality Assurance/Quality Control
program.
The CMB project consists of a total of 2,383 claims in 25
licences and includes the Two Time mineralized prospect which
currently contains an Indicated mineral resource estimate of 2.33 M
pounds of uranium (1.82 M tonnes grading 0.058% U3O8) and an
Inferred mineral resource estimate of 3.73 M pounds of uranium
(3.16 M tonnes grading 0.053% U3O8) and is open for expansion.
In addition to the Two Time prospect, the CMB project also
includes the C Zone corridor, which encompasses the C Zone, Area 1
and Armstrong prospects. This corridor has a current Indicated
mineral resource estimate of 5.19 million pounds of uranium (6.92
million tonnes at 0.034% U3O8) and an additional Inferred mineral
resource estimate of 5.82 million pounds of uranium (8.17 million
tonnes at 0.032% U3O8). It also contains an Indicated mineral
resource estimate of 42.8 million pounds of vanadium (14.7 million
tonnes at 0.15% V2O5) and an additional Inferred resource estimate
of 93.6 million pounds of vanadium (28.3 million tonnes at 0.16%
V2O5). All the resources remain open both along strike and at
depth.
Complete assay highlights with drill plan maps and additional
information on the CMB Uranium/Vanadium Project can be found on the
Crosshair website at:
http://www.crosshairenergy.com/s/CentralMineralBelt.asp.
Stewart Wallis, P.Geo., a Director 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. Wallis has verified that the results disclosed in the news
release have been accurately summarized from the official assay
certificates provided to Crosshair.
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 CMB Uranium-Vanadium Project
can be found in the technical reports filed on SEDAR at
www.sedar.com entitled: "Technical Report on the Central Mineral
Belt (CMB) Uranium-Vanadium Project, Labrador, Canada" prepared for
Crosshair dated January 20, 2011 (Rev March 10, 2011) and
"Technical Report on the CMBNW Property, Newfoundland &
Labrador, Canada" prepared for Crosshair and Silver Spruce
Resources dated June 22, 2009.
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
www.crosshairenergy.com Crosshair Energy Corporation Bevo Beaven
Investor Relations 720-932-8300
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