Crosshair Begins Class III Cultural Survey at Juniper Ridge Wyoming
30 August 2012 - 8:30PM
Marketwired
Crosshair Energy Corporation (TSX:CXX)(NYSE MKT:CXZ)(NYSE Amex:CXZ)
("Crosshair" or the "Company") is pleased to announce that it has
commissioned a Class III Cultural Survey on the Juniper Ridge
Uranium Project, located in south-central Wyoming. This study is
one of the prerequisites to obtaining a Source Materials License
from the U.S. Nuclear Regulatory Commission (NRC) in order to mine
uranium.
The field work for the study is being conducted by the
Archeological Laboratory at Augustana College (ALAC) in Sioux
Falls, South Dakota, which is a contractor, independent of
Crosshair. ALAC has a long history of detailed archeological
investigations for the private and public sector in the Northern
Great Plains and Intermountain West. ALAC performed similar field
work for the Dewey Burdock property in South Dakota, a uranium
project that recently received a draft uranium recovery license
from the NRC.
Archeologists and technicians from ALAC have begun surveying the
Juniper Ridge property to evaluate the number, size, and
significance of any historic sites which may be present. The goals
of this survey are to identify any historic sites, evaluate the
condition of these sites, and gather information necessary to
determine if any sites require preservation or mitigation. All but
one of the known sites are located on the edges of the property and
should pose no issues with the continued development of the
project. The final survey documents from ALAC will form the basis
of subsequent permit decisions by the U.S. Department of Interior
Bureau of Land Management (BLM) and the NRC under Section 106 of
the National Historic Preservation Act (NHPA).
"This property-wide Class III Cultural Survey is a significant
milestone on the path to a Source Materials License and is the
first in a number of studies we are working to initiate in order to
satisfy the uranium mining permitting and licensing requirements of
the State of Wyoming, the NRC and the BLM," said Tom Bell,
Crosshair Energy's VP and Chief Geologist.
About ALAC
The Archeology Laboratory at Augustana College is a
self-sustaining teaching and research entity with offices and
laboratory facilities based on the campus of Augustana College in
Sioux Falls, South Dakota. For more than 30 years, the Archeology
Laboratory has been involved in archeological, paleoenvironmental,
ethnohistorical, architectural and historical/oral historical
studies and museum consulting in the Great Plains Region and its
peripheries. The Laboratory undertakes research and contract work
and collaborates closely with scientists from around the world.
About Crosshair
Crosshair is a prominent player in the exploration and
development of uranium and vanadium projects in the US and Canada.
Its Bootheel and Juniper Ridge projects 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.
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.
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 the details of the study,
regulatory permits, the goals and expected results of the study 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.
Contacts: Crosshair Energy Corporation Bevo Beaven Investor
Relations 720-932-8300info@crosshairenergy.com
www.crosshairenergy.com
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