EXPANSION OF UPPER C ZONE CONTINUES - LOWER C ZONE INTERSECTED 450
METERS DOWN DIP
"Targeting Uranium and Gold"
NEWS RELEASE
EXPANSION OF UPPER C ZONE CONTINUES - LOWER C ZONE INTERSECTED 450
METERS DOWN DIP
Dated: November 27,
2006
TSX-V: CXX
Crosshair Exploration and Mining Corp. (TSX-V: CXX) (the "Company")
is pleased to announce the latest batch of results from the recently
completed 2006 drilling activities at its Central Mineral Belt,
Labrador Uranium property. The latest drill results include hole
ML-40 with the intersection of over 40 meters of mineralization in
the Upper C Zone. Select drill holes, including hole ML-40, also
intersected the Lower C Zone 450 meters down dip from the original
Shell Canada drilling at much shallower depths than expected. The
results received to date include the thickest and highest grades ever
reported from the Lower C Zone.
The Company had not been focusing on the Lower C Zone since work
began on the project two years ago and the zone was not included in
the first resource estimate. However, recent drill intercepts
demonstrate that the size, continuity, and grade of the Lower C may
be better than originally thought. The confirmation of the Lower C
Zone 450 meters down dip from Shell's original drilling is a welcome
development that adds the possibility of stacked mineralized horizons
to the expansion of the C Zone.
Upper C Zone
Highlights from the latest batch of assays from Upper C Zone include
the following:
* ML-40 returning 13.15 meters grading 0.101% U3O8 including 1.0
meter of 1.129% U3O8, and a second intercept grading 0.105% U3O8
over 4.50 meters, all intervals included within 41.50 meters
averaging 0.05% U3O8 at a depth of less than 100 meters
vertically.
* ML-44 returning 9.15 meters grading 0.104% U3O8, including 3.08
meters of 0.218% U3O8 (the ML-44 Lower C Zone intercept is
detailed below).
Assays are pending for an additional 19 holes completed in the Upper
C Zone and several holes will also report additional Lower C Zone
intercepts. Complete assays and maps have been posted on the company
website -
http://www.crosshairexploration.com/s/Addenda.asp?ReportID=159747
To date, over 21,500 meters have been completed in 137 drill holes,
including 58 holes at the Upper C Zone. Scott Wilson Roscoe Postle
Associates (Scott Wilson RPA) has been retained to update the 43-101
uranium resource estimate for the Upper C Zone. This update will
include all drill results from the 2006 drill program and is expected
to be completed in late January. The pending update will not include
the Lower C Zone, which is expected to be added in a later update
after further drilling.
A large number of sample assays from several target areas are still
pending and results will be released when they become available. The
Company closed the camp when winter freeze-up began in mid November
and plans to re-mobilize to the property for a winter drill program
in late January.
Lower C Zone - History
During the 2006 drill program at the C Zone, several drill holes were
allowed to continue below the Upper C Zone to test for Lower C Zone
stratigraphy. These were the first holes targeting the Lower C by the
Company. In 1979 Shell Canada identified a zone of uranium
mineralization contained within the Lower C Zone estimated to host
4.92 million pounds of contained U3O8. This is in addition to the
U3O8 contained in the Upper C Zone. (These historic resource
estimates reported above are not National Instrument 43-101
compliant, however Crosshair believes the work was carried out under
industry standard practices at that time and were considered reliable
at that time. As insufficient work has been completed to verify the
historical resource estimates, they should not be relied upon).
Lower C Zone - Current Results
The Lower C Zone mineralization was intersected in drill hole ML-44
starting at a down hole depth of 346 meters and returned 6.50 meters
grading 0.100% U3O8 including 2.0 meters grading 0.212% U3O8. These
results confirm that the Lower C zone is laterally extensive as
suggested by Shell and that it underlies the Upper C Zone. In
addition it may be thicker and have an average grade higher than
estimated by Shell. The Lower C Zone lies 75 meters below and roughly
subparallel to the Upper C Zone, and is hosted in reduced sandstones
lying immediately above the Aphebian/Helikian unconformity, in a
setting similar to the Athabascan deposits. The results from ML-44
indicate that the geological environment hosting the Lower C Zone is
now confirmed immediately beneath the Upper C Zone and 450 meters
down dip from the closest Shell drill hole that tested the Lower C.
The 2007 drill program will focus on testing both Upper and Lower C
Zones, both of which remain open along strike and to depth.
Tim Froude, Senior Vice President of Exploration for Crosshair and
qualified person under National Instrument 43-101 supervised and
directed all work associated with the drilling program. Sample
preparation and analysis for Au, Cu and Ag were conducted by Eastern
Analytical in Springdale, Newfoundland. Eastern Analytical ships the
pulps to Activation Laboratories in Ontario for analyses by neutron
activation and ICP methods. Crosshair has a QA/QC program in place
to monitor the assay results.
About Crosshair
Crosshair is an aggressive uranium and gold exploration and
development Company with select projects in Newfoundland and
Labrador. The Company has developed into a dominant player in the
exploration for uranium in the Central Mineral Belt of Labrador. The
685 sq km Moran Lake Uranium / IOCG Project is host to potentially
three significant types of uranium mineralization - Iron Oxide Copper
Gold (IOCG - Olympic Dam), structurally controlled, shear zone
("Michelin") and unconformity types of mineralization. In addition,
through option agreements with Rubicon Minerals Corporation,
Crosshair has secured a position in one of the most prospective
massive sulphide districts in Canada as well as a promising early
stage high grade gold property at South Golden Promise and Golden
Promise.
For more information of the Company and its properties, please visit
the website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
"Mark J Morabito"
President and CEO
Crosshair Exploration & Mining Corp. - Vancouver
T:
604-681-8030
F:
604-681-8039
E: greg@crosshairexploration.com:
www.crosshairexploration.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of the content of this News Release.
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: risks associated
with project development; the need for additional financing; the
possibility that future exploration or development results will not
be consistent with the Company's expectations; 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. 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.
