Crosshair commences drilling in the Central Mineral Belt, Labrador

MINING.COM Staff Writer | July 15, 2011 | 11:29 pm Energy Canada Uranium

Crosshair Exploration & Mining Corp. (CXX – TSX, CXZ – NYSE – Amex) said this week that drilling has commenced at both the CMB Uranium/Vanadium Project and the CMB Joint Venture (“CMB JV”) Uranium Project located in central Labrador, Canada. The CMB JV Project is a joint venture with Silver Spruce Resource, whereby Crosshair retains a 63% ownership and Silver Spruce 37%.

The 2011 program will consist of 8,500 metres of drilling as well as prospecting, sampling, and trenching. The goal of the program is to increase the existing uranium and vanadium resources, as well as test the new uranium targets outlined from the 2009 and 2010 exploration programs. The program is expected to take 3 months to complete and cost approximately $3.8 million.

“We are glad to be back inLabradorand taking these projects another step,” says Stewart Wallis, P.Geo., President and CEO. “The last couple of years’ work has outlined some very interesting targets that we look forward to drilling.”

The CMB Project contains a National Instrument (NI) 43-101 indicated uranium resource of 5.19 million pounds (M lbs) (6.92 million tonnes (MT) grading 0.034% U3O8) and an additional inferred uranium resource of 5.82 M lbs (8.17 MT grading 0.032% U3O8). The CMB Project also contains an NI 43-101 indicated vanadium resource of 42.8 M lbs (14.7 MT grading 0.152% V2O5) and an additional inferred vanadium resource of 93.6 M lbs (28.3 MT at 0.160% V2O5). The zones remain open along strike and to depth.

The CMBJV Project has an NI 43-101 indicated uranium resource of 2.33 M lbs (1.82 MT grading 0.058% U3O8) and an additional inferred uranium resource of 3.73 M lbs (3.16 MT grading 0.053% U3O8). This zone also remains open along strike and to depth.

Additional information on the CMB Uranium/Vanadium Project can be found at: http://www.crosshairexploration.com/s/CMBProperty.asp and in the Technical Report on the CMB Uranium-Vanadium Project, Labrador, Canada prepared for Crosshair dated January 20, 2011 and filed on SEDAR at www.sedar.com. Additional information the CMB JV Project can be found at: http://www.crosshairexploration.com/s/CMBJointVenture.asp and in the Technical Report on the CMBNW Property, Labrador, Canada prepared for Crosshair and Silver Spruce dated June 22, 2009 and also filed on SEDAR.

Stewart Wallis, P.Geo. President and CEO of Crosshair and a Qualified Person as defined by NI 43-101, has verified 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 technical reports.

About Crosshair

Crosshair is a prominent player in the exploration and development of uranium, vanadium and gold in the US and Canada. Its flagship projects, Bootheel and Juniper Ridge, are both located in uranium mining friendlyWyoming. Bootheel has exceeded the minimum mining threshold and with its in-situ mining potential, is designed for near term production. The CMB Uranium/Vanadium Projects are located inLabrador,Canadaand have four currently defined resources – C Zone, Area 1, Armstrong and Two Time Zone. Drilling programs are planned for all these projects this summer. The Crosshair team is comprised of knowledgeable and experienced professionals with both exploration and mining backgrounds.

For more information on Crosshair and its properties, please visit the website at www.crosshairexploration.com.