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Crosshair Announces Initial Uranium Resource at Bootheel
Crosshair Exploration & Mining Corp. (NYSE Amex: CXZ) (TSX: CXX) (“Crosshair”) is pleased to announce the results of the initial independent National Instrument (NI) 43-101 Mineral Resource estimate on the Bootheel Project, in southern Wyoming. The estimate includes an indicated resource of 1.09 million pounds of uranium oxide and an additional inferred resource of 3.25 million pounds of uranium oxide (see Table 1 for tonnage and grade details). The resource remains open for expansion with less than 60% of the historical resource area included in this initial estimate. In addition, a number of isolated above-grade intercepts have not been included in the resource pending additional delineation drilling.
“We are very excited about this initial resource,” says Stewart Wallis, President of Crosshair. “We have exceeded the minimum threshold for uranium deposits in this part of the world and plan on proceeding with additional drilling, permitting and a scoping study. When compared to other similar in-situ recovery (ISR) projects within the United States, the 14 foot average thickness of the Sundance Formation is greater than many comparable projects and should provide a significant benefit in reducing well field development costs by requiring fewer wells.”
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TABLE 1 Bootheel Mineral Resource Estimate as of August 13, 2009
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Classification
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Formation
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Short tons
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% eU3O8
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Pounds eU3O8
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Indicated
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Sundance
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1,443,000
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0.038
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1,089,000
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Inferred
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Sundance
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3,637,000
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0.031
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2,268,000
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Inferred
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Wind River
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762,000
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0.064
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981,000
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Inferred
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Total
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4,399,000
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0.037
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3,249,000
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Notes:
1. Mineral Resources are classified according to CIM Definition Standards, which are incorporated by reference in National Instrument 43-101.
2. Cut-off criteria for Sundance Mineral Resources are minimum grade of 0.015% U3O8, minimum thickness of 4 ft, and minimum grade x thickness (GT) product of 0.15% ft%.
3. Cut-off criteria for Wind River Mineral Resources are minimum grade of 0.020% U3O8, minimum thickness of 4 ft, and minimum GT of 0.15% ft%.
4. A long term price of US$70 per pound U3O8 is used for the Mineral Resource estimate.
5. A tonnage factor of 16 cubic feet per short ton was used for the Sundance and 15 cubic feet per short ton was used for the Wind River, based on density measurements.
6. High U3O8 grades have not been cut for the Mineral Resource estimate.
Resource map is posted on the Company website at:
>www.crosshairexploration.com
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