Tuesday, January 13, 2009

Crosshair Exploration & Mining Corp. (NYSE Alternext US: CXZ) (TSX: CXX) ("Crosshair") provides further information regarding its land package in Labrador following Crosshair's January 7, 2009 News Release announcing that Crosshair and Target Exploration and Mining Corp. ("Target") agree to combine to create a solid North American uranium asset base. Crosshair currently controls 7133 claims (178,325 hectares) in the Central Mineral Belt (CMB) of Labrador.

Crosshair's original land package, which was once controlled by Shell Canada Resources in the 1960's and 70's, is host to the C Zone -- Area 1 -- Armstrong Corridor, which has a current National Instrument (NI) 43-101 indicated resource of 5.19 million (M) pounds (lbs) of uranium (U3O8) (6.92 million tonnes at 0.034% U3O8) and an additional inferred resource of 5.82 M lbs of U3O8 (8.17 million tonnes at 0.032% U3O8) between all three zones. All three zones remain open for expansion along strike and to depth. The claims acquired in May 2008 host the Two Time Deposit, which has an existing NI 43-101 indicated resource of 2.33 M lbs of U3O8 (1.82 million tonnes at 0.058% U3O8) and an additional inferred resource of 3.73 M lbs of U3O8 (3.16 million tonnes at 0.053% U3O8), also open for expansion. The complete resource estimate can be found in the NI 43-101 report entitled Technical Report on the Central Mineral Belt Uranium Project, Labrador, Canada dated July 31 2008, as well as on Crosshair's website.

The majority of the claims in Labrador are in good standing under provincial work assessment rules until 2012 and some claims are in good standing as late as 2018, meaning no work is required on these claims for the foreseeable future. Crosshair will only undertake the minimum amount of work on the balance of the claims to maintain the assets in Labrador and keep them in good standing until the 3 year moratorium (announced March 2008) on uranium mining and milling on the Labrador Inuit Lands (LIL) is lifted. When and if that occurs, Crosshair will resume its exploration and development activities and continue drilling with the goal of expanding its resources.

"We are committed to maintain the integrity of the assets in Labrador for the benefit of our shareholders," says Mark Morabito, President and CEO of Crosshair. "Fortunately we are in a position to do so with minimal cash outlays for the next several years. We remain hopeful that the situation in Labrador will resolve itself within the next two years after the original 3 year time frame has expired and look forward to resuming our aggressive Labrador uranium resource expansion program in due course."

Change of Board Members

Crosshair announces the resignation of Ron Atlas from the Board of Directors. Mr. Atlas is the Chairman and CEO of Universal Uranium Ltd. and the Board of Directors would like to thank Mr. Atlas for his services. Stewart Wallis, President of Target, will be appointed to the Board of Directors upon completion of the merger.

About Crosshair

Crosshair is a dominant player in the exploration for uranium in the Central Mineral Belt of Labrador. The CMB Uranium Project is host to potentially three types of uranium mineralization - Iron Oxide Copper Gold (IOCG - Olympic Dam), structurally controlled/shear zone and unconformity types of mineralization. All of Crosshair's currently defined resources (C Zone, Area 1, Armstrong and Two Time Zone) fall outside of Labrador Inuit Lands. These assets are therefore not directly impacted by the Nunatsiavut Government's decision in March 2008 to place a three year moratorium on uranium mining within their self-governed Labrador Inuit Lands.

Sally Gillies, M.Sc., P.Geo., Lonestar Division General Manager of Crosshair and a Qualified Person as defined in National Instrument 43-101, has reviewed and is responsible for the technical information contained in this news release.

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