Crosshair Energy Corporation
Focused on exploring and developing uranium in the Central Mineral Belt of Labrador
Message: Confirmation of No Further Share Issuance/Universal Files Statement of Defence
| May 19, 2009 |
| Crosshair Receives Confirmation of No Further Share Issuance and Universal Files Statement of Defence and Counterclaim |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2009) - Crosshair Exploration & Mining Corp. (TSX:CXX)(NYSE Amex:CXZ) ("Crosshair") announces that further to Crosshair's News Release dated April 28th, 2009 (Crosshair Commences Action Against Universal Uranium) and News Release dated July 30th, 2008 (Crosshair Completes Uranium Property Acquisition), Crosshair has received confirmation that Universal Uranium Ltd. ("Universal") will not receive any further shares or warrants from escrow until there is final resolution to the dispute. Universal filed a Statement of Defence and Counterclaim in the B.C. Supreme Court on May 13th, 2009. Universal considers the Crosshair action to be without merit. Crosshair will file a Statement of Defence to the counterclaim made by Universal and maintains its confidence that its action against Universal is grounded in both fact and law. As per the Escrow Agreement between Crosshair and Universal dated July 29, 2008 ("Escrow Agreement"), Universal was entitled to receive 1,428,000 Crosshair shares on April 29th, 2009. As per the Escrow Agreement, Universal was to receive a total of 10,000,000 common shares and 7,500,000 warrants, to be released in equal tranches in three month intervals. Universal has already received two tranches and the last tranche was scheduled for July 29th, 2010. As a result of the recently announced legal action by Crosshair against Universal, Crosshair received a letter from its transfer agent and the escrow agent pursuant to the Escrow Agreement, confirming that no more shares or warrants will be released until the legal action has been resolved. Consequently, the 7,144,000 shares and the 7,500,000 warrants currently in escrow will remain in escrow pending the outcome of the legal action. Further details of the action can be found in the Writ of Summons and Statement of Claim, which are available on Crosshair's website at: http://www.crosshairexploration.com/... . About Crosshair Crosshair is a dominant player in the exploration and development of uranium in the US and Canada. Its flagship Project, Bootheel, is located in uranium mining friendly Wyoming and with its in-situ mining potential, Bootheel is designed for near term production. The CMB Uranium Project is located in Labrador, Canada and has four currently defined resources - C Zone, Area 1, Armstrong and Two Time Zone. These assets fall outside of Labrador Inuit Lands and 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. 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. ON BEHALF OF THE CROSSHAIR BOARD Mark J. Morabito, CEO |
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