January 12, 2012 Crosshair Announces Initial Uranium Resource at Juniper Ridge | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crosshair Energy Corporation. (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 Juniper Ridge Project, in southern
Wyoming. The estimate includes a total indicated
resource of 5.2 million pounds of uranium oxide, using
a grade thickness (GT) cut-off of 0.1 %-ft (see Table 1
for tonnage and grade details).
The Juniper Ridge Property, consisting of 197 Federal lode mineral claims and one state mineral lease, is located six miles west of Baggs, in south central Wyoming. Uranium mineralization occurs within an aeolian stratigraphic unit of the Miocene Browns Park Formation, consisting of tuffaceous, feldspathic sandstone. Uranium mineralization at Juniper Ridge is very similar to the Maybell Mine; a past producer located 50 miles to the south in Northwest Colorado. Two areas of mineralization occur within the project area, separated by less than 2 miles, herein referred to as Juniper Ridge East and Juniper Ridge West. Mineralization within these two areas occurs at an average depth of approximately 100 feet. Resource Estimate Details The resource estimate for the Juniper Ridge Project is based on results from 400 Crosshair drill holes, totaling 78,287 ft. drilled in 2011, and 2,167 historic drill holes, totaling 326,760 ft. drilled between the mid-1970s and 1985 by Urangesellschaft USA Inc. (UG) and Agip Mining Inc. (Agip). Drill data for the historic holes consisted of radiometric equivalent data (%eU3O8) collected and compiled by UG and Agip. Data from the 400 drill holes completed by Crosshair consists of radiometric equivalent data (%eU3O8) obtained by conventional gamma logging and Century Wireline Services' uranium spectrographic analysis tool (USAT). The USAT data is considered to be a more accurate tool for determining the uranium content than the conventional gross gamma tools in situations where the uranium may not be in equilibrium. Gross gamma tools measure total gamma radiation and may measure daughter products that are not directly related to the in-situ uranium content. The use of the USAT tool reduces the need for chemical assays to determine that the uranium is in equilibrium, as it directly measures Protactinium 234, the second daughter element after Uranium 238. Century Wireline Services, based in Tulsa, OK, is independent of Crosshair. The mineral resource was estimated in two dimensions based on the sum of GT, by hole, meeting the cut-off criteria. The cut-off criteria applied included a minimum radiometric equivalent grade of 0.02% eU3O8 and a minimum thickness of 2 feet to account for mine dilution and a predetermined grade thickness. Table 1 tabulates three resource estimates based on different minimum grade thicknesses (0.1, 0.25, and 0.5 %-ft). Based on the estimated costs of a typical open pit-heap leach scenario and a US$70 per pound long term price of uranium, the 0.1 cut-off was accepted as most appropriate. Drill data reflecting the thickness, grade (%eU3O8), and GT (product of grade times thickness) were summed for all intercepts meeting cut-off criteria by hole. GT and thickness were then contoured using standard algorithms based upon the geological interpretation of the deposit. From the contoured GT ranges, the contained pounds of uranium were calculated by multiplying the measured areas by GT and density. Similarly, the total tonnage was calculated by contouring thickness and multiplying by area to obtain cubic feet, then converting to tonnage by applying the density factor. Tonnage by GT range was estimated based on the ratio of GT areas to total tonnage and the results summed. A density factor of 16 cubic feet per ton was utilized in the mineral resource calculation. The primary resource calculation method utilized in this report is the Grade Thickness (GT) contour method which complies with the best practice guidelines specific to uranium for the estimation of mineral resources and mineral reserves adopted by the CIM November 23, 2003. The classification of the resources is consistent with the CIM definitions referred to in NI 43-101. Doug Beahm, P.E., P.G., President of BRS Inc., and a Qualified Person as defined by NI 43-101, is responsible for this Mineral Resource estimate and has reviewed and approved the technical data contained in this news release. Mr. Beahm is independent of Crosshair Energy Corporation. This NI 43-101 compliant estimate will be filed in a Technical Report on SEDAR within 45 days. Crosshair is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect its estimate of mineral resources. 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 friendly Wyoming. Bootheel has the potential to be mined using in-situ recovery methods. The CMB Uranium/Vanadium Project and the CMB JV Uranium Project are located in Labrador, Canada and have four currently defined resources - C Zone, Area 1, Armstrong and Two Time Zone. 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 . |
ON BEHALF OF THE CROSSHAIR BOARD
"Mark J. Morabito"
Executive Chairman
For Investor Relations, please call:
Bevo Beaven
720-932-8300
Cautionary Note Regarding Forward-Looking Information
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to
future, not past, events. In this context, forward-looking
statements often address 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. Forward-looking statements or
information relate to, among other things, the mineral
resource estimate, an increase in the mineral resource
estimate, the completion of a Preliminary Economic Assessment
and the exploration potential of the Company's
properties. 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: the risks associated with outstanding litigation, if
any; risks associated with project development; the need for
additional financing; 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;
the potential for conflicts of interest among certain
officers, directors or promoters with certain other projects;
the absence of dividends; competition; dilution; the
volatility of our common share price and volume; tax
consequences to U.S. shareholders and other risks and
uncertainties, including those described in the Risk Factors
section in the Company's Annual Report on Form 20-F for
the financial year ended March 31, 2011 filed with the
Canadian Securities Administrators and available at
www.sedar.com. 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, except as required by law. Investors are cautioned
against attributing undue certainty to forward-looking
statement.
Cautionary Note Concerning Reserve and Resource Estimates
This press release uses the terms "reserves",
"resources", "proven reserves",
"probable reserves", "measured
resources", "indicated resources" and
"inferred resources". United States investors are
advised that, while such terms are recognized and required by
Canadian securities laws, the United States Securities and
Exchange Commission (the "SEC") does not recognize
them. Under United States standards, mineralization may not
be classified as a "reserve" unless the
determination has been made that the mineralization could be
economically and legally produced or extracted at the time
the reserve determination is made. Mineral resources that are
not mineral reserves do not have demonstrated economic
viability. United States investors are cautioned not to
assume that all or any part of measured or indicated
resources will ever be converted into reserves. Inferred
Resources are in addition to Measured and Indicated
Resources. Further, inferred resources have a great amount of
uncertainty as to their existence and as to whether they can
be mined legally or economically. It cannot be assumed that
all or any part of the inferred resources will ever be
upgraded to a higher category. Therefore, United States
investors are also cautioned not to assume that all or any
part of the inferred resources exist, or that they can be
mined legally or economically. Disclosure of "contained
ounces" is permitted disclosure under Canadian
regulations, however, the SEC normally only permits issuers
to report "resources" as in place tonnage and grade
without reference to unit measures. Accordingly, information
concerning descriptions of mineralization and resources
contained in this release may not be comparable to
information made public by United States companies subject to
the reporting and disclosure requirements of the SEC.
©2011 Crosshair Energy Corporation. All Rights Reserved.
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