"Targeting Gold and Uranium"
NEWS RELEASE
FURTHER DRILLING TO COMMENCE AT GOLDEN PROMISE
Dated: November 15,
2006
TSX-V: CXX
Crosshair Exploration and Mining Corp. (TSX-V: CXX) (the "Company")
is pleased to announce the commencement of a 12 hole, 3000 meter
Phase 2 drill program at the Golden Promise project in central
Newfoundland. The program will follow-up the success of the recently
completed (August '06) drill program, which returned some of the
highest grade intersections of gold to date and added 100 metres of
strike length to the Jaclyn Main zone. This Phase 2 drill program is
focused on extending the strike length beyond 475 metres and depth
beyond 192 metres at the Jaclyn Main zone.
All eight holes that tested the main zone during the August 2006
program intersected visible gold. In addition, the program was
successful in identifying a new hanging wall zone intersected in
three of the holes. The hanging wall zone returned high grade values
up to 93.71 g/t gold over 1.40 metres including 327.97 g/t gold over
0.40 metres from GP06-52 and 10.37 g/t gold over 1.75 metres
including 30.92 g/t gold over 0.3 metres from GP06-61.
Significant results from the Jaclyn Main Zone include:
GP06-52: 3.02 g/t gold over 1.35 metres including 7.21 g/t gold
over 0.55 metres
GP06-53: 5.40 g/t gold over 1.75 metres including 16.00 g/t gold
over 0.35 metres
GP06-54: 5.35 g/t gold over 1.35 metres including 13.56 g/t gold
over 0.45 metres
GP06-55: 5.96 g/t gold over 1.40 metres including 15.00 g/t gold
over 0.45 metres
GP06-56: 12.17 g/t gold over 1.65 metres including 39.56 g/t gold
over 0.50 metres
GP06-57: 3.97 g/t gold over 1.30 metres including 17.00 g/t gold
over 0.30 metres;
GP06-58: 5.75 g/t gold over 1.35 metres including 13.94 g/t gold
over 0.55 metres; and
GP06-61: 9.47 g/t gold over 1.40 metres including 27.67 g/t gold
over 0.45 metres.
The Golden Promise project, optioned from Rubicon Minerals
Corporation ("Rubicon" RMX.TSX:RBY-AMEX) earlier this year, is host
to the Jaclyn gold discoveries and is on trend with Crosshair's South
Golden Promise project (previously optioned from Rubicon), which
hosts the Linda/Snow White gold discovery. The Golden Promise claims
are contiguous with the South Golden Promise claims and the Company
believes that the overall claim group is emerging as a district of
gold-bearing quartz veins similar to the Bendigo Gold District in
Victoria, Australia. Crosshair has agreements with Rubicon to earn a
majority interest (60%) in both projects.
The Golden Promise project work is being carried out by Rubicon
personnel and supervised by Qualified Person David Copeland, M.Sc.,
P.Geol., of Rubicon, project managers for the first year of the
agreement. Samples are sent to Eastern Analytical Limited in
Springdale, Newfoundland for gold analysis by metallic screen fire
assay. Blanks and gold standards were inserted into the sample stream
as part of a QA/QC program.
About Crosshair
Crosshair is an aggressive uranium and gold exploration and
development Company with select projects in Newfoundland and
Labrador. The Company has developed into a dominant player in the
exploration for uranium in the Central Mineral Belt of Labrador. The
685 sq km Moran Lake Uranium / IOCG Project is host to potentially
three significant types of uranium mineralization - Iron Oxide Copper
Gold (IOCG - Olympic Dam), structurally controlled, shear zone
("Michelin") and unconformity types of mineralization. In addition,
through option agreements with Rubicon Minerals Corporation,
Crosshair has secured a position in one of the most prospective
massive sulphide districts in Canada as well as a promising early
stage high grade gold property at South Golden Promise and Golden
Promise.
For more information of the Company and its properties, please visit
the website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
"Mark J Morabito"
President and CEO
Crosshair Exploration & Mining Corp. - Vancouver
T:
604-681-8030
F:
604-681-8039
E: greg@crosshairexploration.com: or dean@crosshairexploration.com
www.crosshairexploration.com
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adequacy or accuracy of the content of this News Release.
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address a company's 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. 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: 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. 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. Investors are
cautioned against attributing undue certainty to forward-looking
statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of the content of this News Release.
