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Central Mineral Belt Uranium Project:
- Dominant land position in the Central Mineral Belt (2880 claims)
- Over 60,000 metres of drilling to date. An intensive drill program is planned for remainder of 2008.
- Expanding on current 43-101 indicated resource of 3.19 million pounds of uranium (3.75 million tonnes at 0.04%) and inferred resource of 4.59 million pounds of uranium (6.32 million tonnes at 0.03%) at C Zone.
Central Mineral Belt Joint Venture:
- 60% interest in 4,741 claims in the Central Mineral Belt acquired from Universal Uranium in July 2008
- Two Time Zone contains NI 43-101 indicated resource of 2.33 million pounds of uranium (1.82 million tonnes grading 0.058% U3O8) and an additional inferred resource of 3.73 million pounds (3.16 million tonnes grading 0.053% U3O8)
- Resource remains open to depth and along strike to the south
Golden Promise Project:
- Jaclyn Main Zone contains a 43-101 inferred resource of 921,000 tonnes averaging 3.02 g Au/t (89,500 contained ounces of gold)
- Golden Promise, Victoria Lake, and South Golden Promise Properties will be spun out by way of shareholder dividend into a new company called Gemini Metals Corp
- Bonanza grade samples of 105.28 g/t gold and 41.66 g/t gold from test pit in late 2004.
- Gold bearing quartz vein 8 - 10 metres wide now exposed by trenching over a 200 metre strike length
- 2006 and 2007 drilling extended the Jaclyn Zone by more than 50% from 500 metres to 800 metres and zone remains open
South Golden Promise Project
- South Golden Promise, Golden Promise, and Victoria Lake Properties will be spun out by way of shareholder dividend into a new company called Gemini Metals Corp.
- Project is host to Linda/Snow White Vein Zone - defined over 170 metres strike length and up to 5 metres wide - open in all directions
Victoria Lake Project:
- Victoria Lake, South Golden Promise, and Golden Promise Properties will be spun out into a new company called Gemini Metals Corp.
- Located in VMS trend which hosts several precious and base metal rich deposits.
- Drilling intercepted strong VMS markers in volcanic rocks, indicative of a proximal massive sulphide system
Gemini Metals Corp. Agreement
- Gemini Metals Corp. will have 100% interest in Victoria Lake, South Golden Promise, and Golden Promise Properties
- In return for shares of Gemini, Paragon Minerals will contribute its interests in the Victoria Lake, South Golden Promise, and Golden Promise Properties to Gemini
- Holders of Crosshair common shares are expected to receive 1 common share of Gemini for every 5.5 common shares of Crosshair held
- Subject to approval by shareholder, legal and regulatory approvals
- Expected to be presented to shareholders at Crosshair's annual general meeting anticipated to be held in September 2008
J. Wayne Pickett, M.Sc., P. Geo, Vice President Exploration Newfoundland and Labrador is the Qualified Persons (QP) as defined by NI 43-101 for the above mentioned projects. The QP is a member in good standing of the Association of Professional Engineers and Geoscientists of Newfoundland & Labrador (PEG-NL) as a registered Professional Geoscientist (P.Geo.).
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