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Crosshair Delivers Significant Growth to Vanadium Resource
Crosshair Delivers Significant Growth to Vanadium Resource
About this update from Global Crossing Airlines Group, Inc.
[{"type":"text","content":"\nCrosshair Delivers Significant Growth to Vanadium Resource\n\n\n Dec. 16, 2010 (Filing Services Canada) -- Crosshair Exploration & Mining Corp. (CXX - TSX, CXZ - NYSE - Amex),  is pleased to announce the results of the independent NI 43-101 vanadium resource estimate on the C Zone at its Central Mineral Belt (CMB) Project in Labrador, Canada.  The vanadium contained outside of the existing uranium resource includes 30.92 million pounds of V2O5 (vanadium pentoxide) in the indicated category and an additional inferred resource of 81.33 million pounds of V2O5.  These resources are wholly contained within the C Zone and do not include the vanadium contained within the uranium resource.  The vanadium contained within the existing uranium resource includes updated values of 11.90 million pounds of V2O5 in the indicated category and an additional inferred resource of 12.29 million pounds of V2O5 (see below for tonnage and grade details).\"We knew that the vanadium contained within our uranium resource was only a portion of the vanadium resource, but to increase it by more than 500% exceeded even our expectations,\" says Stewart Wallis, President and CEO of Crosshair.  Given the fact that previous drill programs on the CMB Project focused exclusively on uranium, most holes were originally only sampled where uranium was encountered.  For this reason, a total of 5,375 metres (m) of existing core was recently sampled and assayed for vanadium.  As there was no further drilling, the uranium resource remains unchanged.At this point, no economic evaluations have been done on the project and as a result, a wide variety of V2O5 and U3O8 cut-off grades are presented.  A 0.15% V2O5 cut-off is considered appropriate for vanadium outside the uranium resource and for the location and cost profile that can be expected for open pit mining in Labrador.  A 0.015% U3O8 cut-off is considered appropriate for where uranium is also present and a 0.035% U3O8 cut-off used for the Lower C Zone estimate is considered appropriate for an underground operation.  These cut-offs were used to report the mineral resources stated above.-------------------------------------------------------------------------Indicated Vanadium Resource Outside of Uranium Resource---------...