Business
Crosshair Reaches Agreement to Vest its 90% Interest in CMB Project
Crosshair Reaches Agreement to Vest its 90% Interest in CMB Project Vancouver, British Columbi...
About this update from Global Crossing Airlines Group, Inc.
[{"type":"text","content":"\nCrosshair Reaches Agreement to Vest its 90% Interest in CMB Project\n\nCrosshair Reaches Agreement to Vest its 90% Interest in CMB Project \nVancouver, British Columbia CANADA, December 06, 2011 /FSC/ - Crosshair Energy Corporation  (CXX - TSX, CXZ - NYSE Amex)(\"Crosshair\" or the \"Company\") is pleased to announce that it has reached an agreement (the \"Agreement\") to confirm vesting of its 90% interest in certain mineral licenses that are part of the CMB Uranium/Vanadium Project located in Labrador, Canada (the \"Property\"). Crosshair Management views this Agreement as being very positive for the future of the Company as it will now be able to explore and develop the CMB Project without any further uncertainties as to its legal status.\nThe Agreement is part of a settlement of outstanding litigation with the original claim owner, Mr. Lewis Murphy. The terms of the settlement are a cash payment by the Company to Mr. Murphy in the amount of $600,000 and an additional payment of 1,193,614 in Crosshair shares. In return for the cash and share payments, all litigation has been discontinued and Mr. Murphy has acknowledged the Company's 90% interest in the Property has vested and any requirement for a bankable feasibility study has been irrevocably waived. Crosshair will be required to make advance royalty payments of $200,000 per year commencing in November 2012.\nAbout Crosshair\nCrosshair 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 is located in Labrador, Canada and has four currently defined resources. The Crosshair team is comprised of knowledgeable and experienced professionals with both exploration and mining backgrounds.\nFor more information on Crosshair and its properties, please visit the website at www.crosshairenergy.com.\nON BEHALF OF THE CROSSHAIR BOARD\n\"Mark J. Morabito\"\nEXECUTIVE CHAIRMAN\nVancouver Office                        Denver Office\nT: 604-681-8030     &#...