Crosshair cements interest in 60% of Golden Promise gold project

Crosshair Exploration reports it has entered into an agreement with Paragon Minerals with an interest in 60% of Golden Promise gold project, Central Newfoundland, Canada.

As a result of the current market conditions, the Board of Directors of Crosshair has determined that it is no longer in the best interest of Shareholders to spin-out the assets of Golden Promise, South Golden Promise and Victoria Lake into a separate publicly traded company to be known as Gemini. However, both Crosshair and Paragon remain committed to the Golden Promise Gold Project and believe that more value can be created from within Crosshair at this time.

Crosshair’s President & CEO, Mark Morabito says:

“We are excited to now control 60% of this great gold project.”  “Unfortunately, due to market conditions, transferring Golden Promise into a new company became impossible, but this agreement allows us to own 60% of the project outright, have operatorship and obtain the ability to increase our ownership to 70%.”

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