Crosshair Exploration: Intensive Drilling In The Central Mineral Belt

Overview

Crosshair is a leading junior exploration company focused on exploring and developing uranium in the Central Mineral Belt (CMB) of Labrador, which is fast emerging as the next big uranium district in Canada.

With the completed acquisition of (July 31, 2008) all of Universal Uranium’s (UUL: TSX.V) interest in its project in the Central Mineral Belt (CMB) of Labrador, Crosshair now controls 1,905 square kilometres in the CMB including, four existing NI 43-101 compliant resources. Crosshair is demonstrating the multi-deposit potential of the project by successfully developing and drilling several new uranium targets. >

Crosshair also continues to advance its gold and Volcanic Hosted Massive Sulphide (VHMS) projects in Newfoundland, which are slated for a dividend spin-out to shareholders. The new company, which will hold these projects, has been named Gemini Metals Corp. Crosshair’s shareholders are expected to receive one common share of Gemini Metals for every 5.5 common shares of Crosshair held. Crosshair currently trades on the Toronto Stock Exchange (CXX:TSX) and the American Stock Exchange (CXZ:AMEX).

Chief Properties

The CMB Project covers a total of 72,000 hectares in central Labrador, about 140 kilometres north of the town of Happy Valley-Goose Bay and 85 kilometres southwest of the coastal community of Postville on Kaipokok Bay. Helicopter and float plane service out of Goose Bay is the most efficient means of access to the project.

The Northstar Division manages 135 square kilometres in the northern area of the CMB Property
and is comprised of the most advanced targets on the Property, including the C Zone. An updated independent NI 43-101 resource estimate was announced on August 7, 2008, which estimates an indicated resource of 5.19 million pounds of uranium (6.92 million tonnes at 0.034%) and an additional inferred resource of 5.82 million pounds of uranium (8.17 million tonnes at 0.032%).

Project Highlights:

• C Zone contains NI 43-101 uranium resource open in all directions for expansion
• Numerous targets along a 30 km trend
• Linking the 4.5 kilometre long uranium mineralized corridor, including C Zone, Area 1 and Armstrong, is one of Crosshair’s top priorities

The Lonestar Division manages the southern portion of the Property, which encompasses more
than 585 square kilometres and is characterized by highly mineralized felsic volcanic rocks. The geological setting and mineralization style are similar to what is found at the Michelin deposit. Geophysical surveys and intensive ground exploration programs have identified numerous targets.

Project Highlights:

• intense uranium anomalies associated with the many crosscutting structures
• New targets have been identified: Croteau Lake and Madsen Lake
• Michelin-style mineralization

Management Team

• Mark J. Morabito, B.A., L.L.B. — CEO and Director
• Paul Hosford, P.Eng — President and COO
• Jay Sujir, L.L.B. — Chairman and Director
• Joseph Miller — CFO
• J. Wayne Pickett, M.Sc., P. Geo. — Vice President Exploration
• Julie Bolden — VP Corporate Affairs and Corporate Secretary
• Evelyn Cox, B.Sc. (Geology) — VP Corporate Development
• Sally Gillies, M.Sc. (Geology) — General Manager Lonestar Division
• Geir Liland, B.A. — Director
• David Ying Tat Lee, B.A., M.A. — Independent Director
• Ian Smith — Independent Director
• C. Stewart Wallis, P.G., P. Geo. — Director
• Derrick Gill, B. Comm – Independent Director
• Leo Power, B.A., MBA — Independent Director
• Chris Collingwood, B.Comm — Independent Director
• Jennifer Richards — Investor Relations Officer

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