Crosshair maintains Labrador claims

Crosshair Exploration & Mining Corp. reports that Target Exploration and Mining Corp. agree to combine to create a strong North American uranium asset base.

The majority of the claims in Labrador are in good standing under provincial work assessment rules until 2012 and some claims are in good standing as late as 2018, meaning no work is required on these claims for the foreseeable future. Crosshair will only undertake the minimum amount of work on the balance of the claims to maintain the assets in Labrador and keep them in good standing until the 3 year moratorium (announced March 2008) on uranium mining and milling on the Labrador Inuit Lands (LIL) is lifted.

Mark Morabito, President and CEO of Crosshair says:

“We are committed to maintain the integrity of the assets in Labrador for the benefit of our shareholders.”  “Fortunately we are in a position to do so with minimal cash outlays for the next several years. We remain hopeful that the situation in Labrador will resolve itself within the next two years after the original 3 year time frame has expired and look forward to resuming our aggressive Labrador uranium resource expansion program in due course.”

For full details of this press release, click this link.  Follow developments in uranium mining and exploration for free. To view Crosshair’s company profile, click here.
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