Botwood Basin

[johnlw]

Crosshair receives Glenwood Break results

2005-07-08 16:28 ET - News Release

Mr. Timothy Froude reports

UPDATE ON CENTRAL NEWFOUNDLAND EXPLORATION

Crosshair Exploration and Mining Corp. has released the following report from the recent reconnaissance drilling programs at the Glenwood and North Paul's Pond gold properties. The Glenwood Break property is under option from Rubicon Minerals Corp. while the North Paul's Pond property is 100-per-cent owned.

Glenwood Break

A total of 642.6 metres of HQ core were completed in five holes testing approximately 75 metres of the Clydesdale linear from which channel sampling in 2004 returned 6.34 grams per tonne Au over five metres and from which visible gold bearing breccias locally returned values greater than 50 grams per tonne Au from grab samples in the Clydesdale trench. All holes drilled intersected multiple zones of brecciated, quartz-veined sedimentary and intrusive rock variably mineralized with pyrite and arsenopyrite and carrying weakly to strongly anomalous gold values to a maximum of 5.15 grams per tonne Au over 0.55 metre.

Drill holes CD-05-3 and 4, undercuts of the high-grade channel sample reported from the 2004 channel sampling (6.34 grams per tonne Au over five metres), intersected the target zone of which CD-05-3 intersected 1.31 grams per tonne Au over 0.80 metre (including two specks of visible gold) while CD-05-4 (undercut of CD-05-3) intersected the Clydesdale horizon and returned 1.92 grams per tone Au over 1.60 metres including 5.17 grams per tonne Au over 0.55 metre indicating that the Clydesdale horizon remains open to depth.

The Clydesdale linear is a significant structural feature extending several kilometres north and south of the Clydesdale trench area and has only been tested for 75 metres in the immediate vicinity of the Clydesdale trench. The drilling completed to date represents the first drilling in the area and highlights the prospectivity of the Clydesdale linear to host multiple zones of structurally controlled gold mineralization including local zones of high-grade mineralization.

The following summarizes the highlights from the phase 1 reconnaissance drilling. A complete set of assays are available on the company's website.

Hole No. From To Length Au
(m) (m) (m) (g/t)

CD-05-01 42.25 42.40 0.15 2.38
80.10 80.40 0.30 2.44
86.95 87.55 0.60 1.09

CD-05-02 12.15 17.00 4.85 1.03

27.15 27.50 0.35 1.41
26.85 27.50 0.65 1.12

CD-05-03 11.85 12.65 0.80 1.31
(visible gold noted in core)
16.10 16.45 0.35 1.16
80.45 81.60 1.15 1.29

CD-05-04 43.75 45.35 1.60 1.92

CD-05-05 101.65 103.00 1.35 1.00


Exploration activities are continuing on the Glenwood Break property including trenching at 14 separate targets as well as follow-up prospecting on geochemical targets identified in 2004.

North Paul's Pond

Assays for recently completed diamond drilling at the 100-per-cent-owned North Paul's Pond project have been received and although locally anomalous (including assays up to 7.17grams per tonne Au over 0.35 metre), are not significant enough to warrant further exploration on the property. As a result, the claims will be returned to the vendor.