TSX.V:

Crosshair Drills 0.08% eU3O8 over 7.5 feet at Bootheel

October 18, 2011

Crosshair Exploration & Mining Corp. (NYSE Amex: CXZ) (TSX: CXX) is pleased to announce the first set of results from the ongoing drill program at the Bootheel Property, located within the Shirley Basin in southern Wyoming. This 30,000 feet (9,144 metres) drill program is focused on upgrading the existing inferred resource to the indicated category, capturing more of the historic resource, and exploring for new mineralization. An updated National Instrument (NI) 43-101 Mineral Resource estimate is expected by the end of Q4 2011, to be followed by a Preliminary Economic Assessment (PEA) in early 2012.
Highlights include:

Drill Hole

From (feet)

To (feet)

Length (feet)

%eU3O8*

1-BH4002

127.5

130.5

3.0

0.128

1-BH4001

139.0

142.0

3.0

0.092

7-BH4002

125.5

130.0

4.5

0.089

and

140.5

144.5

4.0

0.093

7-BH4001

128.0

135.5

7.5

0.080

1-BH4017

379.0

392.5

13.5

0.039

 

Stewart Wallis, P.Geo., President and CEO of Crosshair, noted: "The drilling is progressing well and the initial results are consistent with the broad outlines of the known mineralization. Drilling and hydrological testing to be carried out this month will increase our knowledge and the data in preparation for the 2012 PEA."

*These grades are reported as equivalent uranium (eU3O8) as determined by downhole radiometric logging equipment. The logging was carried out by an independent contractor, Century Geophysical Corp. of Tulsa, Oklahoma using an S-3000 probe calibrated at the U.S. Department of Energy test facility in Casper Wyoming in September, 2011 immediately prior to commencement of drilling. A comparison of the historical chemical assays and gamma logs concluded that the historical results are likely to be a reliable guide to the mineralization (Technical Report September 8, 2009 filed on SEDAR). Based on current knowledge, the mineralized intersections are considered to represent true widths.

The initial independent NI 43-101 Mineral Resource estimate on the Bootheel Property includes an indicated resource of 1.09 million pounds of uranium oxide (1.44 million tons at 0.038% eU3O8) and an additional inferred resource of 3.25 million pounds of uranium oxide (4.40 million tons at 0.037% eU3O8). The resource remains open for expansion with less than 60% of the historical resource area included in this initial estimate. Further details about this resource estimate can be found in the NI 43-101 Technical Report titled "Technical Report on the Bootheel Uranium Property, Shirley Basin Mining District, Albany County, Wyoming, U.S.A." dated September 8, 2009 and available on SEDAR at www.sedar.com.

The Bootheel Property, together with the Buck Point Property, covers 8,524 acres of gross mineral lands within the Shirley Basin in southern Wyoming and make up the Bootheel Project. Crosshair, through a wholly owned subsidiary, and Ur-Energy Inc. (TSX: URE and NYSE Amex: URG), through a wholly owned subsidiary, are the members of The Bootheel Project, LLC, which holds title to the Bootheel Project. Crosshair has fully earned a 75% interest in the Bootheel Project.

Additional information on the Bootheel Project, including a 2011 drill hole location map, can be found at: http://www.crosshairexploration.com/s/Shirley.asp.

Stewart Wallis, P.Geo. President and CEO of Crosshair and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release. Mr. Wallis has verified that the results disclosed in the news release have been accurately summarized from the official assay certificates provided to Crosshair.

About Crosshair

Crosshair 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, with its in-situ mining potential, is designed for near term production. 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.

For more information on Crosshair and its properties, please visit the website at: www.crosshairexploration.com

ON BEHALF OF THE CROSSHAIR BOARD

"Mark J. Morabito"
Executive Chairman