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Market: TSX
Sector: General Mining
Epic: TSX:CXX
News: Latest news
Web Site: Crosshair Exploration & Mining
Other Articles: 07-01-2009

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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Crosshair Exploration & Mining

Crosshair Exploration & Mining

Crosshair is a leading junior exploration company focused on exploring and developing uranium in the Central Mineral Belt of Labrador.

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 into Gemini Metals Corp. in 2009.
 

Thursday, April 09, 2009

Paragon signs new JV deal with Crosshair on Golden Promise gold project

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Paragon Minerals Corp (TSX Venture:PGR) said it entered into a new joint venture agreement with Crosshair Exploration & Mining Ltd. (TSX:CXX) which will allow Crosshair to acquire up to a 70 percent interest in the Golden Promise gold project located in central Newfoundland, Canada.

The new deal terminates of the original property option earn-in agreement with Crosshair and the property sale agreement entered into last year.

"We are very pleased to renew our partnership with Crosshair on the Golden Promise gold project" said Michael Vande Guchte, President and CEO of Paragon. "Their work to date has demonstrated high-grade gold vein systems at Golden Promise that remain open along strike and to depth. We look forward to an aggressive drilling and bulk sampling campaign on the property with the objective of increasing the current NI43-101 compliant gold resource".

Under the terms of the new deal, Crosshair will issue to Paragon 2.655 million shares to earn a 60 percent interest in Golden Promise Gold and will provide Paragon with a CDN$2.0 million carried interest in exploration expenditure to be completed prior to May 2013. Crosshair can extend this time frame by one year upon issuing a further 250,000 shares to Paragon.

On completion of the initial CDN$2.0 million in exploration expenditures, Crosshair can elect to earn an additional 10 percent interest in the project by providing Paragon with an additional CDN$1.0 million carried interest in exploration expenditures within a one year period. Crosshair can extend this time frame by one year upon issuing a further 100,000 shares to Paragon.

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