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Market: TSX
Sector: General Mining
EPIC: CXX
Latest Price: 0.52  (-1.89% Descending)
52-week High: 2.49
52-week Low: 0.35
Market Cap: 24.69M
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Crosshair Exploration & Mining
www.crosshairexploration.com

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.

Full Crosshair Exploration & Mining profile here
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Paragon signs new JV deal with Crosshair on Golden Promise gold project

9th Apr 2009, 2:42 pm
Paragon signs new JV deal with Crosshair on Golden Promise gold project

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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