Crosshair Energy Corporation: Metallurgy Results Indicate Uranium Recoveries of Up to 94% at Juniper Ridge
October 04 2012 - 6:30AM
Marketwired
Crosshair Energy Corporation (TSX:CXX)(NYSE MKT:CXZ)(NYSE Amex:CXZ)
("Crosshair" or the "Company") is pleased to announce the results
of its 2012 metallurgy testing of mineralized samples from the
Juniper Ridge uranium project in southern Wyoming. Total U3O8
extraction from 63 to 94 percent was achieved at a somewhat lower
acid consumption than what had been recorded in the historic
tests.
"These results are significant because the samples representing
the average grade of the mineralized zone achieved an average 77
percent extraction," said Mark Ludwig, Crosshair President and
Chief Executive Officer. "Following these very positive results,
additional metallurgical analysis will be conducted to test
potential uranium recovery in simulated heap leach conditions."
Eleven bottle roll tests were completed on five core composite
samples representing the high grade (0.2920% and 0.0845% U3O8),
average grade (0.0674% U3O8), and low grade (0.0435% and 0.0273%
U3O8) mineralized zones from the Juniper Ridge property. The
highest uranium extractions of 85 to 93 percent were obtained from
the two highest grade composites. Six samples representing the
average grade of the resource ranged from 68 to 84 percent with an
average extraction of 77 percent. Three tests on the lowest-grade
composite yielded uranium extractions ranging from 63% to 77%, the
latter resulting from leaching parameters considered to be
near-optimum.
Uranium extraction was also determined to be extremely rapid,
with essentially all of it taking place during the first four
hours. These results are generally consistent with the 89 to 92
percent uranium extractions obtained in 1978 by Hazen Research on
finely ground samples from the Juniper Ridge deposit. The primary
objective of this 2012 analysis was to assess the metallurgical
response of the uranium mineralization from relatively coarse
samples (-0.25 in.).
Testing was conducted at Inter-Mountain Labs (IML) in Sheridan,
Wyoming, by R and D Enterprises, Inc. of Casper Wyoming, under the
supervision of T.P. McNulty and Associates of Tucson, Arizona, all
of whom are independent of Crosshair.
About Crosshair
Crosshair is a prominent player in the exploration and
development of uranium and vanadium projects in the US and Canada.
Its Bootheel and Juniper Ridge projects have established resources
and are located in uranium mining friendly Wyoming. Bootheel has
the potential to be mined using in-situ recovery methods while
Juniper Ridge appears to be suitable for an open-pit heap leach
operation. The CMB Uranium/Vanadium Project is located in Labrador,
Canada and has four currently defined resources - C Zone, Area 1,
Armstrong and Two Time Zone. The Crosshair team is composed of
knowledgeable and experienced professionals with global experience
in exploration, mining and corporate finance that are committed to
operating in an environmentally responsible manner.
Mark Ludwig, P.E., President and CEO of Crosshair and a
Qualified Person as defined by National Instrument 43-101, has
reviewed and approved the technical information contained in this
news release. Mr. Ludwig has verified the data disclosed in this
news release, including sampling, analytical and test data
underlying the information disclosed in this news release.
Additional information about the Juniper Ridge Project can be
found in the technical report filed on SEDAR at www.sedar.com
entitled: "Juniper Ridge Uranium Project, Carbon County, Wyoming,
USA, 43-101 Mineral Resource Technical Report" dated February 21,
2012. For more information on Crosshair and its properties, please
visit the website at www.crosshairenergy.com.
ON BEHALF OF THE CROSSHAIR BOARD
Mark J. Morabito, Executive Chairman
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. Forward-looking statements or
information relate to, among other things additional uranium
mineralization, uranium recoveries, and the exploration potential
of the Company's properties. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or other future events, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include,
among others, the following risks: the risks associated with
outstanding litigation, if any; risks associated with project
development; the need for additional financing; operational risks
associated with mining and mineral processing; fluctuations in
uranium and other commodity prices; title matters; environmental
liability claims and insurance; reliance on key personnel; the
potential for conflicts of interest among certain officers,
directors or promoters with certain other projects; the absence of
dividends; competition; dilution; the volatility of our common
share price and volume; tax consequences to U.S. shareholders and
other risks and uncertainties, including those described in the
Risk Factors section in the Company's Annual Report on Form 20-F
for the financial year ended April 30, 2012 filed with the Canadian
Securities Administrators and available at www.sedar.com.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and the
Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by law. Investors
are cautioned against attributing undue certainty to
forward-looking statements.
Contacts: Crosshair Energy Corporation Mark J. Morabito
Executive Chairman 604-681-8030 604-681-8039 (FAX) Crosshair Energy
Corporation Bevo Beaven Investor Relations
720-932-8300info@crosshairenergy.com www.crosshairenergy.com
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