ContactsCrosshair Exploration Mining Corp

(TSX VENTURE: TEM)("Target") have entered into a Letter Agreement to combine theirbusinesses to create a well-funded, low-cost, growth-oriented, uraniumexploration and development company with a defined timeline to productionin one of the most mining friendly jurisdictions in North America.The two companies have agreed to combine on the basis of 1.2 commonshares of Crosshair being issued for each outstanding share of Target.Crosshair will issue approximately 14.6 million common shares. The Boardsof Directors of Target and Crosshair have approved the terms of thetransaction which remains subject to regulatory approval for bothcompanies, approval of 66 2/3 of the shares of Target voted at ashareholders' meeting, court approval and other conditions customary fora transaction of this nature."Although our CMB Uranium Project in Labrador is not directly affected bythe Nunatsiavut Government's decision to place a moratorium on uraniummining until March 2011, the moratorium has affected market sentimenttowards the region and this cannot be ignored," says Mark Morabito,President and CEO of Crosshair. "We are therefore very excited to beacquiring a uranium asset with near-term production potential in auranium producing region.""Raising cash in these markets is very difficult and would be extremelydilutive," says Stewart Wallis, President of Target. Thecategories of mineralization used are not those prescribed by theCanadian Institute of Mining, Metallurgy and Petroleum and stipulated inNI 43-101 but would correspond to indicated and inferred resources underthose guidelines.

As was industry standard for reporting in the 1980s,tonnages are not provided in the original data Average grades range from0.037 eU3O8 to 0.078 eU3O8. The data are reported using a minimum gradeof 0.02 eU3O8 and a grade times thickness (GT) of 0.12. Investors arecautioned that Target has not completed sufficient exploration to verifythe data and the historical estimates should not be relied upon. Full details of the offerwill be included in the formal Arrangement Agreement and ManagementInformation Circular to be filed with the regulatory authorities andmailed to Target shareholders in accordance with applicable securitieslaws and is subject to certain customary conditions, including receipt ofall necessary court and shareholder approvals. Morabito will become ChiefExecutive Officer of the combined company and Stewart Wallis will becomePresident of the combined company. Morabito and Jay Sujir sit on the Boards of bothcompanies.Crosshair has engaged Anfield Sujir Kennedy and Durno as its legaladvisor in respect of this transaction.

The CMB Uranium Project is host to potentially threetypes of uranium mineralization - Iron Oxide Copper Gold (IOCG - OlympicDam), structurally controlled/shear zone and unconformity types ofmineralization. All of Crosshair's currently defined resources (C Zone,Area 1, Armstrong and Two Time Zone) fall outside of Labrador InuitLands. Its flagship Project, Bootheel, is located in uranium mining friendlyWyoming and with its in-situ mining potential, Bootheel is designed fornear term production. The Target team is comprised of knowledgeable and experiencedprofessionals with both exploration and mining backgrounds.Stewart Wallis, P.Geo., President of Target and a Qualified Person asdefined by NI 43-101, has reviewed and is responsible for the technicalinformation contained in this news release.For more information on Target and its properties, please visit thewebsite at BEHALF OF THE CROSSHAIR BOARDMark J. Morabito, President & Chief Executive OfficerON BEHALF OF THE TARGET BOARDStewart Wallis, PresidentCautionary Note Regarding Forward-Looking InformationInformation set forth in this news release may involve forward-lookingstatements under applicable securities laws. Forward-looking statementsare statements that relate to future, not past, events. By their nature, forward-lookingstatements involve known and unknown risks, uncertainties and otherfactors which may cause our actual results, performance or achievements,or other future events, to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking statements.

Such factors include, among others, thefollowing risks: the risks associated with outstanding litigation, ifany; risks associated with project development; the need for additionalfinancing; operational risks associated with mining and mineralprocessing; fluctuations in uranium, gold and other commodity prices;title matters; environmental liability claims and insurance; reliance onkey personnel; the potential for conflicts of interest among certainofficers, directors or promoters with certain other projects; the absenceof dividends; competition; dilution; the volatility of our common shareprice and volume; and tax consequences to U.S. shareholders.Forward-looking statements are made based on management's beliefs,estimates and opinions on the date that statements are made and theCompany undertakes no obligation to update forward-looking statements ifthese beliefs, estimates and opinions or other circumstances shouldchange. Investors are cautioned against attributing undue certainty toforward-looking statements. Neither the TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.Contacts:Crosshair Exploration & Mining Corp.Mark J. MorabitoPresident & Chief Executive Officer(604) 681-8030(604) 681-8039 (FAX)Email: Website: Exploration & Mining Corp.Stewart WallisPresident(604) 681-8030(604) 681-8039 (FAX)Email: Website: 2009, Market Wire, All rights reserved.-0-.