Global Crossing Airlines Group Inc N.JET

RE: NEW CANACCORD REPORT

[Foober1966]

UPDATED RESOURCE FOR C ZONE

LOWER THAN EXPECTED; REDUCING

TARGET PRICE TO C$1.20.

Event

Yesterday Crosshair announced an updated resource for the Central

Mineral Belt (CMB) property in Labrador. The revised resource includes

an Indicated Resource on Upper C Zone of 5.13 M lbs U3O8 (61%

increase from 3.19 M lbs previously). New Inferred Resource on the

Upper C Zone is now at 2.84 M lbs U3O8, and Inferred Resource on the

Lower C Zone is revised to 1.6 M lbs U3O8. Additional new resources

were estimated for Area 1 and Armstrong totalling 1.38 M lbs U3O8.

Initial resource of 27.6 M lbs vanadium has also been estimated on the

CMB project. Crosshair completed acquisition of 60% of Two Time Zone

from Universal Uranium on July 30, 2008. The total in situ uranium

resource controlled by Crosshair on CMB and Two Time property is now

at 13.49 M lbs U3O8.

Impact – Slightly negative

We had expected an updated global resource in the order of 15.0 M lbs

U3O8 on the C Zone, based on the 40,000 metre drill program in 2007-

2008. The summer 2008 drill program of 8,000 metres is in progress.

Valuation

We have updated our valuation of Crosshair to include the revised

uranium resource estimates from the 2007 drilling, as well as the

revised resource estimate for Golden Promise. Based on our uranium

market outlook and current uranium market conditions, we have

applied an in situ value of US$5.00/lb U3O8 for all categories of

Crosshair’s uranium resources.

We maintain our SPECULATIVE BUY recommendation and have

reduced our target price from $1.85 to C$1.20 per share.