RE: News - gold recoveries 98%Comments Anyone ?? ----------Original Message Posted 6/2/2010 9:32:01 AM----------
Crosshair Reports Initial Gold Recoveries of 98% at Golden Promise
09:05 EDT Wednesday, June 02, 2010
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 2, 2010) - CrosshairExploration & Mining Corp. (TSX:CXX)(NYSE Amex:CXZ)("Crosshair") ispleased to announce that the first set of results from themetallurgical test work has been received from the Golden PromiseProject in central Newfoundland, Canada. The Golden Promise Project isa joint venture with Paragon Minerals Corporation (TSX.V: PGR)("Paragon").
A composite sample from six previously completed drill holes wassubmitted to SGS Mineral Services Vancouver, BC ("SGS") for preliminarymetallurgical testing including gravity concentration, flotation anddetermination of the cyanide leaching characteristics. Thirty-four (34)samples from the drill holes were composited to provide one sample of34.4 kilograms with a head grade which assayed 4.5 g/t gold as comparedto the weighted average historical assay grade based on the individualsamples of 4.18 g/t gold. The results indicate that the gold in thevein can be effectively recovered using gravity concentration incombination with flotation or leaching, or by direct leaching. Gravityconcentration recovers 85% of the gold at 120 microns and the remaininggold in the gravity tails can be recovered either by flotation afterregrinding (96% rougher recovery at 110 microns) or by cyanide leaching(94% recovery in 72 hours at 70 microns). The gold can also berecovered by direct leaching of the whole rock sample at 70 microngrind over a 72 hour period resulting in 98% extraction of the gold.
"It is very encouraging to see that the gold at Golden Promise isreadily extractable," says Stewart Wallis, President and CEO ofCrosshair. "Further test work on the recently drilled holes will refinethe extraction process ahead of our bulk sample."
Drill core samples from the 12 infill holes drilled this year in thecentral part of the Jaclyn Main Deposit are currently with SGS whereadditional metallurgical testwork will further define the extractionprocess flowsheet.
Following a detailed review of the exploration data andmetallurgical results, Crosshair and Paragon plan to conduct a surfacebulk sampling program. The bulk sample is aimed at providing a morerepresentative gold grade, testing structural and grade continuity andmining/milling characteristics for the Jaclyn Main Deposit.
The 2010 exploration program is being funded by Crosshair as part ofthe 2009 Joint Venture Agreement. Crosshair has a 60% interest in theGolden Promise Project with an option to acquire up to a 70% interestfrom Paragon. For full acquisition details, please refer to NewsRelease dated May 5th, 2009.
Crosshair's exploration work on the Golden Promise Project is beingcarried out by Barry Sparkes, Consulting Geologist to Crosshair andsupervised by Stewart Wallis, P.Geo., a member of the ProfessionalEngineers and Geoscientists of BC, the President and CEO of Crosshairand a Qualified Person as defined by NI43-101. Mr. Wallis has verifiedthat the results presented above have been accurately summarized fromthe official reports provided to Crosshair. Hoe Teh, P.Eng. is theQualified Person supervising the metallurgical testwork.
The metallurgical testwork was completed on a combination ofpreviously drilled quartered HQ- and NQ-diameter drill core from thecentral and near-surface section of the Jaclyn Main Zone. The drillcore was stored in the secured core storage facility in Badger, NL. Atotal of 34 individual samples of drill core from six holes werecomposited to form one sample weighing 34.4 kg. The composite samplewas crushed to -10 mesh then blended and split into individual chargesfor the various metallurgical tests. The head sample was assayed forgold using screen metallics analysis.
About Crosshair
Crosshair is a prominent player in the exploration and developmentof uranium, vanadium and gold in the US and Canada. Its flagshipProject, Bootheel, is located in uranium mining friendly Wyoming andwith its in-situ mining potential; Bootheel is designed for near termproduction. 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 comprised ofknowledgeable and experienced professionals with both exploration andmining backgrounds.
For more information on Crosshair and its properties, please visit the website at: www.crosshairexploration.com.
ON BEHALF OF THE CROSSHAIR BOARD