Labrador lifts MoratoriumGood news for VAE JV with Mustang... next stop Coles Hill would be even better news but this ban lift should be good also for VAE...
Labrador Uranium Moratorium Lifted
Vancouver, British Columbia CANADA, December 15, 2011 /FSC/ - Crosshair Energy Corporation (CXX - TSX, CXZ - NYSE - Amex),is pleased to announce that the Nunatsiavut Government of Newfoundland and Labrador has unanimously voted to lift its moratorium on the working, production, mining and development of uranium on Labrador Inuit Lands (LIL).
"We are extremely pleased that the Government has voted to extinguish the moratorium at this time", stated Stewart Wallis, President and CEO of Crosshair. "Labrador contains one of the largest undeveloped uranium resources in the world and the lifting of the moratorium will significantly improve the environment for uranium exploration and development in Labrador."
The moratorium was originally put in place in April 2008 for a period of three years, in order to allow the Nunatsiavut Government time to establish a lands administration system and to develop an Environmental Assessment Act and environmental protection legislation. Even though 92% of Crosshair's Labrador property falls outside the Labrador Inuit Lands, the moratorium had a significant negative impact on the market value of all companies operating in Labrador.
Paladin Energy's Michelin project, located in Labrador, contains one of the largest undeveloped uranium resources in the world and is the most advanced project in the region. Crosshair expects, with the lifting of the moratorium, that Paladin will resume its exploration and development work. With the development of the Michelin project, there will be increased visibility in the Labrador region and this will significantly improve the environment for Crosshair to explore and develop its Labrador projects.
Now that the vote to lift the moratorium has been passed unanimously, the next step in the process is for the Nunatsiavut Environmental Protection Act to come into force, which is expected on or before March 9, 2012. After the environmental protection legislation is in place, then the amendment to the Labrador Inuit Lands Act to lift the moratorium will come into effect.