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Newfoundland Exploration Update

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Any inquiries regarding Crosshair feel free to call Boardmarker Consultancy at 403 517 2270 . CROSSHAIR NEWS RELEASE Symbol - CXX TSX Venture Exploration Update – Newfoundland Projects July 29 2004 CROSSHAIR EXPLORATION & MINING CORP(TSX-V: CXX) (the "Company”) is pleased to provide the following updates on its Newfoundland exploration projects, specifically South Golden Promise, Glenwood Break, Wing’s Point-Titan and North Paul’s Pond. All projects are strategically located in the central and north-eastern portions of the province where the bulk of active gold exploration is taking place. Numerous partnerships involving senior gold mining companies including Placer Dome/Rubicon Minerals, Meridian Gold/Linear Resources and Goldcorp/Candente are actively exploring large land holdings in this region of Newfoundland. Wings Point-Titan The Titan prospect, consisting of 118 claims (2,950 ha), under option from Rubicon Minerals Corporation, was the focus of a recently completed 11 hole 881 meter drill program and is currently being evaluated along strike to the southwest and northeast of the current grid by soil sampling and prospecting. This area will be further evaluated by an IP survey to identify extensions of the zone. Trenching in 2002 and 2003 defined the current strike length of the Titan prospect to be 485 meters. The grid overlying the zone was only cut to a length of 600 meters leaving plenty of room to expand the zone by simple prospecting and mapping. Previous results from the trenching at Titan has returned channel samples of 15.75 g/t Au over 3.00 meters from trench 7 and 11.21 g/t Au over 4.25 meters from trench 9 which represents 485 meters of strike length between the two trenches. The Company is looking forward to receipt of final check assays from its Wings Point-Titan drill program an d to releasing results in the near future. Approximately 350lbs of check assay pulps were shipped from Newfoundland to Chemex labs in Mississauga and results are pending. South Golden Promise The target is high grade gold bearing vein systems similar to the Jaclyn Vein system on the adjoining Placer/Rubicon property where 2002 drilling results returned high grade intercepts including 17.69 g/t Au over 2.30 meters, 16.57 g/t Au over 2.00 meters and 14.85 g/t Au over 2.25 meters. A comprehensive geochemical soil program has been completed on Block 1 of the South Golden Promise joint venture, where over 3000 soil samples have been collected. All samples are currently being prepared for lab analysis at Eastern Analytical Limited in Springdale, Newfoundland. The results of the soil survey will be evaluated in concert with the detailed airborne magnetic survey flown conjointly with Rubicon Minerals Corporation on the adjacent Golden Promise joint venture property with Placer Dome. The South Golden Promise property consists of 920 claims (23,000 ha) under option from Rubicon Minerals Corporation. In addition to the Block 1 geochemical program, a smaller, more focused program of soil geochemistry and prospecting was completed over Blocks 3 and 4 of the South Golden Promise joint venture and final results are expected in the near future. Specific targets on these blocks located approximately 40 and 80 kilometers respectively southwest of Block 1, include the Sansu showing, located late in 2003 which returned values of 3.5 g/t Au from poorly exposed quartz carbonate vein. Glenwood Break The Company has commenced a trenching program on two recently identified zones of gold mineralization that have returned up to 2.9 g/t Au. These results occurred from large angular float and subcrop of silicified and brecciated sedimentary rocks over a 1.5 kilometer zone. The Glenwood Break property consists of 1477 claims (36,925 ha), strategically located in the northern Botwood Basin exploration play, immediately west of the town of Gander in one of the most active exploration areas in the province. Two specific areas, the Clydesdale and T-Rex, are the immediate focus of trenching. Several secondary targets consisting of anomalous soil and till will be evaluated during this program. In addition, systematic geochemical surveying (soil and till) are continuing to find new areas of highly anomalous overburden that will also be thoroughly evaluated this field season. Panned concentrates returning up to 60 grains of gold are currently being followed up by detailed soil samp ling and these anomalies will be the focus of detailed prospecting when results are received from the soil sampling. North Paul’s Pond The Company is pleased to report that all permits related to line cutting, soil geochemistry and geophysics have been received and that line cutting and soil sampling crews have been dispatched to the North Paul’s Pond project, located 50 kilometers south of Glenwood in central Newfoundland. The property consists of 55 claims (1375 ha), and straddles a parallel structure immediately adjacent to the central portion of the Mustang trend. The North Paul’s Pond project was the focus of a detailed till sampling program in early 2004. These results outlined a strong corridor of gold enriched tills (up to 293 grains per sample) approximately 800 meters wide and at least 1000 meters in length, lying directly along strike from known gold occurrences on the bordering Cornerstone Resources/Candente Resource Corp joint venture property. The immediate area of enriched tills is also host to several float occurrences discovered by Noranda in the late 1980’s that return ed up to 10.8 g/t Au and were never sourced, yet thought to be very local in origin. Gold mineralization in the area is known to be hosted in broad zones of altered sedimentary units carrying disseminated arsenopyrite and pyrite mineralization suggesting large tonnage targets. The Company has commenced an aggressive exploration program on all of its Newfoundland projects, including major drilling and trenching programs that will continue for the remainder of 2004. Full details on the Company, its properties and exploration programs can be found on the new website at www.crosshairexploration.com. Crosshair is an aggressive gold and precious metals exploration and development company with significant holdings in North America and China. Through a joint venture with Rubicon Minerals Corporation, Crosshair has secured a position in more than 2,500 strategically located mineral claims in Newfoundland, Canada. These claims include four projects, of which one is adjacent to the Rubicon/Placer-Dome, Jacyln Gold Discovery. The others are located in the Mustang Trend and Botwood Basin area. ON BEHALF OF THE BOARD " Mark J Morabito " President Boardmarker Consultancy Group T: 403 517 2270 F: 403 517 2289 Email: [e-mail] www.boardmarker.net Crosshair Exploration and Mining Corp. T: 604 601 8273 F: 604 601 8250 Email: [e-mail] www.crosshairexploration.com The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of the content of this News Release.