Mr. Stewart Wallis reports

CROSSHAIR PROVIDES UPDATE FROM CENTRAL MINERAL BELT, LABRADOR

Crosshair Exploration & Mining Corp. has provided an update on the exploration program from both the CMB uranium/vanadium project and the CMB joint venture (CMB JV) uranium project located in central Labrador, Canada. In addition to prospecting and trenching, 13 holes have been drilled to date between the two projects for a total of 3,376 metres. The goal of the program is to increase the existing uranium and vanadium resources, as well as to test the new uranium targets outlined from the 2009 and 2010 exploration programs.

At the CMB uranium/vanadium project, a total of 1,734 metres in nine holes has been completed in the structural corridor between the C zone and area No. 1. Downhole gamma logs and hematitic alteration encountered in the upper portions of the holes strongly suggest that the vanadium/uranium mineralization is continuous between the two zones. The drill program at the C zone corridor is complete, and samples have been shipped for assay. The Blue Star showing, which is located northwest of the C zone corridor, remains to be drilled. Previous work indicated several anomalous zones, and assay results of local float and outcrop returned values up to 1.37 per cent uranium. Six holes totalling 600 metres are planned to test the various anomalies.

At the CMB JV project, a total of 1,642 metres in four holes has been completed at the Two Time zone, with drilling continuing. Downhole gamma logging has confirmed the presence of uranium mineralization in the holes drilled to date, indicating it extends to a depth of at least 460 metres. A second drill is now testing exploration targets on the CMB JV project, including the Firestone showing, which is seven kilometres southeast of the Two Time zone. Previous sampling from brecciated hematitic monzogranite from trenches and float intersected uranium values of 200 to 900 parts per million. To date, seven holes have been completed on the Firestone showing, with an additional seven holes planned. Assays are pending.

Additional information on the CMB uranium/vanadium project can be found on the company's website and in the technical report on the CMB uranium/vanadium project, Labrador, Canada, prepared for Crosshair, dated Jan. 20, 2011, and filed on SEDAR. Additional information the CMB JV project can be found at the company's website and in the technical report on the CMB JW property, Labrador, Canada, prepared for Crosshair and Silver Spruce, dated June 22, 2009, and also filed on SEDAR. The CMB JV project is a joint venture with Silver Spruce Resource, whereby Crosshair retains 63-per-cent ownership and Silver Spruce retains 37-per-cent ownership.

Stewart Wallis, PGeo, president and chief executive officer of Crosshair and a qualified person as defined by National Instrument 43-101, has verified and approved the technical information contained in this news release. Mr. Wallis has verified that the results disclosed in the news release have been accurately summarized from the technical reports.

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