Grandich's Blog

Crosshair Exploration (CXX-TSX-V $.26, CXZ-Amex $.25) – Although Crosshair’s share price has had the tar beaten out of it, the Company is still one of my favorites.  They have completed everything they set out to do this year.
1) They completed the acquisition of a new deposit in the Central Mineral Belt with 6.1   million pounds of uranium and more than 4000 claims.
2) They updated and significantly expanded their 43-101 resource to 11 million pounds   of uranium.
3) They have appointed a new president (from Barrick) and full-time and very   experienced CFO.
4) They are on the ground drilling and continuing to improve their projects.

With the new acquisition and the recent resource update, Crosshair controls just over 17 million pounds of uranium, making them the clear go to company in the Central Mineral Belt.  We all know this isn’t enough to go into production, but remember that these resources come from three different areas within the Central Mineral Belt and they are just a start.  All three areas are still open for expansion, but one of Crosshair’s goals was to prove multiple deposit potential, which I think we can all agree, they have done.  And they’re not done yet.  They will be drilling several new targets this year, including the huge, underexplored, southern portion of their property.

In addition to the positive results from the ground, Crosshair has also undergone several management and director changes these last few months.  They started the ball rolling with a new president and COO at the beginning of the year, who is, for the lack of a better word, a mine-builder.  Paul Hosford is a mining engineer from Barrick Gold Corporate with experience in mine design, operations and project management.  Crosshair also appointed new General Managers with real exploration and development experience.  Crosshair then added Rick Gill to the board, who has an obvious successful track record at managing Government and First Nations relations in Newfoundland and Labrador.  Rick was a senior executive officer of Voisey’s Bay Nickel Company and nailed the deal for Voisey’s Bay, one of the most profitable mines today.  Most recently, Crosshair hired a full-time and very experience CFO.  Add these new players to the existing team and you have, what I believe to be, an unbeatable team. 

Notwithstanding the current share price, significant value has been added to the company with the new team additions and with the exploration and development improvements on the ground.  Crosshair seems to have the right team and the right projects to be successful.