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Message: Crosshair and Target Announce Closing of Business Combination

Crosshair and Target Announce Closing of Business Combination

posted on Mar 31, 2009 12:31PM
March 31, 2009
Crosshair and Target Announce Closing of Business Combination
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2009) - Crosshair Exploration & Mining Corp. ("Crosshair") (TSX:CXX)(NYSE Alternext US:CXZ)(NYSE Amex:CXZ.A) and Target Exploration and Mining Corp. ("Target") (TSX VENTURE:TEM) are pleased to announce that the previously announced business combination, by way of plan of arrangement (the "Arrangement") closed effective today. Target's shares will be be delisted from the TSX Venture Exchange on or about March 31, 2009.

"The completion of the business combination between Crosshair and Target creates the new Crosshair," says Mark Morabito, CEO of Crosshair. "The new Crosshair will be a uranium and gold exploration and development company with a defined timeline to production in one of the most uranium mining friendly jurisdictions in North America."

Combined Company Highlights

The new Crosshair has significant benefits including:

- A uranium asset (the Bootheel Project) with near-term production potential in a uranium producing region (Wyoming).

- The required cash to complete the National Instrument (NI) 43-101 uranium resource and the earn-in on the Bootheel Project.

- An existing NI 43-101 uranium resource in Labrador, Canada that is open for expansion and in good standing for several years.

- Gold asset in Newfoundland, Canada with an existing NI 43-101 resource that is open for expansion.

- Strong management team with a proven track record of acquiring and developing projects supported by a seasoned and experienced board of directors.

Summary of Transaction

Pursuant to the Arrangement, holders of Target shares are entitled to receive 1.2 Crosshair shares for each Target share surrendered. Registered shareholders of Target have received letters of transmittal providing instructions on how to exchange their share certificates and receive certificates representing their new shares of Crosshair. Target shareholders can also find a copy of the letter of transmittal on SEDAR at www.sedar.com. Outstanding options and warrants to purchase Target shares are to be exchanged for options and warrants to purchase Crosshair shares at the same exercise prices and on the same share exchange ratio of 1.2 Crosshair shares for each Target option or warrant exercised. Holders of outstanding options and warrants to purchase Target shares will not receive new option or warrant certificates from Crosshair.

Pursuant to the Arrangement, Target and 0843540 B.C. Ltd., a wholly-owned subsidiary of Crosshair, have amalgamated to form a wholly-owned subsidiary of Crosshair named "Target Exploration and Mining Corp.".

Change of Management

Effective today, Mark J. Morabito has resigned as President of Crosshair. Mr. Morabito remains a director and Chief Executive Officer of Crosshair. Also effective today, Stewart Wallis, P. Geo., President of Target, has been appointed a director and President of Crosshair.

"We are thrilled that Stewart has joined the Crosshair team," says Mark Morabito, CEO of Crosshair. "His strong technical background and broad familiarity with all types of uranium deposits will prove invaluable to Crosshair. I have worked closely with Stewart at Target and I know the incredible contributions he has made toward moving the Bootheel Project forward to production."

About Crosshair

With the combination complete, Crosshair is a dominant player in the exploration and development of uranium in the US and Canada. Its flagship Project, Bootheel, is located in uranium mining friendly Wyoming and with its in-situ mining potential, Bootheel is designed for near term production. The Project is ventured with Ur-Energy Inc., who bring with them additional management expertise to put Bootheel into production. The CMB Uranium Project is located in Labrador, Canada and has four currently defined resources - C Zone, Area 1, Armstrong and Two Time Zone. These assets fall outside of Labrador Inuit Lands and are therefore not directly impacted by the Nunatsiavut Government's decision in March 2008 to place a three year moratorium on uranium mining within their self-governed Labrador Inuit Lands. The Crosshair team is comprised of knowledgeable and experienced professionals with both exploration and mining backgrounds.

For more information on Crosshair and its properties, please visit the website at www.crosshairexploration.com.

ON BEHALF OF THE CROSSHAIR BOARD

Mark J. Morabito, CEO

ON BEHALF OF THE TARGET BOARD

Stewart Wallis, President
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