-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MaibrRRmAngoVsz1kXkDPFHvH376yA30d+FTwpqcP60q0tIg0KUzAj6C82G3RW8z F/yZJFeR03tJ81EKFwwDYg== 0001062993-08-002484.txt : 20080527 0001062993-08-002484.hdr.sgml : 20080526 20080527114551 ACCESSION NUMBER: 0001062993-08-002484 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080523 FILED AS OF DATE: 20080527 DATE AS OF CHANGE: 20080527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CROSSHAIR EXPLORATION & MINING CORP CENTRAL INDEX KEY: 0001287121 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33439 FILM NUMBER: 08859870 BUSINESS ADDRESS: STREET 1: SUITE 1240 STREET 2: 1140 WEST PENDER STREET CITY: VANCOUVER STATE: A1 ZIP: V6E 4G1 BUSINESS PHONE: 604-681-8030 MAIL ADDRESS: STREET 1: SUITE 1240 STREET 2: 1140 WEST PENDER STREET CITY: VANCOUVER STATE: A1 ZIP: V6E 4G1 6-K 1 form6k.htm REPORT OF FOREIGN PRIVATE ISSUER Filed by sedaredgar.com - Crosshair Exploration & Mining Corp. - Form 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2008

Commission File Number: 001-33439

CROSSHAIR EXPLORATION & MINING CORP.
(Translation of registrant's name into English)

Suite 1240, 1140 West Pender St.,
Vancouver, B.C. Canada V6E 4G1

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ x ] Form 20-F   [           ] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [           ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [           ]

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes [           ] No [ x ]

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _________


SUBMITTED HEREWITH

Exhibits

  99.1 Material Change Report dated May 23, 2008.

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  Crosshair Exploration & Mining Corp.
  (Registrant)
     
Date: May 23, 2008 By: /s/ Julie Bolden
    Julie Bolden
  Title: VP Corporate Affairs

 


EX-99.1 2 exhibit99-1.htm MATERIAL CHANGE REPORT DATED MAY 23, 2008 Filed by sedaredgar.com - Crosshair Exploration & Mining Corp. - Exhibit 99.1

FORM 51-102F3
MATERIAL CHANGE REPORT

ITEM 1: Name and Address of Reporting Issuer
   
  Crosshair Exploration & Mining Corp. (the “Company”)
  1240 – 1140 West Pender Street
  Vancouver, British Columbia V6E 4G1
   
ITEM 2: Date of Material Change
   
  May 23, 2008.
   
ITEM 3:

News Releases

 

A news release was issued on May 23, 2008 through Marketwire in Canada and the United States. The news release was also filed on SEDAR and with The Toronto Stock Exchange.

 

ITEM 4:

Summary of Material Change

 

The Company (AMEX: CXZ) (TSX: CXX) announced that it has entered into an agreement with Universal Uranium Ltd. (“Universal”) under which Crosshair will acquire all of Universal’s interest in its project in the Central Mineral Belt (CMB) of Labrador, which totals approximately 4,737 claims.

 

ITEM 5:

Full Description of Material Change

 

The Company (AMEX: CXZ) (TSX: CXX) announced that it has entered into an agreement with Universal Uranium Ltd. (“Universal”) under which Crosshair will acquire all of Universal’s interest in its project in the Central Mineral Belt (CMB) of Labrador, which totals approximately 4,737 claims. Universal and its 40% partner Silver Spruce Resources issued news releases on April 29, 2008, disclosing that Scott Wilson Roscoe Postle Associates had prepared a NI 43-101 Mineral Resource Estimate for the Two Time Zone on the Property estimating an indicated resource of 2.33 million pounds of uranium (U3O8) and an additional inferred resource of 3.73 million pounds of U3O8 (see below for tonnage and grade details).

 

Universal acquired a 60% interest in the Property, under the terms of a property acquisition agreement with Silver Spruce dated January 23, 2006.

 

Closing is expected to be completed on June 16, 2008 or such other date as may be mutually agreed, but no later than July 31, 2008. Closing is conditional upon both Universal and Crosshair obtaining regulatory approval to the transaction and to the satisfactory due diligence review by each of Crosshair and Universal.



- 2 -

Acquisition Details

As consideration for Universal’s interest in the Property, Crosshair will pay to Universal CDN$500,000 and issue 10,000,000 common shares and 7,500,000 warrants. Each warrant will entitle Universal to purchase an additional common share in the capital of Crosshair at CDN$1.00 per share for a period of three years from Closing subject to early expiry in the event that the average trading price of Crosshair’s common shares exceeds CDN$2.00 for a period of 20 days while the warrants are outstanding. The securities issued to Universal will be subject to escrow for two years following the Closing, to be released in equal tranches in three month intervals. Universal will grant Crosshair’s management a voting proxy over any Crosshair shares it holds or acquires on exercise of the warrants. These escrow and voting provisions will expire if Universal distributes the securities to its shareholders. Universal will retain a 2% net smelter return royalty on its 60% interest in the Property, 0.5% of which may be purchased by Crosshair for CDN$1,000,000.

Crosshair will also purchase, by way of private placement, 4,444,444 units of Universal at a price of CDN$0.45 per unit. Each unit will consist of one common share of Universal and one share purchase warrant entitling Crosshair to purchase an additional common share of Universal at a price of CDN$0.65 per Universal Warrant for a period of 24 months. Closing of the private placement is not conditional upon closing of the acquisition of the claims.

Property Details

The Two Time Zone is the most advanced prospect within Universal’s 1,184 square kilometre land holdings in the CMB. This Zone, and in fact the majority of Universal’s ground, is located north-west of Crosshair’s current CMB Project. The current land position map is posted on the Company website at: http://www.crosshairexploration.com/s/CentralMineralBelt.asp. The Two Time Zone falls outside of Labrador Inuit Lands and is not directly impacted by the Nunatsiavut Government’s recent decision to place a three year moratorium on uranium mining within their self-governed Labrador Inuit Lands. This moratorium was put in place 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.

The Two Time Zone was first discovered in September 2006 following an airborne radiometric survey. The Zone has a current strike length of 475 metres (m) and remains open along strike and to depth. Mineralization at the Two Time Zone is hosted in an altered, brecciated and fractured, felsic intrusive, which carries extensive hematite, chlorite, carbonate and albite alteration. The Zone is similar to large, iron oxide copper gold (IOCG) style, uranium rich, hematite breccia deposits such as the Olympic Dam deposit in Australia, the world's largest uranium deposit.


- 3 -

Significant uranium drill intercepts include:

  • 0.052% U3O8 over 107 m including
    0.11% U3O8 over 30 m in CMB-07-6

  • 0.042% U3O8 over 109 m including
    0.10% U3O8 over 32 m in CMB-07-14

The Two Time Zone drill hole database includes 41 diamond drill holes totalling 11,254 metres, plus five surface trenches. The NI 43-101 Mineral Resources are contained within eight separate zones. At a cut-off grade of 0.03% U3O8, indicated resources are estimated to total 1.82 million tonnes grading 0.058% U3O8 containing 2.33 million pounds U3O8. Inferred resources are estimated to total 3.16 million tonnes grading 0.053% U3O8 containing 3.73 million pounds U3O8. This estimate is based on drill hole data available as of February 4, 2008.

In addition to the Two Time Zone, the airborne radiometric survey identified many other high priority targets, several of which have been followed up by prospecting. One such zone is the Firestone Showing, which is located 8 km southeast of the Two Time Zone. This mineralized area consists of a 250 m by 600 m section of strong, pervasively altered granitic rocks, which gave off-scale scintillometer readings.

ITEM 6: Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
   
  Not Applicable.
   
ITEM 7: Omitted Information
   
  None.
   
ITEM 8: Executive Officer
   
  Julie Bolden
  Vice President Corporate Affairs and Corporate Secretary
  (604) 681-8030.
   
ITEM 9: Date of Report
   
  May 23, 2008.


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-----END PRIVACY-ENHANCED MESSAGE-----