Crosshair Exploration & Mining Corp. announces c$15 million bought deal financing



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    VANCOUVER, March 6 /CNW/ - Crosshair Exploration & Mining Corp.
(CXX-TSXV) ("Crosshair" or the "Company") has today entered into an agreement
with Canaccord Capital Corporation, under which Canaccord has agreed to buy
from Crosshair 7,250,000 non flow-through units (the "Units") and 3,031,000
flow-through common shares of the Company (the "Flow-Through Shares") at an
issue price of C$1.38 per Unit and C$1.65 per Flow-Through Share for gross
proceeds to the Company of C$15,006,150 (the "Offering"). Each Unit consists
of one common share and one transferable common share purchase warrant (a
"Warrant"). Each Warrant will entitle the holder thereof to purchase one
common share at a price of C$2.00 expiring 18 months from the closing of the
Offering.
    Crosshair will grant Canaccord an option to purchase additional Units and
Flow-Through Shares in any combination of Units and Flow-Through Shares to
raise additional gross proceeds of up to 15% of the Offering exercisable up to
30 days following the closing of the Offering, to cover over-allotments, if
any. The Company expects to file a preliminary short form prospectus with the
securities regulatory authorities to qualify the Units and Flow-Through Shares
for distribution.
    The net proceeds of the Offering will be used for exploration and
development of the Company's mineral projects and general corporate purposes.
Closing is expected on or about March 31, 2008.
    The Offering is being made pursuant to a short form prospectus to be
filed in all provinces except Quebec. The securities offered have not been
registered under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.

    About Crosshair

    Crosshair is a dominant player in the exploration for uranium in the
Central Mineral Belt of Labrador-Canada's most promising emerging uranium
district. The 755 sq km Central Mineral Belt Uranium Project is host to
potentially three types of uranium mineralization - Iron Oxide Copper Gold
(IOCG - Olympic Dam), structurally controlled/shear zone and unconformity
types of mineralization.

    ON BEHALF OF THE BOARD

    Mark Morabito, Chief Executive Officer

    Forward-looking Statements

    Cautionary Note Regarding Forward-Looking Information

    Information set forth in this news release may involve forward-looking
statements. Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often address a
company's expected future business and financial performance, and often
contain words such as "anticipate", "believe", "plan", "estimate", "expect",
and "intend", statements that an action or event "may", "might", "could",
"should", or "will" be taken or occur, or other similar expressions. By their
nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, among
others, the following risks: the risks associated with outstanding litigation,
if any; risks associated with project development; the need for additional
financing; operational risks associated with mining and mineral processing;
fluctuations in uranium, gold and other commodity prices; title matters;
environmental liability claims and insurance; reliance on key personnel; the
potential for conflicts of interest among certain officers, directors or
promoters with certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume; and tax
consequences to U.S. Shareholders. Forward-looking statements are made based
on management's beliefs, estimates and opinions on the date that statements
are made and the Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other circumstances
should change. Investors are cautioned against attributing undue certainty to
forward-looking statements.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of the content of this News Release.

    %SEDAR: 00005878E




For further information:

For further information: on the Company and its properties, please visit
the website at www.crosshairexploration.com.

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