Crosshair Begins Winter Drill Campaign on CMB Uranium Project, Labrador

VANCOUVER, BRITISH COLUMBIA, Jan 15 (MARKET WIRE) --
Crosshair Exploration & Mining Corp. (TSX VENTURE: CXX)(AMEX: CXZ) is
pleased to announce the start of its 2008 winter drilling program on its
Central Mineral Belt (CMB) Uranium Project in Labrador. The planned
13,000 m program will include three active drills on the property,
conducting Phase II drilling at the B Zone, Area 3, Area 1, and targets
in the Armstrong area. Crosshair will also continue to define and expand
the C Zone resource, which will include drilling between the C Zone and
Area 1 in an effort to link the zones. Area 1, which has a defined strike
length of 600 m, is located 1.5 km along strike to the southwest of the C
Zone. Linking the two zones could potentially add 2 km strike length to
the C Zone deposit. In addition, Crosshair will test priority gravity and
IP targets along the entire Armstrong - B Zone corridor for IOCG type
mineralization at depth.

Successful Phase I drill programs at the B Zone, Area 3, Area 1 and
Armstrong targets have demonstrated the potential to host multiple
uranium deposits on the CMB Property. A combination of ground
geophysical, geochemical, and geological mapping surveys carried out in
2007 have helped to better define each of these zones, as well as
identify new areas of mineralization within them.

B Zone / Area 3

The B Zone, located 3.5 km northeast of the C Zone, contains uranium
mineralization predominantly hosted by strongly altered and hematized
sandstone, particularly where cut by altered mafic dykes. A total of 62
rock samples from the B Zone produced an average grade of 0.72% U3O8, to
a maximum of 3.97% U3O8. Drilling by Crosshair in 2006 intersected
mineralization grading up to 0.27% U3O8 over 7.6 metres.

The B Zone also exhibits many of the geological and geochemical
characteristics of IOCG type mineralization, akin to the world class
Olympic Dam deposit. These characteristics include locally elevated
copper, silver and gold values as well as a spatial association with a
large gravity anomaly. Crosshair plans to drill over 1200 metres at the B
Zone and Area 3 in order to test the down dip and along strike extensions
of mineralization intersected by previous drilling.

Armstrong

Armstrong, located approximately 3 km southwest of the C Zone, anchors
the southwest end of the same 4.5 km long trend that hosts the C Zone and
Area 1. Uranium mineralization that is intermittently exposed along a 300
metre strike length predominantly occurs in sheared, chloritized mafic
volcanic rocks. Follow-up ground work in 2007 resulted in the discovery
of two new zones of mineralization, one located 80 metres northeast, and
another located 300 metres southwest, of the original Armstrong
discovery. Eight separate one-metre channel samples from the new showing
to the southwest returned an average grade of 0.14% U3O8, while
scintillometer readings over the new showing to the northeast are
off-scale over an exposed 3-4 metre wide by 10 metre long area. Both of
these new zones will be drill tested during the current winter program.

Area 1

At Area 1, located 1.5 km southwest of the C Zone, continuity of
mineralization has been confirmed by drilling along a 600 metre strike
length, returning intercepts up to 0.11% U3O8 over 11.5 metres, including
0.32% U3O8 over 3.0 metres. The geological setting and style of
mineralization strongly resembles that of the C Zone, and it is believed
that Area 1 potentially represents the southwest extension of the C Zone
mineralization. Crosshair's 2007 program successfully extended the C Zone
an additional 300 metres to the southwest, towards Area 1. As part of the
current winter program, Crosshair plans to drill over 2200 metres in
order to further define the mineralized zone at Area 1, and to test
select targets along the C Zone - Area 1 corridor. One of the Company's
main goals for 2008 will be to link the two zones with an aggressive
diamond drilling campaign.

C Zone

Drilling at the C Zone in 2007 returned the best intercepts to date from
the CMB Uranium Property and successfully added 400 metres of strike
length to the currently defined resource. Three-dimensional modeling of
the existing drill hole data as well as new structural interpretations of
the deposit have greatly helped to advance Crosshair's understanding of
the C Zone geology and controls on mineralization, allowing Crosshair
geologists to more successfully target and define the zone.

As part of the winter program, Crosshair will continue to test the down
dip and along strike extensions of several mineralized intercepts at the
C Zone in order to further upgrade and expand the current resource. The C
Zone currently contains a NI 43-101 compliant indicated resource of 3.19
million pounds of U3O8 (3.75 million tonnes at 0.04%) and an additional
NI 43-101 inferred resource of 4.59 million pounds of U3O8 (6.32 million
tonnes at 0.03%). Crosshair plans to update this resource estimate in
2008.

The complete resource estimate can be found in the NI 43-101 report
entitled Technical Report on the Central Mineral Belt Uranium Project,
Labrador, Canada dated September 9, 2007, as filed on SEDAR on September
10, 2007, as well as on the Company's website.

IOCG Targets

In late January, Crosshair will activate a third rig on the CMB Uranium
Property capable of deep drilling in order to test several targets for
IOCG type mineralization associated with a large gravity anomaly along
the Armstrong - B Zone corridor. In 2007, Crosshair carried out
additional ground geophysics, including gravity and IP/resistivity
surveys, in order to better define the IOCG targets. A number of targets
have been identified and are currently being prioritized for drill
testing.

Additional information and maps for priority target areas on the CMB
Uranium Property can be found on the Company website at:
http://www.crosshairexploration.com/s/CentralMineralBelt.asp.

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.

The Company's exploration work on the Central Mineral Belt Uranium
Project is supervised by J. Wayne Pickett, P.Geo., a member of the
Professional Engineers and Geoscientists of Newfoundland and Labrador,
the Vice President Exploration of the Company and a Qualified Person as
defined in NI 43-101. Mr. Pickett has verified that the results presented
above have been accurately summarized from the official assay
certificates provided to the Company. A QA/QC program has been
implemented consisting of standard, blank and duplicate samples.

Split drill core samples are being sent to Activation Laboratories in
Ancaster, ON for analyses. Uranium analysis is performed by the delayed
neutron counting (DNC) method, while multi-element analysis is performed
using Inductively Coupled Plasma Mass Spectrometry (ICP-MS). Samples that
exceed the upper limit for uranium are re-assayed using X-ray
fluorescence (XRF).

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

ON BEHALF OF THE BOARD

Mark J Morabito, President and CEO

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.

Cautionary Note Concerning Reserve and Resource Estimates

This press release uses the terms "reserves", "resources", "proven
reserves", "probable reserves", "measured resources", "indicated
resources" and "inferred resources". United States investors are advised
that, while such terms are recognized and required by Canadian securities
laws, the United States Securities and Exchange Commission (the "SEC")
does not recognize them. Under United States standards, mineralization
may not be classified as a "reserve" unless the determination has been
made that the mineralization could be economically and legally produced
or extracted at the time the reserve determination is made. Mineral
resources that are not mineral reserves do not have demonstrated economic
viability. United States investors are cautioned not to assume that all
or any part of measured or indicated resources will ever be converted
into reserves. Inferred Resources are in addition to Measured and
Indicated Resources. Further, inferred resources have a great amount of
uncertainty as to their existence and as to whether they can be mined
legally or economically. It cannot be assumed that all or any part of the
inferred resources will ever be upgraded to a higher category. Therefore,
United States investors are also cautioned not to assume that all or any
part of the inferred resources exist, or that they can be mined legally
or economically. Disclosure of "contained ounces" is permitted disclosure
under Canadian regulations, however, the SEC normally only permits
issuers to report "resources" as in place tonnage and grade without
reference to unit measures. Accordingly, information concerning
descriptions of mineralization and resources contained in this release
may not be comparable to information made public by United States
companies subject to the reporting and disclosure requirements of the SEC.

National Instrument 43-101 Standards of Disclosure for Mineral Projects
("NI 43-101") is a rule developed by the Canadian Securities
Administrators, which established standards for all public disclosure an
issuer makes of scientific and technical information concerning mineral
projects. Unless otherwise indicated, all reserve and resource estimates
referred to in this press release or released by the Company in the
future have been or will be prepared in accordance with NI 43-101 and the
Canadian Institute of Mining, Metallurgy and Petroleum Classification
System. The requirements of NI 43-101 are not the same as those of the
SEC and any reserves reported by the Company in compliance with NI 43-101
may not qualify as reserves under the SEC's standards.

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

Contacts:
Crosshair Exploration & Mining Corp.
Dan McIntyre
(604) 681-8030
(604) 681-8039 (FAX)
Email: dan@crosshairexploration.com
Website: www.crosshairexploration.com

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