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Sunday, 8 April 2012

Crosshair Energy Corporation (AMEX:CXZ) (Update)

Crosshair Energy Corporation is a mining company in the exploration stage. It has 2 properties in Wyoming,USA and Labrador, Canada, with uranium and vanadium deposits.


Wyoming
Juniper Ridge uranium indicated resource: 5.2 million lbs.
Bootheel unranium indicated resource: 1.48 million lbs
Bootheel uranium inferred resource: 3.13 million lbs

Labrador
CMB Uranium indicated resource: 5.19 millions lbs
CMB Uranium inferred resource: 5.28 million lbs

CMB Vanadium indicated resource: 42.82 million lbs
CMB Vanadium inferred resource: 93.62 million lbs.

CMB JV uranium indicated resource: 2.33 million lbs.
CMB JV uranium inferred resource: 3.73 million lbs. 

Newfoundland
Golden Promise: Inferred gold resource: 89,500 oz

Company website:    http://www.crosshairenergy.com/s/Home.asp  

U3O8 spot price: 

Crude oil: $103/barrel
V2O5: $5.6/lb

Oustanding shares(fully diluted): 96.4 million
Current price: 43 cents.

Since last posting (http://thomas-rainbowdiary.blogspot.com/2012/03/stock-pick-crosshair-energy-corporation.html), there are no new info, but share price fell from 51 cents to 43 cents.


Chart indicates a lack of interest and share price is now in oversold territory.

What catalysts would change the outlook ?
Moving into production will take a couple of years.
A change in the price of uranium and vanadium can happen anytime.

CXZ announced on 25 Oct 2012 that it entered into a letter of intent to acquire from Wealth Minerals (TSX: WML) properties in Argentina. 

Size of land is about 2,600 sq miles or 685,000 hectares.
Consideration: C$1 million cash and 1 million CXZ shares to be paid over a period of 2 years.
WML retains 1% royalty on the yellow cake and 1% royalty on other metals.

Let's take a look at the 1 year chart, courtesy of Yahoo Finance


Chart forCrosshair Energy Corp. (CXZ)







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