Crosshair to Acquire 2,600 Square Miles of Prospective

Crosshair to Acquire 2,600 Square Miles of Prospective Uranium
Properties in Argentina 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/25/12 -- Crosshair
Energy Corporation (TSX:CXX)(NYSE MKT:CXZ)(NYSE Amex:CXZ)
("Crosshair" or the "Company") is pleased to announce that it has
entered into a Letter of Intent ("LOI") with Wealth Minerals Ltd.
(TSX VENTURE:WML) to acquire all of Wealth Minerals' prospective
uranium properties in Argentina; a land package that totals more than
2,600 square miles (685,000 hectares). 
The concession areas included in the LOI are located in Salta,
Catamarca and Chubut provinces, and will be 100 percent owned by
Crosshair on the closing of the transaction. Properties included in
the LOI include the San Jorge Basin Properties, Amblayo and Diamante
Los Patos. The San Jorge Basin concession area includes five
individual properties (including Bororo Nuevo) on which some
preliminary exploration work has been completed. 
"The mineral resource potential of this land package represents an
incredible opportunity for us," said Mark Ludwig, Crosshair President
and Chief Executive Officer. "The continuing volatility in the junior
resource sector demands that we broaden our field of view and seek
opportunities that can enhance shareholder value wherever we can find
them. These Argentinian properties represent just such an opportunity
and I'm very excited about the exploration potential they represent." 
The Bororo Nuevo property covers an area of 35,500 hectares (137
square miles) within the historically productive San Jorge Basin and
is the most advanced of the uranium properties being acquired. To
date, nine zones of mineralization have been discovered within an
area that measures 12 kilometres by 4 kilometres, with less than 12
percent of the property having been mapped and prospected. Other
exploration companies currently active in the basin include U3O8
Corp. and UrAmerica Ltd. 
The San Jorge Basin is host to two past-producing deposits: Los
Adobes and Cerro Condor. The unmined Cerro Solo deposit, currently
owned by the National Commission of Atomic Energy (CNEA) and not one
of the properties being acquired by Crosshair, is located 15 km south
of Bororo Nuevo and is reported to contain a historical resource
estimate of 15.4 million pounds of U3O8 (CNEA June 2009). This
historical resource estimate is not compliant with currently accepted
resource classifications as set forth by the Canadian Institute of
Mining and Metallurgy. A Qualified Person has not completed
sufficient work to classify these historic mineral resources as
current mineral resources or mineral reserves as defined by NI
43-101, and Crosshair is not treating the historic resources as
current. Crosshair has not verified the information and the
mineralization is not indicative of mineralization that might occur
on the properties to be acquired by Crosshair. 
The Amblayo property totals 14,998 hectares (58 square miles) and is
located in the core of Argentina's Tonco uranium district. The
property completely surrounds the past-producing Don Otto mine, which
operated intermittently from 1963 to 1981. The Don Otto mine itself
is not included in the concessions being acquired from Wealth
Minerals. 
The Diamante Los Patos property represents the discovery of a large,
new area of uranium mineralization located on the boundary between
the provinces of Salta and Catamarca in northwestern Argentina.
Exploration on the 13,300 hectare (51 square mile) property has
identified seven large mineralized zones over a 20 kilometre by 30
kilometre area. 
The consideration for the acquisition of the properties is payments
to Wealth Minerals of CDN$1.0 million in cash and issuances to Wealth
Minerals of one million Crosshair common shares. The cash payments
and share issuances will be done over a two year period. In addition,
Wealth Minerals retains a 1% yellowcake royalty on all uranium
production and a 1% NSR royalty on all other minerals. 
Completion of the transaction is subject to a number of conditions,
including Toronto Stock Exchange and NYSE MKT acceptance and the
negotiation and execution of a definitive agreement. There can be no
assurance that the transaction will be completed as proposed or at
all. 
Crosshair's financial advisor for this transaction is Axemen Resource
Capital. 
About Argentina 
Argentina has some of the potentially richest mineral resources in
South America. Since the development of investor friendly mining laws
in 1993, Argentine mining exports have grown from US$70 million in
the early '70s to over US$4.5 billion in 2010. The country represents
a noteworthy opportunity for mineral exploration companies, as the
vast majority of Argentina remains geologically unexplored. 
Known primarily for precious metals and zinc mining, Argentina has
also been active in nuclear research and uranium mining for decades.
The country's Atomic Energy Commission (Comision Nacional de Energia
Atomica, CNEA) was set up in 1950 to oversee nuclear R&D, including
construction of several research reactors. Today, two nuclear
reactors generate nearly ten percent of the country's electricity and
a third reactor is expected to begin operating in mid- 2013.
Argentina's CAREM small modular reactor design is under consideration
for desalination in Saudi Arabia. (Source: World Nuclear
Association). 
About Crosshair 
Crosshair is a prominent player in the exploration and development of
uranium and vanadium projects in the US and Canada. Its Bootheel and
Juniper Ridge projects have established resources and are located in
uranium mining friendly Wyoming. Bootheel has the potential to be
mined using in-situ recovery methods while Juniper Ridge appears to
be suitable for an open-pit heap leach operation. The CMB
Uranium/Vanadium Project is located in Labrador, Canada and has four
currently defined resources - C Zone, Area 1, Armstrong and Two Time
Zone. The Crosshair team is composed of knowledgeable and experienced
professionals with global experience in exploration, mining and
corporate finance that are committed to operating in an
environmentally responsible manner. 
Mark Ludwig, P.E., President and CEO of Crosshair and a Qualified
Person as defined by National Instrument 43-101, has reviewed and
approved the technical information contained in this news release. 
ON BEHALF OF THE CROSSHAIR BOARD 
Mark J. Morabito, EXECUTIVE CHAIRMAN 
Cautionary Note Regarding Forward-Looking Information 
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future, not
past, events. In this context, forward-looking statements often
address 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. Forward-looking statements or information relate
to, among other things the terms and completion of the transaction,
the mineral resource potential of the properties and the exploration
potential of the Company's properties. 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 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; tax consequences to U.S. shareholders and other risks and
uncertainties, including those described in the Risk Factors section
in the Company's Annual Report on Form 20-F for the financial year
ended April 30, 2012 filed with the Canadian Securities
Administrators and available at www.sedar.com. 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, except as required by law. Investors are cautioned against
attributing undue certainty to forward-looking statements.
Contacts:
Crosshair Energy Corporation
Mark J. Morabito
604-681-8030
604-681-8039 (FAX)
info@cxxcorp.com
www.crosshairexploration.com 
Crosshair Energy Corporation
Bevo Beaven
720-932-8300