The legislation lifts the moratorium on the working, production, mining and development of uranium on Labrador Inuit Lands, which had been in effect since April 2008 for a period of three years.
The moratorium was in place to allow the Nunatsiavut Government time to establish a lands administration system and to develop an Environmental Assessment Act and environmental protection legislation.
Crosshair said though 92% of the company’s Labrador property falls outside the Labrador Inuit Lands, the moratorium had a significant negative impact on the market value of all companies operating in Labrador.
The focus of Crosshair’s exploration activities in Newfoundland and Labrador are the CMB and CMB-JV properties.
The CMB project consists of 2,116 claims in 22 licences and covers 529km2 while the CMB JV project with 800 claims in 11 licences is a joint venture partnership with Silver Spruce Resources.
