Vancouver-based uranium mining company Crosshair Energy Corp. (TSX:CXX) is welcoming a move last week by the Nunatsiavut government of Newfoundland and Labrador to lift a moratorium on the working, production, mining and development of uranium on Labrador Inuit Lands.
The moratorium had been in effect since April 2008.
Crosshair president and CEO Stewart Wallis told Business in Vancouver Monday that the company is excited about the moratorium lifting.
“We’re excited to get back in there to work and advance our projects,” he said.
Wallis said the company has two mineralized zones in Labrador and two in Wyoming. He said the company had done “quite an extensive” exploration program in Eastern Labrador in 2006 and 2007.
“And then the moratorium came along and – although we weren’t totally affected by the moratorium lands – it effectively cut off the capital raising that you could do if you had properties in Labrador.”
With the moratorium lifted, he said the company is headed back to work in Labrador.
“We’re going to go back in and do a fairly extensive drill program on our properties, so we’ll be spending an excess of $2 million approximately out there.”
At press time, Crosshair’s stock was up nearly 6% to $0.55.
