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|   | ARTICLE 1    PURPOSE AND INTERPRETATION |
|--------|-------------------------------------------------------------|

|   1.1 | PURPOSE |
|------------|---------|

|   1.2 | DEFINITIONS |
|------------|-------------|

|   | (a) | “Act” means the Business Corporations Act (British Columbia) or its successor, as amended from time to time; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (b) | “Affiliate” shall have the meaning ascribed thereto in the Act; |
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|   | (c) | “Associate” shall have the meaning ascribed thereto in the Securities Act (British Columbia); |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (d) | “Board” shall mean the board of directors of the Company or any committee of directors appointed by the directors pursuant to Section 3.2 hereof; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | “Common Shares” means the common shares of the Company; |
|--------|-----|---------------------------------------------------------------------|

|   | (f) | “Company” means Crosshair Exploration & Mining Corp. and any successor or continuing corporation thereof; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (g) | “Designated Affiliate” means the Affiliates and Subsidiaries of the Company designated by the Board for purposes of the Plan from time to time; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | “Employment Contract” means any contract between the Company or any Designated Affiliate of the Company and any director, officer or employee of the Company or a Designated Affiliate relating to, or entered into in connection with, the election, appointment or employment of such person or any other agreement to which the Company or its Designated Affiliate is a party with respect to the rights of such Participant in respect of a change in control of the Company or the termination of the election, appointment, employment or engagement of such Participant; |
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|   | (i) | “Exchange” means the Toronto Stock Exchange; |
|--------|-----|----------------------------------------------------------|

|   | (j) | “Expiry Date” means the date set by the Board under section 2.5(a) of the Plan, as the last date on which an Option may be exercised; |
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|   | (k) | “Insider” shall have the meaning ascribed thereto in the Exchange Company Manual; |
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|   | (l) | “Insider” shall have the meaning ascribed thereto in the Securities Act (British Columbia); |
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|   | (m) | “Issuer Bid” shall have the meaning ascribed thereto in the Securities Act (British Columbia); |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (n) | “Option” means option to purchase Common Shares granted hereunder; |
|--------|-----|--------------------------------------------------------------------------------|

|   | (o) | “Option Certificate” means a certificate, in the form attached hereto as Schedule “A”, whereby the Company grants to an Optionee an Option. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | “Option Shares” means the aggregate number of Common Shares which an Optionee may purchase under an Option. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (q) | “Optionee” shall mean a Participant to whom an Option has been granted pursuant to the Plan; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (r) | “Outstanding Issue” means on any date, the number of Common Shares of the Company issued and outstanding; |
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|   | (s) | “Participant” means those Service Providers, Insiders and employees of the Company and its Designated Affiliates who shall be granted Options pursuant to the Plan as determined by the Board and as may be permitted under the Securities Act (British Columbia) from time to time; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (t) | “Person” means a Company or individual; |
|--------|-----|-----------------------------------------------------|

|   | (u) | “Plan” means this Stock Option Plan, as it may be amended from time to time; |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (v) | “Securities Act” means the Securities Act (British Columbia) or its successor, as amended from time to time; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (w) | “Service Provider” means any person or company engaged to provide management or consulting services for the Corporation or any Designated Affiliate under a written agreement for an initial, renewable or extended period of twelve months or more; |
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|   | (x) | “Subsidiary” shall have the meaning ascribed thereto in the Securities Act; and |
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|   | (y) | “Take-over Bid” shall have the meaning ascribed thereto in the Securities Act. |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (z) | “Unissued Option Shares” means the number of Common Shares, at a particular time, which have been allotted for issuance upon the exercise of an Option but which have not been issued, as adjusted from time to time in accordance with the provisions of section 3.6, such adjustments to be cumulative. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (aa) | “Vested” means that an Option has become exercisable in respect of a number of Option Shares by the Optionee pursuant to the terms of the Option Certificate. |
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|   | ARTICLE 2    TERMS OF OPTIONS |
|--------|---------------------------------------------------|

|   2.1 | THE PLAN |
|------------|----------|

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|   2.2 | PARTICIPATION IN PLAN |
|------------|----------------------------|

|   | (a) | an individual can receive grants of no more than 5% of the issued and outstanding share capital of the Company on a yearly basis; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | unless disinterested shareholder approval is obtained, the aggregate number of Common Shares that may be reserved for issuance to the Insiders of the Company (i) at the time of grant, or (ii) within a one-year period, pursuant to this Plan or any other previously established and outstanding option plans or grants, shall not exceed 10% of the issued and outstanding share capital of the Company at the time of the grant; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | all Option grants are exercisable for a maximum of ten years from the date of the grant. |
|--------|-----|------------------------------------------------------------------------------------------|

|   2.3 | MAXIMUM NUMBER OF COMMON SHARES |
|------------|---------------------------------|

3.6

|   2.4 | PRICE |
|------------|-------|

|   2.5 | TERMS OF OPTIONS |
|-----------------|------------------|

|   | (a) | The term of each Option granted pursuant to the Plan shall be determined by the Board in its discretion at the time the Option is granted, provided however that in no event shall any Option be exercisable following 10 years from the date of the grant of the Option; provided, however, that if at any time the expiry of the term of an Option should be determined to occur either during a period in which the trading of Common Shares by the Optionee is restricted under the insider trading policy or other policy of the Company or within ten business days following such a period, such date shall be deemed to be the date that is the tenth business day following the date of expiry of such restriction. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Except as provided pursuant to Sections 2.8 and 2.9, no Option may be exercised unless the Participant is, at the time of such exercise, a bona fide Service Provider, Insider or employee of |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | the Company or any of its Designated Affiliates, as the case may be, and shall have been continuously such a bona fide Service Provider, Insider or employee since the grant of the Option, as the case may be. Absence on leave with the approval of the Company or a Designated Affiliate shall not be considered an interruption of employment for purposes of the Plan. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If there is a Take-over Bid or Issuer Bid made for all or a portion of the issued and outstanding Common Shares, the Board may, by resolution and subject to the prior approval of the Exchange if the Company is listed on the Exchange at such time, permit all Options outstanding to become immediately exercisable (notwithstanding any condition or provision prescribed by the Board at the time of the grant of the Option) in order to permit Common Shares issuable under such Options to be tendered to such Take-over Bid or Issuer Bid. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  2.6 | EXERCISE OF OPTION |
|-----------|--------------------|

|   | (a) | Subject to subparagraph (c), an Option may be exercised to purchase any number of Common Shares up to the number of Vested Unissued Option Shares at any time after the date of the grant of the Option and up to 5:00 p.m. local time on the Expiry Date and shall not be exercisable thereafter. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Option shall be exercisable by delivering to the Company a notice specifying the number of Common Shares in respect of which the Option is exercised together with payment in full of the purchase price of the Common Shares which are the subject of the exercised Option. No Participant or his or her legal representatives or distributees will be, or will be deemed to be, a holder of any Common Shares with respect to which the Participant was granted an Option under the Plan, unless and until certificates for such Common Shares are issued in accordance with the terms of the Plan. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Board may, at the time an option is granted under the Plan or upon renegotiation of the same, attach restrictions relating to the exercise of the Option, including vesting provision. Any such restrictions shall be recorded on the applicable Option Certificate attached as Schedule A to this Plan. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  2.7 | LAPSED OPTIONS |
|-----------|----------------|

|  2.8 | TERMINATION OF EMPLOYMENT |
|-----------|---------------------------|

|   | (a) | cease to be an Insider of the Company and any of its Designated Affiliates (and is not or does not continue to be an employee thereof); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | cease to be employed by the Company or any of its Designated Affiliates (and is not or does not continue to be a director thereof) for any reason (other than by reason of the death of the Participant) or shall receive notice from the Company or any of its Designated Affiliates of the termination of the Participant’s employment; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (c) | cease to be a Service Provider (and is not or does not continue to be an employee or Insider of the Company or any of its Designated Affiliates); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|  2.9 | DEATH OF PARTICIPANT |
|-----------|----------------------|

|   | (a) | by the person or persons to whom the Participant’s rights under the Option shall pass by the Participant’s or the Participant’s shareholder’s will or the laws of descent and distribution; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to the extent that the Participant was entitled to exercise the option at the date of his or her death. |
|--------|-----|---------------------------------------------------------------------------------------------------------|

| 2.10 | TRANSFERABILITY AND ASSIGNABILITY |
|------|-----------------------------------|

|   2.11 | NECESSARY APPROVALS |
|-------------|---------------------|

|   2.12 | INCOME TAXES |
|-------------|--------------|

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|   | ARTICLE 3    GENERAL |
|--------|-----------------------------------------------|

|   3.1 | ADMINISTRATION OF THE PLAN |
|------------|----------------------------|

|   3.2 | DELEGATION TO COMMITTEE |
|------------|-------------------------|

3.3

|   3.3 | RECORD KEEPING |
|-----------------|----------------|

|   | (a) | the name and address of each Participant; |
|--------|-----|-------------------------------------------|

|   | (b) | the number of Options granted to each Participant; and |
|--------|-----|--------------------------------------------------------|

|   | (c) | the aggregate number of Common Shares subject to Options granted under the Plan. |
|--------|-----|----------------------------------------------------------------------------------|

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|   3.4 | EMPLOYMENT |
|------------|------------|

|   3.5 | AMENDMENT OF THE PLAN |
|------------|-----------------------|

|   | (a) | such amendment, suspension or termination is in accordance with applicable laws and the rules of any stock exchange on which the Common Shares are listed; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Board shall obtain shareholder approval of the following: |
|--------|-----|---------------------------------------------------------------|

|   | (i) | any amendment to the maximum number of Common Shares specified in Section 2.3 in respect of which Options may be granted under the Plan (other than pursuant to Section 3.6); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any amendment that would reduce the exercise price of an outstanding Option of an Insider (other than pursuant to Section 3.6); and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any amendment that would extend the term of any Option granted under the Plan to an Insider beyond the Expiry Date |
|--------|-------|--------------------------------------------------------------------------------------------------------------------|

|   3.6 | ADJUSTMENT IN SHARES SUBJECT TO THE PLAN |
|------------|------------------------------------------|

|   3.7 | AMALGAMATION, CONSOLIDATION OR MERGER |
|------------|---------------------------------------|

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|   3.8 | SECURITIES EXCHANGE TAKE-OVER BID |
|------------|-----------------------------------|

|   | (a) | the offeror delivers with such notice an irrevocable and unconditional offer to grant replacement options to the Optionees to purchase the equity securities offered pursuant to such take-over bid; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Board shall have determined, in good faith, that such replacement options have substantially the same economic value as the Options being surrendered; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the surrender of Options and the granting of replacement options can be effected on a tax free roll-over basis under the Income Tax Act (Canada). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   3.9 | NO REPRESENTATION OR WARRANTY |
|-----------------|-------------------------------|

|   3.10 | INTERPRETATION |
|------------------|----------------|

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| 1. | on [DATE OF GRANT] (the “Grant Date”); |
|----|----------------------------------------------------|

| 2. | [NAME OF OPTIONEE], of [ADDRESS OF OPTIONEE] (the “Optionee”); |
|----|----------------------------------------------------------------------------|

| 3. | was granted the option (the “Option”) to purchase [NUMBER] Common Shares (the “Option Shares”) of the Company; |
|----|----------------------------------------------------------------------------------------------------------------------------------------|

| 4. | for the price (the “Option Price”) of $[EXERCISE PRICE]  per share; |
|----|-------------------------------------------------------------------------------------------|

| 5. | terminating on the [DATE] (the “Expiry Date”); |
|----|------------------------------------------------------------|

| 6. | Option Shares may be exercised from time to time prior to the Expiry Date as follows: |
|----|---------------------------------------------------------------------------------------|

|   | (a) | [INSERT VESTING PROVISIONS] or if no vesting provisions: [at any time after the Grant Date of the Option, the Optionee may purchase up to 100% of the total number of Option Shares;] |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | notwithstanding the provisions of paragraph 6, the Option shall not be exercisable until such time as the Plan has been approved by the Company’s shareholders; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| THE COMMON SEAL OF CROSSHAIR EXPLORATION & MINING CORP. was affixed in the presence of:   Authorized Signatory   | )))))))) |     C/S |
|----------------------------------------------------------------------------------------------------------------------------------------------------|----------|-----------------------------|

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