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|   |                                                                                                                                                                                                                   |
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| AMONG: |                                                                                                                                                                                                                   |
|   | CROSSHAIR EXPLORATION & MINING      CORP., a corporation existing under the laws of British      Columbia, having its head office at Suite 12401140 West Pender Street,      Vancouver, British Columbia, V6E 4G1; |
|   |  (“Crosshair”)                                                                                                                                                                                        |
|   |                                                                                                                                                                                                              |
| AND:   |                                                                                                                                                                                                                   |
|   |  UNIVERSAL URANIUM LTD. a      corporation existing under the laws of British Columbia, having its head      office at Suite 600 595 Howe Street, Vancouver, British Columbia, V6C      2T5;                      |
|   |  (“UUL”)                                                                                                                                                                                              |

| A. | UUL      owns a 60% interest in 4,741 claims in the Labrador Central Mineral Belt,      as is more particularly described in Schedule A (the “Claims”) and certain      assets and inventory, as are more particularly described in Schedule B      (the “Assets”). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | UUL      acquired the interest in the Claims and the Assets pursuant to a property      acquisition agreement dated January 26, 2006 between UUL and Silver Spruce      Resources Inc. (“Silver      Spruce”) (the “PAA”); |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C. | On      May 23, 2008, UUL and the Crosshair (collectively the “Parties”) entered into a      letter agreement (the “Letter Agreement”)      pursuant to which the UUL agreed to sell, and Crosshair agreed to      purchase, UUL’s 60% interest in the Claims and the Assets, other than a 2%      net smelter royalty to be reserved by UUL (the “Interest”) and all of      UUL’s rights and obligations under the PAA (the “Acquisition”);      and |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | DEFINITIONS AND      SCHEDULES |
|----|--------------------------------|

| 1.1 | Definitions: |
|-----|--------------|

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|   | (a) | “Acquisition” has the      meaning ascribed thereto in RecitalC; |
|--------|-----|------------------------------------------------------------------------------|

|   | (b) | “Agreement” means this      agreement, including the Scheduleshereto; |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (c) | “Ancillary Documents” has      the meaning ascribed thereto in section2.1(a); |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (d) | “Assets” means the assets      and inventory described in ScheduleB; |
|--------|-----|----------------------------------------------------------------------------------|

|   | (e) | “Assignment and Assumption      Agreement” means the agreement attached hereto as Schedule F      providing for the transfer of all of UUL’s rights and obligations under      the PAA to Crosshair; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | “Bridge Loan” means the      $500,000 bridge loan advanced by the Purchaser to the Vendor pursuant to a      credit agreement between the Parties dated June,  2008; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | “Claims” means the mining      claims described in Schedule A; |
|--------|-----|----------------------------------------------------------------------------|

|   | (h) | “Closing” means the      completion of the purchase and sale of the Interest in the Claims and the      Assets and UUL’s rights and obligations under the PAA in accordance with      the provisions of this Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | “Closing Date” means July      28, 2008 or such other date as may be agreed to between the      Parties; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (j) | “Confidential      Information” has the meaning ascribed thereto in section      11.2; |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (k) | “Crosshair Financial      Statements” has the meaning ascribed thereto in section      2.2(m); |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (l) | “Crosshair Shares” has      the meaning ascribed thereto in section3.2(b); |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (m) | “Crosshair Warrants” has      the meaning ascribed thereto in section3.2(b); |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (n) | “Defaulting Party” has      the meaning ascribed thereto in section16.1; |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (o) | “Disclosure Documents”      means documents filed under securities laws including, but not limited to,      financial statements, prospectuses, memorandums, information; circulars,      material change reports, and shareholder  communications; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | “Encumbrances” means all      interests, mortgages, charges, royalties, security interests, liens,      encumbrances, actions, claims, demands and equities of any nature      whatsoever or however arising and any rights or privileges capable of      becoming any of the foregoinghereto; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | “Environmental Laws”      means all applicable laws, statutes, ordinances, by-laws, regulations,      orders, directives and decisions of any federal, provincial, state,      municipal or local government, ministry, department, court or      administrative or regulatory agency relating to the protection,      reclamation or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (r) | “Escrow Agent” means      Computershare Investor ServicesInc.; |
|--------|-----|----------------------------------------------------------------------------|

|   | (s) | “Escrow Agreement” means      the form of escrow agreement entered into between UUL and the Escrow Agent      and attached hereto as Schedule C; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (t) | “Hazardous Materials”      means any underground storage tanks, explosive, radioactive or corrosive      materials, pollutants, contaminants, chemicals, waste, deleterious      substances or industrial, toxic, dangerous or hazardous substances or      wastes, including petroleum products and acid rock    drainage; |
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|   | (u) | “Interest” means UUL’s      60% interest in the Claims and the Assets, excluding UUL’s interest in the      Royalty; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | “Interim Period” means      the period of time from the date of this Agreement until the      Closing; |
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|   | (w) | “Intervening Event” has      the meaning ascribed thereto in section15.1; |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (x) | “Land Claims” means the      aboriginal land claims made by the Labrador Inuit Association and Innu      Nation referred to in the Notice and any other aboriginal land claims      which may affect any of the Claims; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (y) | “Laws” means all domestic      or foreign federal, national, provincial, state, regional, municipal,      local or other constitutions, treaties, laws, statutes, codes, ordinances,      decrees, rules, regulations, by-laws, policies, voluntary restraints,      guidelines, requirements, and any judgements, including general principles      of civil or common law, binding or affecting the person referred to in the      context of in which such word isused; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (z) | “Legal Proceeding” means      any litigation, action, application, suit, investigation, hearing, claim,      deemed complaint, grievance, civil, administrative, regulatory or      criminal, arbitration proceeding or other similar proceeding, before or by      any court or other tribunal and includes any appeal or review thereof and      any application for leave for appeal orreview; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (aa) | “Material Adverse Change”      means a change that has a material adverse affect on the title of any of      the Claims, the rights and obligations under the PAA, or UUL, as      determined solely by Crosshair; |
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|   | (bb) | “Notice” means the      “Notice to All Applicants and Holders of Government Leases, Licenses and      Permits” dated October 10, 2006 published by the Government of      Newfoundland and Labrador relating to land claim negotiations between the      Government of Newfoundland and Labrador and the Labrador Inuit Association      and the Innu Nation; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (cc) | “Novation Agreement”      means the form of novation agreement to be entered into between UUL and      Crosshair and attached hereto as Schedule“H”; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (dd) | “Order” means any order,      directive, judgment, decree, injunction, decision, ruling, award or writ      of any governmental authority; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ee) | “Parties” means Crosshair      and UUL and a “Party” means either one      of them; |
|--------|------|-------------------------------------------------------------------------------------------------------------|

|   | (ff) | “Purchase Price” has the      meaning ascribed thereto in section3.2; |
|--------|------|-----------------------------------------------------------------------------------|

|   | (gg) | “Royalty” has the meaning      ascribed thereto in section 5.1; |
|--------|------|-----------------------------------------------------------------------------|

|   | (hh) | “Security” means all of      the security granted by the Vendor to the Purchaser as security for the      Bridge Loan; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | “Settlement and Release      Agreement” means the form of settlement and release agreement to be      entered into among Crosshair, UUL and Silver Spruce and attached hereto as      Schedule “G”; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (jj) | “UUL Financial      Statements” has the meaning ascribed thereto in section 2.1(u);      and |
|--------|------|----------------------------------------------------------------------------------------------------------|

|   | (kk) | “Voting Trust Agreement”      means the voting trust agreement entered into between Crosshair and UUL      and attached hereto as Schedule“D”. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | Schedules: |
|-----|------------|

| 2. | REPRESENTATIONS AND      WARRANTIES |
|----|-------------------------------------|

| 2.1 | UUL      represents and warrants to Crosshair that, as of the date of this      Agreement, |
|-----|--------------------------------------------------------------------------------------------|

|   | (a) | Recitals      A, B and C form part of this Agreement and, to the best of its knowledge,      are true and correct in allrespects; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | it      is a valid and subsisting corporation duly incorporated under the laws of      its jurisdiction of incorporation and has full corporate power and      authority to execute and deliver this Agreement and all other documents,      agreements, certificates and instruments contemplated herein (the “Ancillary Documents”) to      which UUL is a party and to observe and perform its covenants and      obligations hereunder and thereunder and subject as provided in section      2.4 has taken all necessary corporate proceedings and obtained all      necessary corporate approvals in respect thereof and, upon execution and      delivery of this Agreement by it, this Agreement will constitute a legal,      valid and binding obligation of UUL enforceable against it in accordance      with its terms except that: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | enforceability      may be limited by bankruptcy, insolvency or other laws affecting      creditors’ rights generally; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | equitable      remedies, including the remedies of specific performance and injunctive      relief, are available only in the discretion of the applicable      court; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a      court is not required to treat as conclusive, final or binding those      certificates and determinations which this Agreement states are to be so      treated; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | a      court may stay proceedings before them by virtue of equitable or statutory      powers; and |
|--------|------|----------------------------------------------------------------------------------------------------|

|   | (v) | rights      of indemnity and contribution hereunder may be limited under applicable      law; |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (c) | the      PAA is not subject to a right of first refusal or any other restriction on      assignment and UUL’s ability to convey the Interest in the Claims and the      Assets is not restricted by the terms of the PAA  ; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      PAA is a duly executed agreement and is a valid and binding obligation of      UUL and Silver Spruce, subject to the same limitations expressed in      section 2.1(b)(i) to (v) inclusive with respect to this      Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | neither      the execution of this Agreement nor the consummation of the transactions      contemplated hereby conflict with, result in a breach of or accelerate the      performance required by the PAA, or any other agreement to which it is a      party; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | neither      the execution of this Agreement nor the consummation of the transactions      contemplated hereby, result in a breach of the laws of any applicable      jurisdiction, its constating documents or resolutions of its directors or      shareholders; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Schedule      A attached hereto accurately sets out all of the  Claims; |
|--------|-----|-------------------------------------------------------------------------|

----

|   | (h) | all      of the mineral claims constituting the Claims have been duly and properly      staked and recorded and have been and are validly held in accordance with      the laws of Newfoundland andLabrador; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Crosshair      has been provided with a true and complete copy of the PAA and there are      no existing material defaults by UUL, or to its knowledge, Silver Spruce,      which will not be settled under the Settlement and Release      Agreement; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | except      as set out in the PAA, it is the legal and beneficial owner of a 60%      undivided interest in the Claims free and clear of all Encumbrances other      than the Land Claims; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | subject      to the terms of the PAA and applicable laws, it has the exclusive right to      explore, develop and mine theClaims; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | there      has been no act or omission by it, or to its knowledge by anyone else,      that could result by notice or lapse of time, or both, in the breach,      termination, abandonment, forfeiture, relinquishment or other premature      termination of the Claims or any of its rights with respect thereto which      will not be settled under the Settlement and Release      Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | the      Claims are in good standing under the laws of Newfoundland and Labrador up      to and including the date hereof and except for the Land Claims, no      proceedings have been instituted to invalidate or assert an adverse claim      or challenge against or to the ownership of or title to the Claims, nor is      there any basis therefore, and no other person is entitled to an agreement      or option to acquire or purchase the Claims or any portion thereof, and      except as disclosed in the Disclosure Documents of UUL, no person has any      royalty or other interest whatsoever, in production from any part of the      Claims; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | other      than the Land Claims, there are no actions, suits or proceedings pending      or to its knowledge, threatened, against or adversely affecting or which      could adversely affect the Claims before any federal, provincial,      municipal or other governmental authority, court, department, commission,      board bureau, agency or instrumentality, domestic or foreign, whether or      not insured, and which might involve the possibility of any Encumbrance      against the Claims; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | to      the best of UUL’s knowledge, information and belief, the Claims are freely      accessible by helicopter and there is no fact or condition that would      result in the interference with or termination of such    access; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | to      the best of UUL’s knowledge, information and belief, all work carried out      on the Claims has been carried out in compliance with all applicable laws,      including Environmental Laws, and neither UUL, nor to its knowledge any      person, has received any notice of any breach of any such law and it has      no knowledge of any environmental liabilities associated with the Claims      and there are no environmental audits, evaluations, assessments or studies      relating to the Claims; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (q) | subject      as provided in section 2.4, no consent or approval, except as has been      obtained, is required to permit the execution and delivery of this      Agreement by UUL or the performance of its obligations      hereunder; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (r) | no      representation or warranty made by it in this Agreement or any statement,      schedule, certificate or other document delivered by it pursuant to or in      connection with this Agreement or in connection with any transaction      contemplated hereby contains any untrue statement of a material fact or      omits to state a material fact required to be stated herein or therein or      necessary to make the statements contained herein or therein not      misleading; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (s) | other      than the Land Claims, there is no claim, complaint or other proceeding      initiated by or on behalf of any aboriginal group or to which any      aboriginal group is legally a necessary party pending or, to the knowledge      of UUL, threatened by any aboriginal group with respect to UUL’s      exploration of the Claims and UUL has not engaged in any negotiations with      any aboriginal group in respect of the Claims or entered into any impact      and benefits agreement with any aboriginal group in respect of the      Claims; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (t) | UUL      has made full disclosure to Crosshair of all material facts of which UUL      has knowledge relating to the Claims and all relevant information that UUL      possesses which relates to the Claims which could have any effect upon      Crosshair determining whether it shall enter into this Agreement and this      Agreement does not contain any untrue statement by UUL of a material fact      of which Crosshair has knowledge and Crosshair has not omitted to state in      this Agreement a material fact necessary in order to make the statements      contained herein not misleading; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (u) | UUL      is current with all material filings required to be made in all      jurisdictions in which UUL exists or carries on any material business and      UUL is not in default of any filings required to be made under applicable      securities laws; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | all      Disclosure Documents of UUL contain no untrue statement of a material fact      as at the date thereof nor do they omit to state a material fact which, at      the date thereof, was required to have been stated or was necessary to      prevent a statement that was made from being false or misleading in the      circumstances in which it was made; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (w) | other      than the Land Claims, there are no material Legal Proceedings pending or,      to the knowledge of UUL, threatened against, or relating to UUL or      affecting the assets of UUL and, to the best of UUL’s knowledge, there is      no reasonable basis for any such proceeding, and there are no judgments      outstanding against UUL or affecting UUL’s  assets; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | the      audited consolidated financial statements of UUL for the financial year      ended September 30, 2007 and the unaudited financial statements for the      interim period ended March 31, 2008 (the “UUL Financial      Statements”) are true andcorrect |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (y) | there      are no material liabilities of UUL, whether direct, indirect, absolute,      contingent which are not disclosed or reflected in the UUL Financial      Statements except those occurred in the ordinary course of business of the      Corporation since March 31, 2008. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | Crosshair      represents and warrants to UUL that, as of the date of this      Agreement: |
|-----|--------------------------------------------------------------------------------------------|

|   | (a) | Recitals      A, B and C form part of this Agreement and, to the best of its knowledge,      are true and correct in allrespects; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | it      is a valid and subsisting corporation duly incorporated under the laws of      its jurisdiction of incorporation and has full corporate power and      authority to execute and deliver this Agreement and the Ancillary      Documents to which Crosshair is a party and to observe and perform its      covenants and obligations hereunder and thereunder and has taken all      necessary corporate proceedings and obtained all necessary corporate      approvals in respect thereof and, upon execution and delivery of this      Agreement by it, this Agreement will constitute a legal, valid and binding      obligation of Crosshair enforceable against it in accordance with its      terms except that: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | enforceability      may be limited by bankruptcy, insolvency or other laws affecting      creditors’ rights generally; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | equitable      remedies, including the remedies of specific performance and injunctive      relief, are available only in the discretion of the applicable      court; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a      court is not required to treat as conclusive, final or binding those      certificates and determinations which this Agreement states are to be so      treated; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | a      court may stay proceedings before it by virtue of equitable or statutory      powers; and |
|--------|------|--------------------------------------------------------------------------------------------------|

|   | (v) | rights      of indemnity and contribution hereunder may be limited under applicable      law; |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (c) | neither      the execution of this Agreement nor the consummation of the transactions      contemplated hereby conflict with, result in a breach of or accelerate the      performance required by any agreement to which it is a    party; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | neither      the execution of this Agreement nor the consummation of the transactions      contemplated hereby, result in a breach of the laws of any      applicable |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | no      consent or approval, except as has been obtained, is required to permit      the execution and delivery of this Agreement by Crosshair or the      performance of its obligationshereunder; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | no      representation or warranty made by Crosshair in this Agreement or any      statement, schedule, certificate or other document delivered by it      pursuant to or in connection with this Agreement or in connection with any      transaction contemplated hereby contains any untrue statement of a      material fact or omits to state a material fact required to be stated      herein or therein or necessary to make the statements contained herein or      therein not misleading; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | there      are no material Legal Proceedings pending or, to the knowledge of      Crosshair, threatened against, or relating to Crosshair or affecting the      assets of Crosshair and, to the best of Crosshair’s knowledge, there is no      reasonable basis for any such proceeding, and there are no judgments      outstanding against Crosshair or affecting Crosshair’s    assets; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Crosshair is a reporting issuer or the equivalent      thereof, under the securities laws of each of the Provinces of British      Columbia and Ontario; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Crosshair      is current with all material filings required to be made in all      jurisdictions in which Crosshair exists or carries on any material      business and Crosshair is not in default of any filings required to be      made under applicable securitieslaws; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | all      Disclosure Documents of Crosshair contain no untrue statement of a      material fact as at the date thereof nor do they omit to state a material      fact which, at the date thereof, was required to have been stated or was      necessary to prevent a statement that was made from being false or      misleading in the circumstances in which it was  made; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | upon      their issuance, the Crosshair Warrants will be validly created, issued and      outstanding, registered in the names of the holders    thereof; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | upon      their issuance, the Crosshair Shares and the common shares underlying the      Crosshair Warrants will be validly issued and outstanding as fully paid      and non-assessable shares ofCrosshair; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | the      audited consolidated financial statements of Crosshair for the financial      year ended April 30, 2007 and the unaudited financial statements for the      interim period ended January 31, 2008 (the “Crosshair Financial      Statements”) are true and correct in every material respect and      present fairly and accurately the financial position and results of the      operations of Crosshair for the periods ended and have been prepared in      accordance with Canadian generally accepted accounting principles applied      on a consistent basis; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (n) | there      are no material liabilities of Crosshair, whether direct, indirect,      absolute or contingent which are not disclosed or reflected in the      Crosshair Financial Statements except those occurred in the ordinary      course of business of the Corporation since January 31,    2008. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Lib2:131769.3 |
|---------------|

| 2.3 | The      representations, warranties and covenants hereinbefore set out are      conditions on which each of the Parties have relied in entering into this      Agreement and each of the Parties will indemnify and save the other      harmless from all loss, damage, costs, actions and suits arising out of or      in connection with any breach of any representation, warranty, covenant,      agreement or condition made by it and contained in this      Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | For      the purposes of section 2.1(b) and section 2.1(q), UUL makes no      representation or warranty as to whether or not the Acquisition requires      the approval of UUL’s shareholders pursuant to section 301 of the Business Corporations Act      (British Columbia). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | PURCHASE AND      SALE |
|----|------------------------|

| 3.1 | Subject      to the terms and conditions of this Agreement, UUL hereby agrees to sell      and transfer to Crosshair at the Closing, and Crosshair hereby agrees to      purchase from UUL at the Closing, 100% of UUL’s Interest in the Claims and      the Assets and all of UUL’s rights and obligations under the      PAA. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | In      consideration of the sale to it of UUL’s Interest in the Claims and the      Assets and UUL’s rights and obligations under the PAA, Crosshair shall, at      Closing: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | forgive      the Bridge Loan and release the Security to the Vendor;  and |
|--------|-----|---------------------------------------------------------------------------|

|   | (b) | issue      to UUL 10,000,000 common shares of Crosshair as presently constituted (the      “Crosshair      Shares”) and 7,500,000 common share purchase warrants, each to      purchase one common share of Crosshair as presently constituted (the      “Crosshair      Warrants”). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | UUL      and Crosshair will elect in the prescribed manner and within the      prescribed time, pursuant to subsection 85(1) of the Income Tax Act      (Canada), to effect the transferof: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | UUL’s      Interest in the Claims and the Assets to Crosshair at an agreed amount of      $500,000; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (b) | UUL’s      rights and obligations under the PAA at an agreed amount of      $1.00. |
|--------|-----|------------------------------------------------------------------------------------------|

| 3.4 | The      Crosshair Warrants will be exercisable for three (3) years from the      Closing Date of the Acquisition at an exercise price of $1.00 per      Crosshair Warrant. If over a period of 20 days following the Closing Date      and the expiry of the Crosshair Warrants, the daily volume weighted      average trading price of Crosshair common shares on the Toronto Stock      Exchange, or such other stock exchange where the majority of trading      occurs, |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | exceeds      $2.00, Crosshair may give notice in writing to the holders of the      Crosshair Warrants within 30 days of such occurrence that the Crosshair      Warrants shall expire at 4:00 p.m. (Vancouver time) on the 30th      day following the giving of such notice unless exercised by the holders      prior to such date. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5 | Crosshair      is relying on an exemption from the requirements to provide UUL with a      prospectus and, as a consequence of acquiring securities pursuant to this      exemption, certain protections, rights and remedies provided by the      Securities Act (British      Columbia) including statutory rights of rescission or damages, will      not be available to UUL. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6 | The      Crosshair Shares and Crosshair Warrants will be subject to resale      restrictions and the certificates representing the securities will bear      legends in substantially the followingform: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.7 | On      Closing, UUL and Crosshair shall enter into an assignment and assumption      agreement in the form of Schedule “F” in respect of the Interest (the      “Assignment and      AssumptionAgreement”). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.8 | On      Closing, UUL and Crosshair shall enter into a novation agreement with      Silver Spruce in accordance with section 37 of the PAA in substantially      the form of Schedule “H” or in such other form as may be acceptable to      UUL.  Crosshair and Silver Spruce (the “Novation      Agreement”). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | VOTING TRUST AND      ESCROW PROVISIONS |
|----|-----------------------------------------|

| 4.1 | On      Closing, the UUL shall enter into a voting trust agreement in the form of      Schedule “D”, in respect of the Crosshair Shares subject to the Escrow      Agreement (the “Voting      Trust Agreement”). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | The      Voting Trust Agreement shall expire upon the first to occur      of: |
|-----|-------------------------------------------------------------------------------|

|   | (a) | completion      of a distribution of the Crosshair Shares and Crosshair Warrants to UUL’s      shareholders; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (b) | release      of all of the Crosshair Shares and Crosshair Warrants from escrow in      accordance with the terms of the Escrow Agreement, as more particularly      described in section 4.4. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | On      Closing, UUL shall enter into an escrow agreement in the form of Schedule      “C” in respect of the Crosshair Shares and Crosshair Warrants (the “Escrow      Agreement”). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | Pursuant      to the terms of the Escrow Agreement, the Crosshair Shares and Crosshair      Warrants will be released to UUL in equal tranches in three (3) month      intervals, with the |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | initial      distribution occurring on the date which is three (3) months after the      Closing Date and the final distribution occurring on the date which is two      (2) years after the Closing Date. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | The      Escrow Agreement shall expire upon the first to occur  of: |
|-----|---------------------------------------------------------------------|

|   | (a) | completion      of a distribution of the Crosshair Shares and Crosshair Warrants to UUL’s      shareholders; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (b) | release      of all of the Crosshair Shares and Crosshair Warrants from escrow in      accordance with the terms of the Escrow  Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | NET SMELTER RETURN      (NSR) ROYALTY |
|----|---------------------------------------|

| 5.1 | UUL will      prior to Closing reserve to itself from the transfer of the Claims      contemplated by this Agreement an interest in the Claims by way of a 2%      royalty in respect of 60% of production from the Claims calculated and      payable in accordance with the terms set out in Schedule E (the “Royalty”), which      Royalty shall comprise an interest in, run with, bind and touch the      mineral lands comprised in the transferred Claims, including any renewal      thereof and any other form of successor or substitute title therefore,      including for the sake of certainty any mineral lease or mineral grant      arising therefrom. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Crosshair may, at any time and at its sole      election, elect by delivery of a written notice to UUL, to purchase      25% of the Royalty in exchange for a lump sum      payment of $1,000,000, thereby      reducing the Royalty from a 2.0% royalty to a 1.5%      royalty. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | Crosshair      acknowledges and agrees that the Royalty to be retained by UUL is a direct      interest in the Claims and in the ores mined from the Claims, provided      that such interest shall be satisfied and shall be terminated with respect      to any such ores by payment of the amount of the Royalty relating      thereto.  Notwithstanding that the Royalty is an interest in the      Claims and the ores removed therefrom, the nature, extent and timing of      all work relating to the Claims and their exploration, development or      operation, including, without limitation, the timing for the commencement,      suspension or termination of any such work and the treatment and      disposition of any ore removed from the Claims, shall all be in the      discretion of Crosshair. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | If the Claims are converted into mining leases or      some other form of mineral tenure, the provisions of this section      5 shall continue to apply to such mining leases or      other form of mineral tenure as though each reference in this section      5 to Claims was a reference to such mining leases      or other form of mineraltenure. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | SETTLEMENT AND      RELEASE |
|----|-----------------------------|

| 6.1 | On      Closing, UUL, Silver Spruce and Crosshair shall have entered into a      settlement and release agreement substantially in the form attached hereto      as Schedule G, wherein Silver Spruce will agree to pay UUL $250,000 in      return for UUL and Crosshair releasing Silver Spruce from all claims      arising under the PAA (the “Settlement and Release      Agreement”). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | RIGHT TO      REPRESENTATION ON CROSSHAIR BOARD OF  DIRECTORS |
|----|---------------------------------------------------------------|

| 7.1 | The      Parties agree that they will use their best efforts, subject to any      required regulatory approvals, to cause Mr. Ron Atlas to be appointed as a      director of Crosshair. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | CLOSING      ARRANGEMENTS |
|----|---------------------------|

| 8.1 | The      Closing shall take place at 10:00 a.m. (Vancouver time) on the Closing      Date at the offices of Blake, Cassels & Graydon LLP, Suite 2600, 595      Burrard Street, Vancouver, B.C., or such other time on the Closing Date as      may be agreed by the Parties. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | At      the Closing, UUL shall deliver or cause to be delivered to      Crosshair: |
|-----|------------------------------------------------------------------------------------|

|   | (a) | a      certified true copy of the resolutions of UUL evidencing that the Board of      Directors of UUL has approved this Agreement and all of the transactions      of UUL contemplated hereunder; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      form of document satisfactory to Crosshair, acting reasonably, duly      executed by UUL for the transfer of UUL’s Interest in the Claims to      Crosshair and where, applicable, UUL will file and record such instruments      of conveyance and transfer with the appropriate governmental authorities      (all filing fees to be paid byUUL); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Escrow Agreement, attached hereto as Schedule “C”, duly executed by UUL,      for the escrow of the Crosshair Shares and Crosshair Warrants issued to      UUL; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      Voting Trust Agreement, attached hereto as Schedule “D”, duly executed by      UUL, for the voting by UUL of the Crosshair Shares subject to the Escrow      Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      Assignment and Assumption Agreement, attached hereto as Schedule “F”, duly      executed by UUL, for the transfer of UUL’s rights and obligations under      the PAA; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | a      certificate of a senior officer of UUL (without personal liability) dated      as of the Closing Date certifying that the representations and warranties      of UUL contained herein are true and correct in all material respects as      of the date made and as of the ClosingDate; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | originals      or copies of all documents, data, maps, books, records, results and other      material related to the Claims in the possession of  UUL; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | favourable      legal opinions of legal counsel to UUL, addressed to Crosshair and dated      as of the Closing Date, in the form and content acceptable to Crosshair      acting reasonably; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | such      other documents as Crosshair may reasonably  request. |
|--------|-----|-----------------------------------------------------------------|

| 8.3 | At      Closing, Crosshair shall deliver or cause to be  delivered: |
|-----|---------------------------------------------------------------------|

----

|   | (a) | certified      true copies of the resolutions of the directors of Crosshair evidencing      the approval of this Agreement and all of the transactions of Crosshair      contemplated hereunder; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      certificate or certificates representing the Crosshair Shares registered      in the name of UUL; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (c) | a      certificate or certificates representing the Crosshair Warrants registered      in the name of UUL; |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (d) | a      form of document satisfactory to UUL, acting reasonably, evidencing that      the Bridge Loan is forgiven and the Security is  released; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      Escrow Agreement, attached hereto as Schedule “C”, duly executed by      Crosshair, for the escrow of the Crosshair Shares and Crosshair Warrants      issued to UUL; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      Voting Trust Agreement, attached hereto as Schedule “E”, duly executed by      Crosshair, for the voting by UUL of the Crosshair Shares subject to the      Escrow Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the      Assignment and Assumption Agreement, attached hereto as Schedule “F”, duly      executed by Crosshair, for the transfer of UUL’s rights and obligations      under the PAA; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | a      certificate signed by a senior officer of Crosshair (without personal      liability) dated as of the Closing Date certifying that the      representations and warranties of Crosshair contained herein are true and      correct in all material respects as of the date made and as of the Closing      Date; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | such      favourable legal opinions of legal counsel to Crosshair, addressed to UUL      and dated as of the Closing Date, in the form and content acceptable to      UUL; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | such      other documents as UUL may reasonablyrequest. |
|--------|-----|---------------------------------------------------------|

| 9. | CONDITIONS OF      CLOSING |
|----|----------------------------|

| 9.1 | Crosshair      shall not be obligated to complete the Acquisition pursuant to this      Agreement unless, at or before the Closing, each of the conditions listed      below in this section 9.1 have been satisfied, it being understood that      the said conditions are for the exclusive benefit of      Crosshair: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      representations of UUL in this Agreement shall be true and correct in all      material respects at the Closing; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (b) | UUL      shall have performed and complied in all material respects with the terms      and conditions of this Agreement on its part to be performed or complied      with at or before Closing and shall have executed or delivered to      Crosshair at the |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | Crosshair’s      due diligence review of UUL and the Claims does not demonstrate the      existence of an material undisclosed fact regarding UUL or the Claims or      the material inaccuracy of a representation or warranty of UUL as set out      in section 2; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | during      the Interim Period, there shall have been no Material Adverse Change with      respect to the Claims or UUL; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (e) | during      the Interim Period, there shall have been no Order made or any Legal      Proceedings commenced or threatened for the purpose, or which could have      the effect, of enjoining, preventing or restraining the completion of the      transactions contemplated by this Agreement;and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | all      regulatory approvals and consents to the transactions contemplated by this      Agreement shall have been obtained and be in full force and effect,      including the approval of any stock exchange that the securities of the      Parties are listed on. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | If      any condition in section 9.1 has not been fulfilled at or before Closing      or if any such condition is or becomes impossible to satisfy, other than      as a result of the failure of Crosshair to comply with its obligations      under this Agreement, then Crosshair may in its sole discretion, without      limiting the rights or remedies available to Crosshair at law or in      equity, either: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | terminate      this Agreement by notice to UUL; or |
|--------|-----|----------------------------------------------------|

|   | (b) | waive      compliance with any such condition without prejudice to its right of      termination in the event of non-fulfillment of any other      condition. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | UUL      shall not be obligated to complete the transactions contemplated by this      Agreement unless, at or before Closing, each of the conditions listed      below in this section 9.3 has been satisfied, it being understood that the      said conditions are included for the exclusive benefit of    UUL: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      representations of Crosshair in this Agreement shall be true and correct      in all material respects at theClosing; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Crosshair      shall have performed and complied in all material respects with the terms      and conditions of this Agreement on its part to be performed or complied      with at or before Closing and shall have executed or delivered to UUL at      the Closing all of the documents contemplated in section 8.3 and elsewhere      in this agreement; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | UUL’s      due diligence review of Crosshair does not demonstrate the existence of a      material undisclosed fact regarding Crosshair or the material inaccuracy      of a representation and warranty of Crosshair as set out in section      2; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | during      the Interim Period, there shall have been no Order made or any Legal      Proceedings commenced or threatened for the purpose, or which could have      the effect, of enjoining, preventing or restraining the completion of the      transactions contemplated by this Agreement;and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | all      regulatory approvals and consents to the transactions contemplated by this      Agreement shall have been obtained and be in full force and effect,      including the approval of any stock exchange that the securities of the      Parties are listed on. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.4 | If      any condition in section 9.3 has not been fulfilled at or before Closing      or if any such condition is or becomes impossible to satisfy, other than      as a result of the failure of UUL to comply with its obligations under      this Agreement, then UUL may in its sole discretion, without limiting the      rights or remedies available to UUL at law or in equity,      either: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | terminate      this Agreement by notice to Crosshair;or |
|--------|-----|---------------------------------------------------------|

|   | (b) | waive      compliance with any such condition without prejudice to its right of      termination on the event of non-fulfillment of any other      condition. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | ACTION DURING INTERIM      PERIOD |
|-----|-----------------------------------|

| 10.1 | During      the Interim Period, UUL shall operate all business related to the Claims      and the PAA in the ordinary course of business and in compliance with all      applicable Laws. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | During      the Interim Period UUL shallnot: |
|------|----------------------------------------------|

|   | (a) | dispose      of, grant any interest in or encumber any of the  Claims; |
|--------|-----|------------------------------------------------------------------------|

|   | (b) | enter      into any contract or any other transaction that could affect any of the      Claims, except with the prior written consent of  Crosshair; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | terminate,      cancel, modify or amend in any respect any contract related to the Claims      or take or fail to take any action that would entitle any party to a      contract related to the Claims to terminate, modify, cancel or amend such      contract; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | agree,      commit or enter into any understanding to take any action set out in      paragraphs (a), (b) or (c) of this section10.2. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| 11. | SHARING OF AND      CONFIDENTIAL NATURE OF      INFORMATION |
|-----|-------------------------------------------------------------|

| 11.1 | Upon      execution of this Agreement, UUL will forthwith make available to      Crosshair all technical, engineering, environmental data and reports on      the Claims in its possession including, but not limited to: engineering      reports, geological, geochemical and geophysical survey data and reports,      environmental data and reports and all correspondence between UUL and the      Newfoundland government or otheragencies. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Pursuant      to the Crosshair’s due diligence investigation and UUL’s due diligence      investigation, Crosshair and UUL each will disclose and make available to      the other |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | is      in possession or control of a Party prior to disclosure by the other      Party; |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (b) | is      in the public domain prior to such disclosure;  or |
|--------|-----|------------------------------------------------------------|

|   | (c) | lawfully      enters the public domain through no violation of this      Agreement. |
|--------|-----|-------------------------------------------------------------------------------------|

| 11.3 | For      the twelve month period commencing on the effective date of the this      Agreement, neither Party will directly or indirectly use any Confidential      Information for its benefit, the benefit of any third party or to the      detriment of the other Party or disclose Confidential Information to any      third party, except as provided in this section 11.3. Notwithstanding the      foregoing, either Party may disclose Confidential Information      to: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | its      officers, directors, employees, affiliates, agents, attorneys,      accountants, consultants, contractors, subcontractors or advisors in      connection with the performance of the Parties under this      Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      third party to or with which such Party contemplates its sale, merger or      amalgamation, provided that in any such case only such Confidential      Information as such third party shall have a legitimate business need to      know shall be disclosed and the Person to whom disclosure is made shall      first undertake in writing to protect the confidential nature of such      information at least to the same extent as the parties are obligated under      this section 11; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      extent required by law or the applicable rules of a stock exchange or      Government Authority, and then only after giving the other Party      reasonable advance notice of the intended disclosure so that such Party      can seek a protective order. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.4 | A      Party disclosing Confidential Information will be responsible and liable      for any use or disclosure of the Confidential Information in violation of      this Agreement by the persons to whom it makes such      disclosures. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5 | In      addition to all of its other remedies at law or in equity for a breach of      the foregoing use and confidentiality obligations, each Party will have      the right to obtain an injunction to prevent the use or disclosure of      Confidential Information in violation of the terms of this      Agreement. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.6 | Effective      upon Closing, all Confidential Information relating to the Claims will be      deemed to be Confidential Information of  Crosshair. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.7 | Neither      Party shall make announcements regarding the Acquisition and other      transactions contemplated herein prior to Closing which has not been      previously reviewed and commented on by the other Party, except that a      Party may make press releases or filings with a regulatory authority if      counsel for such Party advises that such press release or filing is      necessary in order to comply with applicable Law or the rules and policies      of any securities regulatory authority having jurisdiction over such      Party, in which case such Party will first make a reasonable effort to      obtain the prior approval of the other Party, such approval not to be      unreasonably withheld ordelayed. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | REGISTRATIONS |
|-----|---------------|

| 12.1 | The      Parties agree to have this Agreement registered against title to the      Claims with the Mineral Claims Recorder (Newfoundland and Labrador) as      soon as practicable afterClosing. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | UUL      shall have the right to register against title to the Claims with the      Mineral Claims Recorder (Newfoundland and Labrador) against title to the      Claims and, if the Claims are converted into leases or some other form of      mineral tenure, to register against title to such leases or other forms of      mineral tenure, such forms of notice, caution or other documents that UUL      may consider necessary or desirable to give notice to third parties of      UUL’s reservation of the Royalty and to protect UUL’s right to receive the      Royalty.  Crosshair consents to such registrations and shall      cooperate as may be reasonably required by UUL with respect to      accomplishing the same. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | NOTICES |
|-----|---------|

| 13.1 | Any      notice, direction or other instrument required or permitted to be given      under this Agreement will be in writing and may be given by the delivery      of the same or by mailing the same by prepaid registered or certified mail      or by sending the same by telegram, telex, telecommunication, facsimile or      other similar form of communication, in each case addressed as      follows: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | If      to UUL at: |
|--------|-----|--------------------|

|   | (b) | If      to Crosshair at: |
|--------|-----|--------------------------|

----

| 13.2 | Any      notice, direction or other instrumentwill: |
|------|-----------------------------------------------------|

|   | (a) | if      delivered, be deemed to have been given and received on the day it was      delivered; and |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (b) | if      sent by telecommunication, facsimile or other similar form of      communication, be deemed to have been given and received on the business      day following the day it was sosent. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3 | A      Party may at any time give to the other Party notice in writing of any      change of address of the Party giving such notice and from and after the      giving of such notice the address or addresses therein specified will be      deemed to be the address of such Party for the purposes of giving notice      hereunder. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | TERMINATION |
|-----|-------------|

| 14.1 | Other      than the provisions of this Agreement which explicitly survive      termination, and other than sections 2.3, 9.1 and 9.3, this Agreement will      terminate: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | upon      the written agreement of the Parties to terminate;  or |
|--------|-----|------------------------------------------------------------------|

|   | (b) | if      the conditions in section 9 are not satisfied or waived by July 31, 2008,      or such later date as may be agreed to by the  Parties. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | FORCE      MAJEURE |
|-----|--------------------|

| 15.1 | The      obligations of a Party shall be suspended to the extent and for the period      that performance is prevented by any cause, whether foreseeable or      unforeseeable, beyond its reasonable control, including without      limitation, labour disputes (however arising and whether or not employee      demands are reasonable or within the power of the Party to grant); acts of      God; laws, instructions or requests of any government or governmental      entity; judgments or orders of any court; inability to obtain on      reasonably acceptable terms any public or private licence, permit or other      authorisation; curtailment or suspension of activities to remedy or avoid      an actual or alleged, present or prospective violation of Environmental      Laws; action or inaction by any federal, provincial or local agency that      delays or prevents the issuance or granting of any approval or      authorisation required to conduct operations beyond the reasonable      expectations of the Party seeking the approval or authorisation; acts of      war or conditions arising out of or attributable to war, whether declared      or undeclared; riot; civil strife, terrorism, insurrection or rebellion;      fire, explosion, earthquake; delay or failure by suppliers or transporters      of materials, parts, supplies, services or equipment or by contractors’ or      subcontractors’ shortage of, or inability to obtain, labour,      transportation, materials, machinery, equipment, supplies, utilities or      services; accidents; breakdown of equipment, machinery or facilities;      actions by native rights groups, environmental groups, or other similar      special interest groups; or |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | any      other cause whether similar or dissimilar to the foregoing (an “Intervening Event”).      Notwithstanding any of the foregoing, lack of funds or inability to raise      financing shall not be considered force majeure events for the purposes of      this section 15.1. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2 | A      Party relying on the provisions of section 15.1 will promptly give      written notice to the other Parties of the particulars of the Intervening      Event and all time limits imposed by this Agreement will be extended from      the date of delivery of such notice by a period equivalent to the period      of delay resulting from an InterveningEvent. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3 | A      Party relying on the provisions of section 15.1 will take all      reasonable steps to eliminate any Intervening Event and, if possible, will      perform its obligations under this Agreement as far as commercially      practical, but nothing herein will require such Party to settle or adjust      any labour dispute or to question or to test the validity of any law,      rule, regulation or order of any duly constituted governmental authority      or to complete its obligations under this Agreement if an Intervening      Event renders completion commercially impracticable.  A Party      relying on the provisions of section 15.1 will give written notice to      the other Parties as soon as such Intervening Event ceases to      exist. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | DEFAULT |
|-----|---------|

|   | 16.1 | Notwithstanding      anything in this Agreement to the contrary, if any Party (a “Defaulting Party”) is in      default of any requirement herein set forth any other Party may give      written notice to the Defaulting Party specifying the default and the      Defaulting Party will not lose any rights under this Agreement, unless      within 10 days after the giving of  the first notice of      default by the other Party the Defaulting Party has failed to take      reasonable steps to cure the default by the appropriate performance and if      the Defaulting Party fails within such period to take reasonable steps to      cure any such default, the other Party will be entitled to seek any remedy      it may have on account of such default, which remedies shall include      terminating this Agreement and/or seeking the remedies of specific      performance, injunction or damages. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | GENERAL |
|-----|---------|

|   | 17.1 | The      Parties will execute such further and other documents and do such further      and other things as may be necessary or convenient to carry out and give      effect to the intent of thisAgreement. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.2 | Time      will be of the essence in the performance of this    Agreement. |
|--------|------|---------------------------------------------------------------------------|

|   | 17.3 | This      Agreement may not be assigned by either Party prior to the      Closing.  Thereafter, this Agreement may be assigned by either      Party with the prior written consent of the other Party, which will not be      unreasonably withheld, and will enure to the benefit of and be binding      upon the Parties and their respective successors and permitted      assigns. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.4 | Crosshair      shall not sell, assign, transfer, mortgage, encumber or otherwise dispose      of the whole or any part of its right, title and interest in and to the      Interest unless the proposed transferee first agrees with and for the      benefit of UUL: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | to      assume all of the obligations of Crosshair under this Agreement in respect      of the portion of the Interest disposed of to the transferee, including      without limitation the obligations of Crosshair in respect of payment of      the Royalty; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | not      to sell, assign, transfer, mortgage or otherwise dispose of the whole or      any part of its right, title and interest in and to the Interest unless      the proposed transferee first enters into a covenant with and for the      benefit of UUL on the terms of this section 17.4 with UUL or its      successors or assigns, as the case maybe. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.5 | This      agreement (including the Schedules thereto) constitutes the entire      agreement between the Parties and, except as hereafter set out, replaces      and supersedes the Letter Agreement and all prior agreements, memoranda,      correspondence, communications, negotiations and representations, whether      oral or written, express or implied, statutory or otherwise between the      Parties with respect to the subject matter herein.  There are no      implied covenants contained in thisAgreement. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.6 | In      the event of any sale, assignment, transfer, pledge, hypothecation or      disposition of any legal or equitable interest of any nature or kind      whatsoever by Crosshair of any interest in the Claims to a party other      than Silver Spruce (a “Third Party Purchaser”),      Crosshair shall: |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | furnish      to the Third Party Purchaser a true copy of the  PAA; |
|--------|-----|--------------------------------------------------------------------|

|   | (b) | procure      the Third Party Purchaser’s written novation agreement in favour of Silver      Spruce that the Third Party Purchaser shall be bound by the terms, rights,      obligations and burdens of the PAA as if it were a party thereto in the      place and stead of Crosshair; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | ensure      that in any agreement and deed of sale, assignment or disposition of any      nature to a Third Party Purchaser a covenant to the same obligation and      effect as this section 17.5 which would oblige the Third Party Purchaser      and its successors and assigns is contained therein and that any such      agreement, deed of sale, assignment or disposition is registered at the      public registries in which it is required or customary to register mining      agreements pertaining to land. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.7 | The      representations, warranties, covenants and agreements of UUL and Crosshair      contained in this Agreement shall not merge in but shall instead survive      the execution and delivery of this Agreement and all other deeds, bills of      sale, conveyances, transfers, assignments, instruments and other documents      delivered by the parties relating to the Acquisition, whether delivered on      or after the Closing. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.8 | This      agreement will be governed by and construed according to the laws of      British Columbia and the federal laws of Canada applicable      therein. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.9 | This      agreement may only be amended by the written agreement of the Parties      hereto and their permitted successors and permitted    assigns. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.10 | All      costs and expenses, including legal fees and disbursements, incurred in      connection with the negotiation and preparation of this Agreement and the      consummation of transactions contemplated hereby shall be borne by the      Party that incurred same. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.11 | This      agreement may be executed by facsimile and in one or more counterparts,      each of which shall be deemed to be an original but each of which shall      constitute one and the sameinstrument. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |                                 |
|--------|--------------------------------------|
| By:    | “William      Galine”    |
|   | Name:      William Galine            |
|   | Title:      Executive Vice-President |
|   |                                 |

|   |                                   |
|--------|----------------------------------------|
| By:    |  “Mark      Morabito” |
|   | Name:      Mark Morabito               |
|   | Title:      Chief Executive Officer    |
|   |                                   |

----

----

----

----

----

|            |                                                |
|-----------------|-----------------------------------------------------|
| A      M O N G: |                                                |
|            | UNIVERSAL      URANIUM LTD.                    |
|            | (“UUL”)                                 |
|            |        OF      THE FIRST PART             |
|            | -      and -                                   |
|            | COMPUTERSHARE      INVESTOR SERVICES INC.      |
|            | (the      “Escrow      Agent”)          |
|            |        OF      THE SECOND PART            |
|            | -      and -                                   |
|            | CROSSHAIR      EXPLORATION & MINING CORP.  |
|            | (“Crosshair”)                           |
|            |        OF      THE THIRD PART             |

----

|   | (a) | as      a dividend or other distribution on the Subject  Securities; |
|--------|-----|----------------------------------------------------------------------|

|   | (b) | on      the exercise of a right of purchase, conversion or exchange attaching to      the Subject Securities; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (c) | on      a subdivision or compulsory or automatic conversion or exchange of the      Subject Securities; or |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (d) | from      a successor issuer in a businesscombination; |
|--------|-----|--------------------------------------------------------|

----

| Release Dates                               | Total      Number of Crosshair Shares to be Released  | Total      Number of Crosshair Warrants to be Released |
|---------------------------------------------|------------------------------------------------------------|--------------------------------------------------------|
| 3      months following the Effective Date  | 1,428,000                                                  | 1,071,000                                              |
| 6      months following the Effective Date  | 1,428,000                                                  | 1,071,000                                              |
| 9      months following the Effective Date  | 1,428,000                                                  | 1,071,000                                              |
| 12      months following the Effective Date | 1,429,000                                                  | 1,071,000                                              |
| 15      months following the Effective Date | 1,429,000                                                  | 1,071,000                                              |
| 18      months following the Effective Date | 1,429,000                                                  | 1,071,000                                              |
| 24      months following the Effective Date | 1,429,000                                                  | 1,074,000                                              |
| TOTAL                                       | 10,000,000                                                 | 7,500,000                                              |

----

----

|   | (a) | If      to UUL at: |
|--------|-----|--------------------|

|   | (b) | If      to Crosshair at: |
|--------|-----|--------------------------|

|   | (c) | If      the Escrow Agent at: |
|--------|-----|------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| UNIVERSAL      URANIUM LTD.                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                   |
| By:                                                                                                                                                                                                                                                                                                                                   |
| Name:                                                                  |
| Title:                                                                 |
| COMPUTERSHARE      INVESTOR SERVICES INC.                                                                                                                                                                                                                                                                                                                                                         |
| By:                                                                                                                                                                                                                                                                                                                                             |
| Authorized Signatory                                                                                                                                                                                                                                                                                                                                                                              |
| By:                                                                                                                                                                                                                                                                                                                                             |
| Authorized Signatory                                                                                                                                                                                                                                                                                                                                                                              |
| CROSSHAIR      MINING & EXPLORATION CORP.                                                                                                                                                                                                                                                                                                                                                     |
| By:                                                                                                                                                                                                                                                                                                                                   |
| Name:                                                                                                                                                                                                                                                                                                                                                                                                  |
| Title:                                                                                                                                                                                                                                                                                                                                                                                                 |

----

| Crosshair      Shares          |
|-------------------------------------|
| Number      ofCrosshair      Shares | CertificateNumber |
| 10,000,000                          | [·] |

| Crosshair      Warrants     |
|----------------------------------|
| Number      ofCrosshair Warrants | CertificateNumber |
| 1,071,000                        | 1 |
| 1,071,000                        | 2 |
| 1,071,000                        | 3 |
| 1,071,000                        | 4 |
| 1,071,000                        | 5 |
| 1,071,000                        | 6 |
| 1,074,000                        | 7 |

----

|     |                                                                                                                                                                                                              |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| BETWEEN: |                                                                                                                                                                                                              |
|     | CROSSHAIR EXPLORATION &      MINING CORP., a corporation existing under the laws of British      Columbia, having its head office at Suite 1240- 1140 West Pender Street,      Vancouver, B.C., V6E 4G1  |
|     | (“Crosshair”)                                                                                                                                                                               |
| AND:     |                                                                                                                                                                                                              |
|     | UNIVERSAL URANIUM LTD.,      a corporation existing under the laws of British Columbia, having its head      office at Suite 600-595 Howe Street, Vancouver, British Columbia, V6C      2T5                  |
|     | (“UUL”)                                                                                                                                                                                               |

----

----

|   |                          |
|--------|-------------------------------|
| By:    |  _______________________ |
|   | Name:                         |
|   | Title:                        |

----

|   |                     |
|--------|--------------------------|
| By:    | ________________________ |
|   | Name:                    |
|   | Title:                   |

----

----

|   | (a) | any      smelter and/or refining charges; |
|--------|-----|-------------------------------------------|

|   | (b) | government      imposed production and ad valorem taxes (excluding taxes on      income); |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (c) | treatment      charges, penalties and any and all charges made by the purchaser of the      Products; |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (d) | any      and all transportation and insurance costs which may be incurred in      connection with the transportation of the Products from the Claims or from      a concentrator, whether situated on or off the Claims, to a smelter,      refinery or other place of treatment;and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | all      umpire charges on the Products. |
|--------|-----|------------------------------------------|

|   | (a) | Arm’s      Length Provision |
|--------|-----|-----------------------------------|

|   | (b) | Payment      of the Net Smelter Returns Royalty |
|--------|-----|-------------------------------------------------|

----

|   | (c) | Provisional      Payments |
|--------|-----|---------------------------|

|   | (d) | Adjustments |
|--------|-----|-------------|

|   | (i) | Any      adjustments to charges, costs, deductions or expenses imposed upon or      given to the Payor but not taken into account in determining previous      royalty payments; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Any      adjustments in the number of appropriate units of measurement of Products,      beneficiated by the Payor, or previously credited to the Payor by a      smelter, refiner or bona fide purchaser of Products shipped or sold by the      Payor; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Any      adjustments in mineral content and average percentage recovery;      and |
|--------|-------|-----------------------------------------------------------------------------------|

|   | (iv) | Any      payments that have not otherwise been credited against previous royalty      payments. |
|--------|------|-------------------------------------------------------------------------------------------------|

|   | (e) | Practices      and Procedures |
|--------|-----|-------------------------------|

|   | (f) | Annual      Final Report |
|--------|-----|--------------------------|

----

|   | (g) | Audit      Right |
|--------|-----|------------------|

|   | (h) | Assignment      by Payor |
|--------|-----|--------------------------|

|   | (i) | Assignment      by Royalty Holder |
|--------|-----|-----------------------------------|

----

|   | (i) | the      amount of any Net Smelter Returns Royalty payable hereunder shall be      settled only with the Royalty Holder or an authorized nominee (herein      collectively called the “Nominee”) as designated by notice to the Payor      (such notice to be executed by all parties entitled to receive any part of      the Net Smelter Returns Royalty), and such settlement shall be final and      binding upon all interested parties and the Payor shall not be required to      make any accounting to any person save such  Nominee; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | payment      of the Net Smelter Returns Royalty shall be made only to or to the order      of the Nominee “In Trust” and such payment shall constitute a full and      complete discharge to the Payor and it shall have no obligation to see to      the distribution of any suchpayment; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      Payor may settle disputes arising hereunder with the Nominee and such      settlement shall be final and binding upon all interested      parties; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      Payor may rely upon any direction, advice or authorization signed by the      Nominee and may act thereon as if the same was signed by all interested      parties; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the      Payor shall not be required to deal with any person except the Nominee.      Each interested party shall exercise all of their respective rights only      through the Nominee and shall require each of their respective assignees      to agree in writing to be bound by the provisions  hereof. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | Net      Smelter Returns Royalty an Interest inLand |
|--------|-----|-----------------------------------------------------|

|   | (k) | Nature      of Net Smelter Returns Royalty |
|--------|-----|--------------------------------------------|

|   | (l) | Purchase      of Net Smelter Returns Royalty |
|--------|-----|----------------------------------------------|

----

----

|     |                                                                                                                                                                                                                              |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| BETWEEN: |                                                                                                                                                                                                                              |
|     | UNIVERSAL URANIUM LTD., a corporation existing under the laws of      British Columbia, having its head office at Suite 600-595 Howe Street,      Vancouver, British Columbia, V6C 2T5                                       |
|     | (the      “Assignor”)                                                                                                                                                                                            |
|     |  OF THE FIRST      PART                                                                                                                                                                                                      |
|     |  -      and -                                                                                                                                                                                                                |
|     |                                                                                                                                                                                                                              |
|     | CROSSHAIR MINING &      EXPLORATION CORP., a corporation      existing under the laws of British Columbia, having its head office at      Suite 1240-1140 West Pender Street, Vancouver, British Columbia, V6E      4G1  |
|     | (the      “Assignee”)                                                                                                                                                                                                 |
|     |  OF THE SECOND    PART                                                                                                                                                                                                       |

| 1. | Assignment.  The      Assignor hereby absolutely assigns, transfers and sets over to the      Assignee, its successors and assigns, the Assignor’s rights, interests,      benefits, duties and obligations in and relating to the PAA as of the      Effective Date. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Assumption.  The      Assignee hereby agrees to accept the assignment herein provided and to      assume as of the Effective Date, and thereupon and thereafter to be bound      by and |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | observe,      carry out, perform and fulfil all of the covenants, conditions,      obligations and liabilities of the Assignor under the PAA, to the same      extent and with the same force and effect as though the Assignee had been      named an original party to thePAA. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Third      Parties.  In the event of any sale, assignment, transfer,      pledge, hypothecation or disposition of any legal or equitable interest of      any nature or kind whatsoever by the Assignee of any interest in the      Property (as such term is defined in the PAA) to a party other than Silver      Spruce (a “Third Party      Purchaser”), the Assigneeshall: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | furnish      to the Third Party Purchaser a true copy of the  PAA; |
|--------|-----|--------------------------------------------------------------------|

|   | (b) | procure      the Third Party Purchaser’s written novation agreement in favour of Silver      Spruce that the Third Party Purchaser shall be bound by the terms, rights,      obligations and burdens of the PAA as if it were a party thereto in the      place and stead of the Assignee;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | ensure      that in any agreement and deed of sale, assignment or disposition of any      nature to a Third Party Purchaser a covenant to the same obligation and      effect as this section 3 which would oblige the Third Party Purchaser and      its successors and assigns is contained therein and that any such      agreement, deed of sale, assignment or disposition is registered at the      public registries in which it is required or customary to register mining      agreements pertaining to land. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Further      Assurances.  The      Assignor shall from time to time and at all times hereafter, promptly      execute and deliver or cause to be executed and delivered all such further      documents, deeds, assurances and instruments and shall do or cause to be      done all such further acts and things as may be reasonably required by the      Assignee to give effect to thisAgreement. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Counterparts.  This      Agreement may be executed in several counterparts, each of which so      executed shall be deemed to be an original and such counterparts together      shall be but one and the sameinstrument. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Enurement.  This      Agreement shall enure to the benefit of and be binding upon the parties      and their respective successors and permitted  assigns. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Headings      for Convenience Only.  The      division of this Agreement into articles and sections is for convenience      of reference only and shall not affect the interpretation or construction      of this Agreement. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Governing      Law.  This      Agreement shall be governed by and construed in accordance with the laws      of the Province of British Columbia and the federal laws of Canada      applicable therein and each of the parties agrees irrevocably to attorn to      the non-exclusive jurisdiction of the Courts of the Province of British      Columbia. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | Gender.  In this      Agreement, words importing the singular number shall include the plural      and vice versa, and words importing the use of any gender shall include      the masculine, feminine and neutergenders. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11. | Transmission      by Facsimile.  The parties      agree that this Agreement may be transmitted by facsimile or such similar      device and that the reproduction of signatures by facsimile or such      similar device will be treated as binding as if originals and each party      undertakes to provide the other party with a copy of the Agreement bearing      original signatures forthwith upondemand. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| UNIVERSAL URANIUM      LTD.    |
|------------------------------------------|
| Per:      ________________________  |
| Name:                                    |
| Title:                                   |

| CROSSHAIR EXPLORATION &      MINING CORP.  |
|-----------------------------------------------------|
| Per:       _______________________        |
| Name:                                               |
| Title:                                              |

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