URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

January 10, 2008 13:47 ET

URSA Major Minerals Resumes Test Mining and Begins Extraction of Second 50,000 Tonne Ore Batch from Shakespeare Nickel Project, Sudbury Area, Ontario

TORONTO, ONTARIO--(Marketwire - Jan. 10, 2008) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY U.S. NEWS WIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES.

URSA Major Minerals Incorporated ("URSA Major") (TSX:UMJ) is pleased to announce that the extraction of a second 50,000 tonne batch of ore is underway at the Shakespeare Nickel Project, located 70 kilometres west of Sudbury, Ontario. URSA Major has contracted Pioneer Construction Limited ("Pioneer") to carry out the mucking, crushing and haulage of the 50,000 tonne ore batch. Pioneer will haul the ore from URSA Major's Shakespeare Project to Xstrata Nickel's Strathcona mill for processing.

The drilling and blasting of this batch of ore is currently in progress has been contracted to Castonguay, G.P. Haulage of crushed Shakespeare ore to the Strathcona mill is planned to start in approximately two weeks. The batching of ore through the mill is expected to take place on or about April 1, 2008, subject to confirmation of Xstrata Nickel's milling schedule and weekly production profile. As previously reported, immediately after the batch sample, Xstrata Nickel has agreed to treat Shakespeare ore at the Strathcona Mill on a blended basis. The initial target blending rate is 500 tonnes/day and this may be increased.

Richard Sutcliffe, URSA Major's CEO, stated "This batch of ore will provide further data on recovery and deposit grade, while the subsequent ongoing ore blending will ensure steady cash flow. We can expect to process a minimum of 185,000 tonnes of ore in 2008, and possibly more. Based on the performance of the bulk sample processed in 2007, it is expected that ore processed in 2008 should produce contained metals in concentrate of approximately 1,000,000 lbs of nickel, 1,500,000 lbs of copper, 50,000 lbs of cobalt and 3,200 ounces of precious metals." The recovered and contained metals are subject to smelter recoveries and to further smelter deductions.

URSA Major is an emerging mining company that is focused on growth through nickel, copper, and precious metal exploration and development, primarily in Ontario, Canada. Shares of URSA Major trade on the Toronto Stock Exchange under the symbol UMJ.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production.

This release was prepared by management of the Company who takes full responsibility for its contents. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • URSA Major Minerals Incorporated
    Richard Sutcliffe, Ph.D., P.Geo
    President & CEO
    (416) 864-0615
    (416) 864-0620 (FAX)
    Email: info@ursamajorminerals.com
    Website: www.ursamajorminerals.com
    or
    URSA Major Minerals Incorporated
    Gus Garisto
    Investor Relations
    Cell: (416) 805-3106