URSA Major Minerals Incorporated

URSA Major Minerals Incorporated

July 13, 2010 08:30 ET

URSA Major Minerals Achieves Full Budgeted Nickel/Copper Ore Production and Grade at Its Shakespeare Nickel Mine in Sudbury Area, Ontario

TORONTO, ONTARIO--(Marketwire - July 13, 2010) -


URSA Major Minerals Incorporated ("URSA Major") (TSX:UMJ) is pleased to announce that the Shakespeare Nickel Mine has achieved the full budgeted output and grade since resuming operations in June. To date in 2010, 58,000 tonnes of ore have been delivered to Xstrata Nickel. The ore shipped in May and June 2010 averaged 0.40% nickel, 0.45% copper, 0.025% cobalt and 1.04 g/t precious metals which is above the average budgeted grade for 2010. To the end of 2010, URSA Major anticipates the production of approximately 208,000 tonnes of ore from the Shakespeare Mine and contained metals are anticipated to total approximately 1,055,000 pounds of nickel, 1,677,000 pounds of copper, 55,000 pounds of cobalt and 3,100 ounces of precious metals. The recovered and contained metals are subject to smelter recoveries and to further smelter deductions.

Richard Sutcliffe, President and CEO commented, "We are extremely pleased with the operations success achieved at the Shakespeare Mine and our team, lead by Eric Loch, Operations Manager, has worked diligently to accomplish this task. We believe that our metal production budget for the balance of 2010 can be met and, provided that metal prices and exchange rates remain consistent with budget, we can generate the estimated net revenue in excess of $10/tonne. The Company expects to use a portion of cash flow from the sale of metals produced from the Shakespeare Mine to fund some of the planned exploration program on its nickel and copper properties. We are currently planning to resume drilling on at the past-producing Nickel Offsets property to confirm shallow, high-grade, massive sulphide mineralization and test conductive targets. The cash flow from the Shakespeare Mine combined with our successful exploration record will place URSA Major in a strong position for growth." See April 21, 2010 press release for production guidance and budgets.

URSA Major is a Canadian mining company with two nickel sulphide projects containing significant NI43-101 compliant nickel and copper reserves and resources. The Company is focused on demonstrating profitable operations at the Shakespeare Mine and growing its nickel, copper and platinum group metal (PGM) deposits through exploration and development, primarily in Ontario, Canada.

URSA Major's Annual and Special Meeting will be held on July 22, 2010 at 4 pm. Vote by phone or internet according to the instructions on your proxy, or send your proxy by fax to Equity Transfer & Trust Company at 416-361-0470, or deliver to Equity Transfer & Trust Company, Suite 400, 200 University Avenue, Toronto, Ontario, M5H 4H1. Proxies must be received by Equity Transfer & Trust Company before Tuesday July 20 at 4 pm. All votes are important to us, please vote as soon as possible. If you are not sure how to vote please call the URSA Major office at 416-864-0615.

This release was prepared by management of the Company who takes full responsibility for its contents. 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.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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