URSA Major Minerals Incorporated

URSA Major Minerals Incorporated

February 27, 2009 16:25 ET

URSA Major Minerals Amends Option Agreement on Nickel Offsets Property and Plans Exploration Program at Past-Producing Nickel Offsets Mine, Sudbury, Ontario

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2009) -


URSA Major Minerals Incorporated ("URSA Major" or the "Company") (TSX:UMJ) announces that it has amended the terms of an option agreement with United Reef Limited ("United Reef")(TSX VENTURE:URP) to extend the time to complete an initial $250,000 exploration program on the Nickel Offsets Property from March 28, 2009 to October 28, 2009. URSA Major has an option to earn a 70% interest in United Reef's 100% owned Nickel Offsets property, located 40 km northwest of Sudbury, Ontario. (See March 6, 2008 press release for the terms of the option agreement.)

URSA Major's exploration is planned to include a five hole, 1,800 meter diamond drilling program to explore potential sulphide bearing environments within the Foy Offset dyke, all occurring in close proximity to the existing workings of the former Nickel Offset No.1 Mine. Prior to drilling, bore hole geophysical surveys will be carried out to test for conductive targets. The drilling program is anticipated to commence in early summer and is to be completed by October 28, 2009.

The Nickel Offsets Property is located in Foy Township, Ontario and consists of twelve contiguous patented mining claims and five unpatented mining claims covering 358 ha (884 acres). The property hosts the past-producing Nickel Offsets (Ross) Mine which between 1941 and 1957 produced 208,551 tons of nickel and copper ore with reported recoveries of 4.58 million lbs of nickel and 3.32 million lbs of copper. The past-producing mine was developed with two shafts to a maximum depth of 1,599 ft (487 m). The property covers a 2.25 km strike length of the Foy Offset Dike which is part of the Sudbury basin.

Richard Sutcliffe, URSA Major's CEO stated "The planned exploration program at Nickel Offsets will target high-grade nickel-copper mineralization and complements our primary asset at the Shakespeare Nickel Project. At Shakespeare, we are evaluating opportunities to reduce operating costs and monitoring market conditions to determine when a start-up of open pit mining could occur. Over the past three months we have significantly strengthened URSA Major's balance sheet, repaid all outstanding debentures, and are looking forward to advancing our projects."

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. URSA Major will be exhibiting at the PDAC Convention Investor's Exchange on March 1 to 4, 2009 at the Metro Toronto Convention Center, Toronto, Ontario. Please come by and visit us at Booth #2926.

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.

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