URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

July 26, 2005 09:54 ET

URSA Major Minerals' Announces Additional Results from Feasibility Drilling Including Thickest Intersection to Date at Shakespeare Nickel, Copper, Platinum Group Metal Deposit, Sudbury Area, ON

TORONTO, ONTARIO--(CCNMatthews - July 26, 2005) -

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 VENTURE:UMJ)is pleased to announce additional positive results from the 19 hole (2,442 meter) drilling campaign that forms part of the feasibility program at the Shakespeare nickel-copper-platinum group metal deposit, located 70 kilometers west of Sudbury, Ontario. Significant assay results for 6 holes are presented in the following table. These drill holes were designed as in-fill drilling to upgrade the existing reserve estimate with some additional holes for geotechnical purposes.

A highlight is hole U3-82 on line 5E that intersected 74 meters of mineralization. This is the widest approximate true thickness intersected to date, and includes a 9.7 meter interval of higher grade mineralization with 0.61% nickel, 0.73% copper, and 1.5 g/t precious metals. This hole continues to define a northeast plunging trough-shaped zone of thicker and higher grade mineralization at the Shakespeare deposit. As announced on July 11, 2005, results of the drilling program will be incorporated into a new reserve and resource model for the feasibility study.



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From: To: Length: Ni Cu Co
DDH (m) (m) (m) (%) (%) (%)
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U3-76 180.2 190.5 10.3 .20 .18 .017
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U3-79 62.2 74.9 12.7 .45 .44 .029
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U3-81 11.8 26.8 15.0 .18 .18 .014
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U3-82 90.0 164.2 74.2 .47 .54 .030
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Incl. 101.7 111.4 9.7 .61 .73 .037
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U3-83 49.5 105.0 55.5 .40 .44 .023
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Pt Pd Au Azim. &
DDH (g/t) (g/t) (g/t) Location(i) Incl.
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U3-76 .17 .18 .10 299E/238N 147 degrees/-74 degrees
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U3-79 .42 .46 .21 896E/53S 147 degrees/-51 degrees
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U3-81 .16 .19 .10 700E/70S 147 degrees/-50 degrees
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U3-82 .44 .54 .26 497E/132N 147 degrees/-55 degrees
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Incl. .57 .66 .30
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U3-83 .48 .53 .20 100E/200N 327 degrees/-47 degrees
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(i) Grid coordinates are in feet. U3-78 and U-03-80 were
geotechnical holes drilled into the hanging wall of the deposit.
U3-77 had no significant values.


At the Shakespeare deposit, a diluted Probable Reserve of 7,301,000 tonnes grading 0.37% nickel, 0.39% copper, 0.024 cobalt, 0.37 g/t platinum, 0.40 g/t palladium, 0.20 g/t gold has been defined by Micon International Limited in 2004 (Mr. E. Puritch, P. Eng., and Mr. T. Hennessey, P.Geo Qualified Persons). The reserve is based on an internal C$31.94 NSR cut-off and is to a maximum depth of approximately 200 meters below surface.

Drill core was split and sampled with a nominal length of 1.0 meter. Analyses were performed at SGS-XRAL Laboratories, Toronto, Ontario and Rouyn-Noranda, Quebec, using fire assay for platinum, palladium, and gold and ICP with multi-acid digestion for copper, nickel, and cobalt. Mr. Harold Tracanelli, P. Geo., is supervising the exploration program and is the Qualified Person under National Instrument 43-101. Exploration and geotechnical drilling is continuing on the property.

URSA Major has an 80% interest in the Shakespeare property. As announced July 21, 2005, URSA Major has signed an agreement with North American Palladium Ltd. (NAP), whereby NAP can acquire a 60% undivided interest in URSA's interest in the Shakespeare Property. To acquire a 60% interest, NAP must make option payments of $1.5 million to URSA Major which is the estimated cost of the feasibility study and arrange the financing necessary for commercial production. A full feasibility study on an open pit mine and 4,000 tpd concentrator at the Shakespeare deposit is currently in progress. URSA Major has 21,224,119 shares outstanding.

URSA Major's annual and special meeting will be held today at 4:30 pm, July 26, 2005 in the Ketchum/Osgoode Room, Toronto Board of Trade, 1 First Canadian Place, Toronto.

Address: 8 King Street East, Suite #1300, Toronto, Ontario, Canada M5C 1B5

Symbol & Exchange: UMJ - TSX Venture Exchange (TSXV)

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.

Contact Information

  • URSA Major Minerals Incorporated
    Dr. Richard Sutcliffe
    President & CEO
    (416) 864-0615
    (416) 864-0620 (FAX)
    or
    URSA Major Minerals Incorporated
    Chris Chadder, C.A. CFO
    (416) 864-0615
    (416) 864-0620 (FAX)
    info@ursamajorminerals.com
    www.ursamajorminerals.com
    or
    Gus Garisto
    Investor Relations
    Cell: (416) 805-3106