URSA Major Minerals Incorporated

URSA Major Minerals Incorporated

March 02, 2005 15:30 ET

URSA Major Minerals Announces Appointment Of New Investor Relations Representative And Granting Of Stock Options


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: URSA MAJOR MINERALS INCORPORATED

TSX VENTURE SYMBOL: UMJ

MARCH 2, 2005 - 15:30 ET

URSA Major Minerals Announces Appointment Of New
Investor Relations Representative And Granting Of
Stock Options

TORONTO, ONTARIO--(CCNMatthews - March 2, 2005) - URSA Major Minerals
Incorporated (URSA Major)(TSX VENTURE:UMJ) is pleased to announce the
appointment of Mr. Gus Garisto as the company's Investor Relation
representative. Mr. Gus Garisto will assist the company in gaining
increased exposure to investors through the dissemination of corporate
information to brokerage firms, private investors, trade shows and
on-line venues.

URSA Major has recently initiated a $1.5 million bankable feasibility
study at the Shakespeare nickel-copper-precious metal deposit, located
70 kilometers west of Sudbury, Ontario. The feasibility study will be
completed in 2005 and will evaluate a preferred base case scenario of a
2,900 tonne/day open-pit operation at Shakespeare with truck haulage to
custom milling in Sudbury. An alternative case of constructing a
processing plant on the Shakespeare property and transporting
concentrate to a third party for further treatment will be evaluated at
a prefeasibility level. The bankable feasibility program will include
the extraction of a 15,000 tonne bulk sample. Subject to determining
milling and treatment arrangements, completion of a positive feasibility
study, and obtaining permits, production could be achieved at the
Shakespeare project in 2006.

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 palladium, 0.20 g/t
gold was defined on the Shakespeare project by Micon in 2004. The
resource remains open on strike and further drilling will commence on
the deposit in March 2005. See news release dated February 28, 2005.

URSA Major proposes to grant stock options allowing for the purchase of
up to 100,000 shares to Mr. Garisto at a price of $0.56. The options
will have a 2-year term. The grant is subject to approval by the TSX
Venture Exchange.

URSA Major has 21.1 million shares outstanding and over $3.3 million in
cash. URSA Major will be exhibiting at Booth #2731 in the Investor's
Exchange at the Prospectors and Developers Convention in Toronto,
Ontario from March 6 to 9, 2005.

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 at the Shakespeare Project, future profitability
and production.

This press release is not for distribution to any U.S. news wire service
or for dissemination in the United States.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    URSA Major Minerals Incorporated
    Richard Sutcliffe, Ph.D., P.Geo.
    President & CEO
    (416) 864-0615
    or
    URSA Major Minerals Incorporated
    Mr. Chris Chadder
    CFO
    (416) 864-0615
    (416) 864-0620 (FAX)
    info@ursamajorminerals.com
    www.ursamajorminerals.com
    or
    URSA Major Minerals Incorporated
    Mr. Gus Garisto
    Investor Relations
    (416) 805-3106
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.