URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

July 20, 2011 06:53 ET

URSA Major Minerals Drills 23.7 Meters of 0.55% Nickel and 0.36% Copper From Shakespeare East Nickel Deposit, Sudbury Area, Ontario

TORONTO, ONTARIO--(Marketwire - July 20, 2011) -

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" or the "Company") (TSX:UMJ) announces new results from drilling down-plunge from the Shakespeare East Nickel deposit, located 70 km west of Sudbury, Ontario. The drilling has further extended nickel-copper mineralization below the Shakespeare East deposit and delineated higher-grade mineralization.

Drill holes U3-118 to 122 were drilled northeast of the planned Shakespeare East pit and intersected significant widths of mineralization. A highlight of the program is hole U3-122 that intersected 5.19 metres grading 0.81% nickel, 0.48% copper, 0.03% cobalt and 1.20 g/t precious metals which is one of the highest grade intersections reported to date at Shakespeare. The higher-grade intersection in drill hole U3-122 is located in a wider 23.67 metre interval grading 0.55% nickel, 0.36% copper, 0.02% cobalt and 0.92 g/t precious metals.

Richard Sutcliffe, URSA Major's CEO commented, "This drilling program has extended the strike length of Shakespeare mineralization to over 1.6 kilometers. The intersection in hole U3-122 demonstrates that there is a zone of higher-grade nickel mineralization in the Shakespeare East deposit within a wider envelope of nickel-copper mineralization. Our program of targeting with bore-hole EM surveys continues to be a successful strategy in delineating mineralization. The Company will incorporate these results in an updated NI43-101 resource estimate for this part of the deposit later this year and will evaluate the opportunity for developing an underground mine down-plunge from the planned Shakespeare east pit. The main focus of the current exploration program, including borehole EM and diamond drilling, is to increase the resources at Shakespeare."

DDH Location Azi-
muth
And
Incli-
nation
From
(m)
To
(m)
Len-
gth
(m)
Ni
(%)
Cu
(%)
Co
(%)
Pt
(g/t)
Pd
(g/t)
Au
(g/t)
U3-118 0437023E
5134217N
147 /
-77.5
544.82 553.95 9.13 0.35 0.48 0.020 0.36 0.41 0.20
Incl. 549.40 551.92 2.52 0.43 0.58 0.023 0.34 0.41 0.19
U3-120 0436687E
5134047N
147 /
-69.5
379.6 397.29 17.69 0.28 0.35 0.014 0.30 0.36 0.19
Incl 379.6 383.5 3.9 0.38 0.39 0.026 0.42 0.41 0.24
U3-121 0436638E
5134016N
147 /
-68
389.0 426.27 37.27 0.26 0.32 0.015 0.23 0.30 0.17
Incl 414.55 419.55 5.0 0.46 0.53 0.023 0.52 0.51 0.30
U3-122 0436638E
5134016N
147 /
-75
437.68 461.35 23.67 0.55 0.36 0.020 0.35 0.31 0.26
Incl. 446.17 451.36 5.19 0.81 0.48 0.027 0.41 0.39 0.40
*Holes were drilled approximately perpendicular to the deposit and intersections approximate true widths. Results on hole U3-119 were previously released.

Most of the holes in this program have intersected wide sulphide mineralization with consistent copper and nickel grades. Highlights from holes U3-118, 120, 121, and 122 are reported in the table above. Assays are pending on holes U3-123, 124 and U8-03. Please see press release dated June 8, 2011 for previously released drill holes from the 8,024 m program. A long section showing the location of the holes is available on the Company's website at www.ursamajorminerals.com.

Probable Reserves on the Shakespeare deposit are estimated at 11,828,000 tonnes grading 0.33% nickel, 0.35% copper, 0.02% cobalt, 0.33 g/t platinum, 0.36 g/t palladium and 0.18 g/t gold. Reserves have been depleted by approximately 376,100 tonnes to January 31, 2011. An additional Indicated Resource of 1,830,000 tonnes grading 0.37% nickel, 0.41% copper, 0.03% cobalt, 0.36 g/t platinum, 0.39 g/t palladium and 0.22 g/t gold is located outside the pit shell.

About URSA Major Minerals - URSA Major is a Canadian mining company with a nickel mine and 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.

National Instrument 43-101 -- Drill core was split and samples with a nominal 1.0 meter length. Standards, blanks and quarter-duplicate samples were inserted into the sample stream prior to shipment to Accurassay Laboratories, in Thunder Bay, Ontario. Harold Tracanelli, P.Geo., is the qualified person for the drill program and has reviewed and approved the contents of this release. Samples were assayed using fire assay for platinum, palladium, and gold and ICP with multi-acid digestion for copper, nickel, and cobalt. Mr. T. Hennessey, P.Geo, of Micon and Mr. E. Puritch P.Eng. of P&E Mining Consultants Inc. are the qualified persons for the resource and reserve estimates.

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

Symbol & Exchange: UMJ – TSX

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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