URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

July 08, 2008 11:16 ET

URSA Major Minerals' Exploration Drilling Identifies Higher Grade Nickel-Copper Zone at Shakespeare Project, Sudbury Area, Ontario

TORONTO, ONTARIO--(Marketwire - July 8, 2008) -

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 (TSX:UMJ) ("URSA Major") announces that exploration drilling has intersected a zone of higher grade nickel-copper mineralization at the Shakespeare Project, located 70 kilometres west of Sudbury, Ontario. The higher grade mineralization is located down-plunge from the planned open-pit at the Shakespeare east deposit.

Drill holes U3-112 to 114 were drilled northeast of the planned Shakespeare east pit and intersected significant widths of mineralization. Hole U3-112 intersected 3.0 metres grading 0.91% nickel, 0.32% copper, 0.07% cobalt and 0.84 g/t precious metals which is the highest grade nickel intersection reported to date at Shakespeare. The higher grade intersection in drill hole U3-112 is located above a wider 25.9 metre interval grading 0.34% nickel, 0.42% copper, 0.02% cobalt and 0.95% precious metals which is typical of Shakespeare deposit grades.

The intersection in hole U3-112 is down plunge from previously reported intersections in hole U3-60 that returned 4.63 metres at 0.72% nickel, 0.49% copper, 0.06% cobalt & 0.88 g/t precious metals and hole U3-61 that returned 6.31 metres at 0.69% nickel, 0.44% copper, 0.06% cobalt & 0.94 g/t precious metals. Hole U3-112 is located approximately 400 metres northeast of the planned Shakespeare east pit, whereas previously reported intersections in holes U3-60 and 61 were drilled approximately 200 metres and 300 metres, respectively, northeast of the planned pit.



----------------------------------------------------------------------------
Len-
Azim. From: To: gth(i) Ni Cu Co Pt Pd Au
DDH Location & (m) (m) (m) (%) (%) (%) (g/t) (g/t) (g/t)
Incl.
----------------------------------------------------------------------------
147
degrees/
U3- 5134170N -68
112 436898E degrees 451.60 454.60 3.00 0.91 0.32 0.07 0.33 0.32 0.19
----------------------------------------------------------------------------
and 466.00 491.90 25.90 0.34 0.42 0.02 0.35 0.40 0.20
----------------------------------------------------------------------------
Incl. 479.00 490.00 11.00 0.41 0.52 0.02 0.45 0.49 0.22
----------------------------------------------------------------------------
147
degrees/
U3- 5134142N -67
113 436784E degrees 443.00 469.00 26.00 0.40 0.48 0.02 0.42 0.46 0.23
----------------------------------------------------------------------------
Incl. 455.00 468.00 13.00 0.46 0.57 0.03 0.49 0.54 0.28
----------------------------------------------------------------------------
147
degrees/
U3- 5134222N -67.5
114 436857E degrees 510.76 520.75 9.99 0.35 0.46 0.02 0.33 0.39 0.19
----------------------------------------------------------------------------
(i) Holes were drilled approximately perpendicular to the deposit and
intersections approximate true widths.


Richard Sutcliffe, URSA Major's CEO stated "The results in hole U3-112, combined with previously reported results in U3-60 and 61, are very encouraging because these intersections are defining a plunging zone of consistently higher grade nickel mineralization within an envelope of typical Shakespeare grade. The current drilling, while widely spaced, indicates that the higher grade zone has a strike length of in excess of 200 metres and remains open to depth. Further drilling will be planned to determine the extent and continuity of this zone. If successful, this program could significantly improve the opportunity for developing an underground mine down-plunge from the planned Shakespeare east pit."

URSA Major is a mining company that is focused on growth through nickel, copper, and precious metal development and exploration, primarily in Ontario, Canada. At the Shakespeare project, URSA Major has completed a full feasibility study on an open pit mine and 4,500 tpd mill facility. The feasibility study defines a diluted Probable Reserve of 11,824,000 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. The project is fully permitted and is in preproduction mining with ore being shipped for custom milling and smelting. URSA Major has 32.2 million shares outstanding.

National Instrument 43-101 - Drill core was split and samples with a nominal 1.0 meter length were analyzed at SGS-XRAL Laboratories, Toronto, Ontario using fire assay for platinum, palladium, and gold and ICP with multi-acid digestion for copper, nickel, and cobalt. Mr. Harold Tracanelli, P. Geo., supervised the drilling program and is the Qualified Person under National Instrument 43-101. Mr. Ian Ward, P.Eng. of Micon is the qualified person for the Shakespeare feasibility study.

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.

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)
    or
    URSA Major Minerals Incorporated
    Gus Garisto
    Investor Relations
    Cell : (416) 805-3106
    Email: info@ursamajorminerals.com
    Website: www.ursamajorminerals.com