URSA Major Minerals Incorporated

URSA Major Minerals Incorporated

October 26, 2006 10:37 ET

URSA Major Minerals Incorporated Submits Permitting Applications for Shakespeare Nickel-Copper Mine and Mill, Sudbury Area, Ontario

TORONTO, ONTARIO--(CCNMatthews - Oct. 26, 2006) -

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 that it has initiated the submission of regulatory applications for the construction and operation of a base metal mine and mill at its Shakespeare nickel-copper project, located 70 km west of Sudbury, in Ontario.

Applications are being submitted to the Ontario Ministry of the Environment and the submission of a closure plan to the Ontario Ministry of Northern Development and Mines will be completed in the next few weeks. The applications are for the permitting of two open pits (Shakespeare East and West Zones), a mill to process up to 4,500 tonnes per day, co-disposal waste management facility and related site infrastructure.

"This represents a landmark occasion in the development of URSA Major's Shakespeare project. The submissions represent the culmination of a major effort by the Company's exploration and management team, and are a significant development step for the Company. This has been accomplished in 4 years since the Shakespeare East Zone discovery hole was drilled in 2002", stated Richard Sutcliffe, President of URSA Major.

The Company has completed all of the necessary environmental baseline studies to support the permitting process for the mine site and access corridor. Results of the baseline studies were presented in three public open houses held in Espanola, Ontario in 2005, and in April and October 2006. The Company also held a pre-submission meeting with the regulatory authorities in March 2006. The baseline work included soil and vegetation mapping, rock geochemistry, wildlife and bird inventories and habitat assessment, hydrogeology, hydrology and fisheries assessment, wetlands assessment, meteorology, air quality, archaeology, and heritage studies. URSA Major began working on the environmental monitoring program in 2004. In 2005, the work included the installation of 17 ground water monitoring wells around the site. Ground water and surface water monitoring as well as kinetic testing of rock samples will be ongoing during the permitting process. Environmental studies indicate that no significant negative impact from the project will be encountered.

Golder Associates has managed the environmental program for the Shakespeare project since late 2005 and has prepared the permitting applications and supporting reports.

At the Shakespeare project, URSA Major completed a positive full feasibility study on this project in January 2006 and is currently advancing the property toward a production decision. The feasibility study is available on the company's website at www.ursamajorminerals.com. The Shakespeare deposit contains a diluted Probable Reserve of 11,226,000 tonnes grading 0.33% nickel, 0.35% copper, 0.02% cobalt, and 0.9 g/t precious metals.

National Instrument 43-101

Mr. Ian Ward, P.Eng. of Micon International 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 Venture Exchange 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, P.Geo
    President & CEO
    (416) 864-0615
    URSA Major Minerals Incorporated
    Chris Chadder, C.A.
    (416) 864-0615
    (416) 864-0620 (FAX)
    Email: info@ursamajorminerals.com
    Website: http://www.ursamajorminerals.com/
    URSA Major Minerals Incorporated
    Gus Garisto
    Investor Relations
    Cell : (416) 805-3106