URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

September 09, 2010 08:50 ET

URSA Major Minerals Initiates Phase 2 Drill Program on Massive Sulphide Targets at Nickel Offsets Mine, Sudbury, Ontario

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2010) -

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URSA Major Minerals Incorporated ("URSA Major") (TSX:UMJ) is pleased to announce that a Phase 2 drilling program has commenced to test nickel-copper-precious metal mineralization at the past producing Nickel Offsets Mine, located in Foy Township, 40 km northwest of Sudbury, Ontario. The surface diamond drilling program will explore high grade, massive nickel–copper sulphide targets in the Foy Offset Dyke, in the footwall of the Sudbury Complex.

The Nickel Offsets Property consists of twelve contiguous patented mining claims and five unpatented mining claims covering a total of 358 ha (884 acres). URSA Major has an option to earn a 70% interest in the property from United Reef Limited (TSX VENTURE:URP). (See March 6, 2008 press release for the terms of the option agreement.)

The Phase 2 program includes approximately 2,000 meters of diamond drilling and borehole EM to follow up on the massive sulphide targets and prospective geological contacts identified in the first phase program. URSA Major's initial 5-hole 1,807 meter drilling program completed in late 2009 identified massive sulphide targets in proximity to the existing workings of the past producing Nickel Offset No.1 Mine. Assays from drill hole U15-02 provided the best intersection of the initial program with 1.6 meters grading 3.12% nickel, 1.15% copper, 0.12% cobalt, 1.39 g/t platinum, 2.04 g/t palladium and 0.21 g/t gold (see February 1, 2010 press release). This high grade intersection is a newly discovered mineralized lens and is located at a shallow level adjacent to the former mine workings at a down hole depth of 250.4 to 252.0 meters. The Phase 2 program will initially test a borehole EM anomaly that is indicative of a massive nickel sulphide lens centered east of and below hole U15-02.

Richard Sutcliffe, URSA Major's CEO commented, "The Foy Offset Dyke exhibits a mineralization profile similar to major offset dykes in the Sudbury basin and we look forward to testing the massive sulphide target identified in our initial program along with other high grade targets at this past producing property." He added, "Our current drill program at Nickel Offsets is part of URSA Major's commitment to maintain an active exploration program in addition to mining operations at Shakespeare."

The historical pre-production resource (pre NI43-101 – see below) was 359,000 tons grading 1.9 % Ni and 1.45 % Cu (Nickel Offset Mines Limited Annual Report 1940). Between 1943 and 1957, the Nickel Offsets Mine, produced 208,551 tons of nickel and copper ore with reported recoveries of 4.56 million lbs of nickel and 3.32 million lbs of copper. Historical underground exploration and mining development at the Nickel Offset Mine included 1,599 feet of shaft sinking, approximately 10,000 feet of drifting and 3,980 feet of raising on 9 levels at the No. 1 Mine and 1,056 feet of shaft sinking, approximately 6,000 feet of drifting and 410 feet of raising on 5 levels in the No. 2 Mine.

NI43-101: A qualified person has not done sufficient work to verify the historical pre-production resource estimate at the past producing Nickel Offsets property. These historic estimates predate NI43-101, are not compliant with current definitions, have not been verified by the company and consequently should not be relied on by investors. The estimates are provided as an indication of historically reported grades. Richard Sutcliffe, P.Geo., is the qualified person for the drill program.

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.

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