URSA Major Minerals Incorporated

URSA Major Minerals Incorporated

April 12, 2007 14:37 ET

URSA Major Minerals Receives Notice of Acceptance of Closure Plan for Extraction of 50,000 Tonne Bulk Sample at the Shakespeare Nickel-Copper Project, Sudbury Area, Ontario

TORONTO, ONTARIO--(CCNMatthews - April 12, 2007) -

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 received notice of acceptance of a certified Closure Plan for the Shakespeare project from the Ontario Ministry of Northern Development and Mines (MNDM). The Closure Plan provides for the extraction of a 50,000 tonne bulk sample from the Shakespeare nickel-copper project, located 70 km west of Sudbury, Ontario.

Richard Sutcliffe, CEO of URSA Major stated, "We are very pleased to have received the acceptance of the Shakespeare Project Closure Plan. The Closure Plan is a major regulatory requirement and this acceptance allows URSA Major to proceed with the planned mining and extraction of the 50,000 tonne bulk ore sample from the Shakespeare deposit."

URSA Major anticipates that the Shakespeare access road will be completed in late May 2007, at which time William Day Construction Limited (Day Construction) has been contracted to carry out the excavation, crushing and haulage of the bulk ore sample from the Shakespeare nickel deposit. Day Construction will haul the ore from URSA Major's Shakespeare project to Xstrata Nickel's Strathcona mill for processing. The bulk sample will enable URSA Major to test mining conditions and verify reserve grades and metallurgical characteristics for larger scale mining operations. Although not intended as a commercial scale operation, URSA Major expects that the bulk sample will provide significant cash flow.

The Shakespeare Closure Plan was prepared for URSA Major by Golder Associates Ltd. In Ontario, an accepted, certified Closure Plan is required before starting advanced exploration or mine production. The Closure Plan is an environmental review of the project, describes measures to rehabilitate the site, and provides financial assurance for the rehabilitation. Pursuant to the Closure Plan, URSA Major has placed a bond for the rehabilitation of the Shakespeare advanced exploration project with the MNDM.

At the Shakespeare project, URSA Major completed a positive full feasibility study in 2006. 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. URSA Major is in the process of permitting two open pits (Shakespeare East and West Zones), a mill to process up to 4,500 tonnes per day, a co-disposal waste management facility and related site infrastructure.

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 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
    (416) 864-0620 (FAX)
    URSA Major Minerals Incorporated
    Chris Chadder, C.A.
    (416) 864-0615
    (416) 864-0620 (FAX)
    URSA Major Minerals Incorporated
    Gus Garisto
    Investor Relations
    Cell: (416) 805-3106
    Email: info@ursamajorminerals.com
    Website: www.ursamajorminerals.com