URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

September 12, 2007 09:00 ET

URSA Major Minerals Receives Notice of Acceptance of Closure Plan for Shakespeare Mine and Mill, Sudbury Area, Ontario

TORONTO, ONTARIO--(Marketwire - Sept. 12, 2007) -

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URSA Major Minerals Incorporated (TSX:UMJ) ("URSA Major") is pleased to announce that it has received acknowledgement of acceptance of a certified Closure Plan for the Shakespeare Mine and Mill Project from the Ontario Ministry of Northern Development and Mines (MNDM). The Shakespeare Closure Plan provides for the development of the Shakespeare nickel project in three stages: Stage 1 is mining of ore with off-site processing; Stage 2 provides for construction of an on-site mill; and Stage 3 provides for open-pit mining and on-site processing.

Richard Sutcliffe, CEO of URSA Major stated, "We are very pleased to have been advised of the acceptance of the Shakespeare Mine and Mill Project Closure Plan. The Closure Plan is a major regulatory requirement and the filing of the Closure Plan allows URSA Major to proceed with our goal of developing and bringing the Shakespeare nickel project into commercial production."

The Shakespeare Mine and Mill Closure Plan was prepared for URSA Major by Golder Associates Ltd. In Ontario, a filed (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. In accordance with the Shakespeare Mine and Mill Project Closure Plan, URSA Major has placed a letter of credit for the rehabilitation of Stage 1 mining at the Shakespeare Project site with the MNDM.

URSA Major is currently in the process of mining, crushing and haulage of a 50,000 tonne bulk ore sample from the Shakespeare nickel deposit 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. Approximately 75% of the bulk ore sample has now been delivered to the Strathcona site for processing.

At the Shakespeare project located 70 km west of Sudbury, Ontario, 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 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.

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.

Contact Information

  • URSA Major Minerals Incorporated
    Dr. Richard Sutcliffe, P.Geo
    President & CEO
    (416) 864-0615
    or
    URSA Major Minerals Incorporated
    Chris Chadder, C.A.
    CFO
    (416) 864-0615
    (416) 864-0620 (FAX)
    Email: info@ursamajorminerals.com
    Website: www.ursamajorminerals.com
    or
    URSA Major Minerals Incorporated
    Gus Garisto
    Investor Relations
    Cell: (416) 805-3106