URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

March 17, 2008 09:08 ET

URSA Major Minerals Receives Revenue of US$4.05 Million for Base Metal Production from Shakespeare Nickel Project Bulk Sample Processed in October 2007

TORONTO, ONTARIO--(Marketwire - March 17, 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 ("URSA Major") (TSX:UMJ) is pleased to announce that it has received metal revenue totalling US$4,050,561 in February and March, 2008, for base metals produced from the approximately 50,000 tonne bulk sample of Shakespeare ore processed at Xstrata Nickel's Strathcona Mill in October 2007. This metal revenue is net of all smelter and refining charges but does not include precious metal revenue which will be paid between April and July, 2008.

"The Shakespeare bulk sample program was very successful and we are pleased to have received the first payments for pre-production mining at the Shakespeare Nickel Project. In addition to the US$4.05 million revenue, the precious metal credits at current metal prices are worth an additional US$900,000" stated Richard Sutcliffe, URSA Major's CEO, "We also have shipped the next batch of over 50,000 tonnes of ore for processing at the Strathcona Mill in April. URSA Major is on schedule to process a minimum of 185,000 tonnes of ore in 2008, and possibly more."

The Shakespeare Nickel Project is located approximately 70 km west of Sudbury, Ontario. The above metal revenue is for processing of both nickel and copper concentrates but does not include charges for milling at Xstrata Nickel's Strathcona mill.

URSA Major is an emerging mining company that is focused on growth through nickel, copper, and precious metal exploration and development, primarily in Ontario, Canada. URSA Major has 32.2 million shares outstanding and trades on the Toronto Stock Exchange under the symbol UMJ.

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
    Richard Sutcliffe, Ph.D., 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