URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

December 11, 2007 12:13 ET

URSA Major Minerals Reports Additional Results From Processing of Shakespeare Nickel-Copper Deposit Bulk Sample, Sudbury Area, Ontario

TORONTO, ONTARIO--(Marketwire - Dec. 11, 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 (TSX:UMJ) ("URSA Major") is pleased to provide additional results from the processing of a bulk sample of nickel-copper ore from the Shakespeare deposit located 70 km west of Sudbury, Ontario. As reported on November 7, 2007, URSA Major completed the trucking of a bulk sample from the Shakespeare West Deposit in early October and batch processing of the sample at Xstrata Nickel's Strathcona mill was initiated on October 15, 2007. In November 2007, blending tests were conducted in which Shakespeare ore was blended with Xstrata Nickel's ore.

Based on mill balances, the batch test processed 45,487 dry metric tonnes (dmt) of ore with a head grade of 0.40% nickel, 0.46% copper, 0.026% cobalt, 0.186 g/t gold, 0.378 g/t platinum, and 0.483 g/t palladium. Overall nickel and copper recoveries into concentrates were 76.20% and 89.42% respectively. Cobalt recovery into concentrate was 60.03%. Gold, platinum and palladium recoveries into concentrate were 62.56%, 66.12%, and 46.28% respectively.

The batch ore sample produced 124.22 tonnes contained nickel in nickel concentrate, 186.86 tonnes contained copper in both copper concentrate and nickel concentrate, and 6.31 tonnes contained cobalt in nickel concentrate. Contained gold, platinum and palladium are 5.30 kg (170 oz.), 11.38 kg (366 oz.), and 10.18 kg (327 oz.) respectively.

The 5,329 dmt blended ore sample produced additional 12.57 tonnes of recovered nickel, 20.25 tonnes of recovered copper, and 0.71 tonnes of recovered cobalt, all in concentrate. Precious metals results on the blended sample are pending.

The recovered and contained metals are subject to smelter recoveries and to further smelter deductions. The treatment of concentrates in November, 2007, has produced a significant inventory of metals awaiting monetary settlement. Proceeds on the sale of base metals will be paid in March 2008 based on February 2008 prices for nickel and copper on the London Metals Exchange. Precious metal payments will be made in May and June 2008.

"These results met and exceeded our expectations for the bulk sample" stated Richard Sutcliffe, URSA Major's CEO "as a result of the bulk sample processing we have contained metals in concentrate totalling over 300,000 lbs of nickel, 450,000 lbs of copper, 15,000 lbs of cobalt, and 860 ounces of precious metals awaiting settlement. The successful completion of this test mining campaign is another significant milestone realized towards achieving production at Shakespeare."

Address: 8 King Street East, Suite #1300, Toronto, Ontario, Canada M5C 1B5

Symbol & Exchange: UMJ - TSX

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
    (416) 864-0620 (FAX)
    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