URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

April 02, 2009 12:35 ET

URSA Major Minerals to Send 10,000 Tonnes of Shakespeare Nickel Copper Ore for Processing, Sudbury, Ontario

TORONTO, ONTARIO--(Marketwire - April 2, 2009) -

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" or the "Company") (TSX:UMJ) announces that it has recently completed an agreement with Xstrata Nickel ("Xstrata") to ship approximately 10,000 tonnes of Shakespeare nickel copper ore for processing in Sudbury, Ontario. The ore was available on the Shakespeare site and delivery is to be completed by the end of June 2009. This shipment will enable further evaluation of opportunities for blending Shakespeare ore with Xstrata's ore and will provide URSA Major with additional cash.

Richard Sutcliffe, URSA Major's CEO stated "URSA Major is well positioned to survive the downturn in base metal commodity prices and to achieve a rapid restart of operations when conditions permit. Other than limited maintenance costs and property taxes, the Company has no financial obligations required in order to maintain the Shakespeare property. We are currently evaluating the opportunity to restart shipments to Xstrata should there be a modest improvement in base metal prices. We anticipate that base metal prices should strengthen in the second half of 2009 through 2010, with significant price improvement in the longer term. The Shakespeare deposit benefits significantly from the recent copper price gains as our ore produces more copper than nickel. Platinum has also shown strong recent price improvement and is a significant part of our metal payments."

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. Mining at URSA Major's Shakespeare Nickel Project located 70 km west of Sudbury, Ontario has been temporarily suspended since October 2008. To date, URSA Major has mined approximately 150,000 tonnes of ore at Shakespeare and this has been processed at Xstrata Nickel's Strathcona mill.

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.

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.

Contact Information

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