URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

April 16, 2009 12:41 ET

URSA Major Minerals Stakes Platinum Group Metal Exploration Targets Near Magma Metals Discovery in Thunder Bay Area, Ontario

TORONTO, ONTARIO--(Marketwire - April 16, 2009) -

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URSA Major Minerals Incorporated ("URSA Major" or the "Company") (TSX:UMJ) announces that it has recently staked two properties totalling 362 claim units (14,480 acres or 5,792 ha) located approximately 70 km north of Thunder Bay, Ontario. Both claim groups target peridotite-melagabbro intrusions similar to the host rocks at Magma Metals Limited's ("Magma's") platinum-palladium discovery at Current Lake, 45 km north of Thunder Bay.

URSA Major's Seagull Property (160 claim units) hosts peridotite-melagabbro of the Seagull Intrusion and is located 12 km north of Magma's Thunder Bay North Property. The Seagull Intrusion is known to contain platinum-palladium mineralization with selected drill results of up to 7.9 g/t platinum plus palladium and gold, 0.47% copper and 0.33% nickel reported on adjacent ground in 2005. URSA Major's Disraeli Property (202 claim units), located 25 km north of Magma's property, hosts peridotite-melagabbo of the Disraeli Intrusion and sedimentary rocks of the Sibley Group. The Disraeli property has several copper showings hosted by both intrusive rocks and Sibley group sediments. The Seagull and Disraeli Intrusions are interpreted to be fault controlled and are related to Mid-Continent rift magmatism.

Magma's platinum-palladium discovery on its' Thunder Bay North Property is an advanced platinum group metal exploration project with excellent widths, a 1:1 ratio of platinum to palladium, significant copper and nickel credits, and the potential for a large mineralized system. Intersections of up to 61.7 m at 5.61 g/t platinum and palladium, 0.7% copper and 0.4% nickel have recently been reported by Magma and an initial resource estimate is anticipated in the third quarter of 2009.

URSA Major is currently completing a compilation of existing data on the Seagull and Disraeli Properties. The Company will initiate a prospecting and mapping program in the early summer to follow up on the compilation results and develop targets for drill testing. A significant amount of recent government geological and geophysical information is available on the properties.

URSA Major's Seagull and Disraeli Properties are 100% owned and are not subject to royalties. The claims are road accessible and close to the significant infrastructure associated with the city of Thunder Bay. North American Palladium Ltd.'s Lac Des Iles Mine is located 50 km to the northwest. For more information please see URSA Major's website at www.ursamajorminerals.com.

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
    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