Dr. Richard Sutcliffe reports

URSA MAJOR MINERALS' EXPLORATION DRILLING CONTINUES TO EXPAND SHAKESPEARE NICKEL DEPOSIT, SUDBURY AREA, ONTARIO

Ursa Major Minerals Inc.'s exploration drilling has continued to expand the nickel-copper mineralization at the Shakespeare deposit, located 70 kilometres west of Sudbury, Ont. Recent drilling over a 10-hole, 6,055-metre program has extended the mineralization down plunge from the planned open pit at the Shakespeare East deposit to an overall strike length in excess of 1.4 kilometres and to a depth of over 600 metres.

Richard Sutcliffe, Ursa Major's chief executive officer, stated: "These drill results are encouraging because the intersections continue to expand the strike-length and down-dip extent of the mineralization at the Shakespeare deposit. The company will incorporate these results in an updated NI 43-101 resource estimate for this part of the deposit later this year and will evaluate the opportunity for developing an underground mine down plunge from the planned Shakespeare East pit."

All of the drill holes intersected sulphide mineralization except for U8-01. Assay results have been received for U3-115, U3-116, U3-119 and U8-02, and highlights are reported in the attached table. Holes U3-116 and U3-119 both intersected the main part of the Shakespeare deposit and had long intersections of nickel-copper sulphide mineralization with a higher-grade zone enriched in copper and platinum-group metals (PGM) toward the base of the intersection. U3-116 intersected nine metres grading 0.38 per cent nickel, 0.53 per cent copper and 1.2 grams per tonne PGM plus gold. U3-119 intersected six meters grading 0.4 per cent nickel, 0.58 per cent copper and 1.3 g/t PGM plus gold. The narrower and lower-grade intervals in U8-02 and U3-115 appear to be a result of intersecting the edges of the deposit. Assays are pending on holes U3-117, 118, 120, 121 and 122. The drilling includes both infill and step-out holes. A long section showing the location of the intersections is available on the company's website.

            DRILLING HIGHLIGHTS

Hole No.      From      To      Length     Ni
              (m)       (m)      (m)      (%)

U8-02      615.82   618.54      2.72     0.31
U3-115     480.23   482.16      1.93     0.17
U3-116     520.59   564.20     43.61     0.26
Incl.      539.48   548.48      9.00     0.38
U3-119     346.18   380.02     33.84     0.30
Incl.      370.77   376.77      6.00     0.40

              Cu       Pt        Pd       Au
DDH           (%)    (g/t)     (g/t)    (g/t)
U8-02      0.024    0.155      0.120    0.065
U3-115     0.020    0.240      0.210    0.110
U3-116     0.020    0.280      0.327    0.175
Incl.      0.022    0.430      0.492    0.235
U3-119     0.014    0.304      0.401    0.205
Incl.      0.015    0.476      0.576    0.276

The company will conduct further borehole electromagnetic surveys to evaluate the potential for additional mineralization below the current drill holes, particularly below holes U3-121 (assays pending), U3-116 and U8-02. P&E Mining Consultants Ltd. will complete the updated resource estimate based on results up to the completion of the program, and any drilling to follow up on borehole electromagnetic targets.

The company continues to make efforts to resolve the dissident action, brought by Inspiration Mining Corporation and Forbes & Manhattan Inc., for the benefit of all shareholders. Shareholders should rest assured that Ursa Major will continue to operate the business in the normal course, despite this unfortunate distraction. Ursa Major is committed to developing and expanding its resource base in Ontario.

National instrument 43-101

Drill core was split and sampled with a nominal one-metre length. Blanks and quarter-duplicate samples were inserted into the sample stream prior to shipment to Accurassay Laboratories, in Thunder Bay, Ont. Harold Tracanelli, PGeo, is the qualified person for the drill program and has reviewed and approved the contents of this release. Samples were assayed using fire assay for platinum, palladium and gold, and ICP with multi-acid digestion was used for copper, nickel and cobalt.

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