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June 8, 2011
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URSA Major Minerals' Exploration Drilling Continues to Expand Shakespeare
Nickel Deposit, Sudbury Area, Ontario
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TORONTO, ONTARIO--(Marketwire - June 8, 2011) -
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") announces that exploration drilling has continued to expand the nickel-copper mineralization at the Shakespeare deposit, located 70 kilometers west of Sudbury, Ontario. Recent drilling over a ten hole, 6,055 meter 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 km and to a depth of over 600 meters.
Richard Sutcliffe, URSA Major's CEO 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 NI43-101 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, U8-02 and highlights are reported in the table below. 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 9.0 meters grading 0.38% nickel, 0.53% copper and 1.2 g/t PGM plus gold. U3-119 intersected 6.0 meters grading 0.40 nickel, 0.58% 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, 122. The drilling includes both in-fill and step out holes. A long section showing the location of the intersections is available on the Company's website at www.ursamajorminerals.com.
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Azim.
DDH Location & Length Ni
Incl. (m) (m) (i)(m) (%)
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U8-02 0437086E 5134403N 147/-68 615.82 618.54 2.72 0.31
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U3-115 0436953E 5134172N 147/-68 480.23 482.16 1.93 0.17
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U3-116 0436875E 5134185N 147/-77 520.59 564.20 43.61 0.26
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Incl. 539.48 548.48 9.00 0.38
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U3-119 0436716E 5134004N 147/-65.9 346.18 380.02 33.84 0.30
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Incl. 370.77 376.77 6.00 0.40
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Cu Co Pt Pd Au
DDH Location (%) (%) (g/t) (g/t) (g/t)
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U8-02 0437086E 5134403N 0.14 0.024 0.155 0.120 0.065
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U3-115 0436953E 5134172N 0.19 0.020 0.240 0.210 0.110
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U3-116 0436875E 5134185N 0.36 0.020 0.280 0.327 0.175
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Incl. 0.53 0.022 0.430 0.492 0.235
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U3-119 0436716E 5134004N 0.39 0.014 0.304 0.401 0.205
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Incl. 0.58 0.015 0.476 0.576 0.276
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(i)Holes were drilled approximately perpendicular to the deposit and
intersections approximate true widths.The Company will conduct further borehole EM 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 EM 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 our business in the normal course, despite this unfortunate distraction. We are committed to developing and expanding URSA Major's resource base in Ontario.
About URSA Major Minerals - URSA Major is a Canadian mining company with a nickel mine and two nickel sulphide projects containing significant NI43-101 compliant nickel and copper reserves and resources. The Company is focused on demonstrating profitable operations at the Shakespeare Mine and growing its nickel, copper and platinum group metal (PGM) deposits through exploration and development, primarily in Ontario, Canada.
National Instrument 43-101 - Drill core was split and samples with a nominal 1.0 meter length. Blanks and quarter-duplicate samples were inserted into the sample stream prior to shipment to Accurassay Laboratories, in Thunder Bay, Ontario. Harold Tracanelli, P.Geo., 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 for copper, nickel, and cobalt.
This release was prepared by management of the Company who takes full responsibility for its contents.
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.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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