Ursa Major Minerals Incorporated T.UMJ

news

[v1pro]

NEWS FROM CCNMatthews URSA Major Minerals to drill new targets identified by airborne EM survey on Shakespeare project and adjacent Agnew property, Sudbury area, Ontario 11:49 EST Monday, Oct 18, 2004 -------------------------------------------------------------------------------- Advertisement Hide advertisment -------------------------------------------------------------------------------- TORONTO, ONTARIO--(CCNMatthews - Oct. 18, 2004) - URSA Major Minerals Incorporated (URSA Major) is pleased to report that a recent MEGATEM airborne electromagnetic (EM) survey has identified several new targets on the 75%-owned Shakespeare joint venture project and on the contiguous 100%-owned Agnew property, located west of Sudbury, Ontario. The survey was flown for URSA Major during the past summer by Fugro Airborne Surveys. MEGATEM is a deep-penetrating airborne EM survey designed to detect conductors to depths of 300 to 400 meters. The survey was flown to follow up on URSA Major's successful drilling of EM anomalies from ground and bore hole surveys at the Shakespeare deposit. The Company's total land position west of Sudbury now covers 590 claim units (23,600 acres). Following the MEGATEM survey, the Company staked an additional 42 claim units. URSA Major's 100%-owned Agnew property now comprises 486 claim units (19,440 acres) that cover a 15 km strike length extending from the Shakespeare deposit towards the Sudbury intrusive complex. In early 2004, drilling by the Company demonstrated that rocks with similar characteristics and style of mineralization to the Shakespeare deposit are present on the 100%-owned Agnew property. A 2,000-meter drill program with a minimum of six holes will be initiated this month to test geophysical anomalies on strike from the Shakespeare deposit on 100%-owned ground. In addition, a high priority airborne EM anomaly associated with a sediment-hosted copper showing on the Shakespeare joint venture property will be drill tested. Drilling to February 2004 on the Shakespeare deposit has resulted in an in-pit Indicated Resource of 12.0 million tonnes grading 0.35% nickel, 0.36% copper, 0.02% cobalt, 0.19 g/t gold, 0.34 g/t platinum and 0.38 g/t palladium at an average cut-off value of CDN$43.65/tonne total in-situ metal. URSA Major has engaged Micon International Limited (Micon) of Toronto to provide an independent assessment of mining potential at the Shakespeare deposit. It is anticipated that the study will be completed by the end of October 2004. Address: 8 King Street East, Suite #1300, Toronto, Ontario, Canada M5C 1B5 Symbol & Exchange: UMJ - TSX Venture Exchange (TSXV) This release was prepared by management of the Company who takes full responsibility for its contents. The TSX Venture Exchange 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 at the Shakespeare Project, future profitability and production. The Company disclaims any obligation to update forward-looking statements. This press release is not for distribution to any U.S. news wire service or for dissemination in the United States. FOR FURTHER INFORMATION PLEASE CONTACT: URSA Major Minerals Incorporated Dr. Richard Sutcliffe President & CEO [phone] [phone] (FAX) [e-mail] www.ursamajorminerals.com or URSA Major Minerals Incorporated Mr. Vance Loeber Investor Relations [phone] cell