More detailed version of the NR14:54 EDT Thursday, June 02, 2005
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TORONTO, ONTARIO--(CCNMatthews - June 2, 2005) -
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 VENTURE:UMJ) (URSA Major) is
pleased to report that the Company has resumed diamond drilling at the
Shakespeare nickel, copper, platinum group metal deposit, located 70 km
west of Sudbury, Ontario. The Company is conducting a 14 hole, 1,800 meter
drilling program for the feasibility study that is currently in progress. The
program is primarily in-fill drilling with some holes testing the western extent
of the mineralized zone where recent trenching has exposed new surface
mineralization. In addition, the company is carrying out drilling for
environmental and geotechnical purposes in connection with the feasibility
program. The results of the current diamond drilling program will be available
by mid-July.
As announced last week, URSA Major has signed a letter of intent with North
American Palladium Ltd. (NAP), whereby NAP can acquire a 60% undivided
interest in URSA's interest in the Shakespeare Property. Subject to the results
of technical and economic studies in progress, URSA Major and NAP
consider that building a stand alone mill will be the preferred development
model for the Shakespeare deposit. Results of a prefeasibility study on a
4,000 tonne/day processing plant on the Shakespeare property will be
available by mid-July. To acquire a 60% interest, NAP must secure 100% of
the financing necessary for commercial production and make payments of
$1.5 million to URSA Major which is the estimated cost of the feasibility study.
The Company recently completed 3 drill holes to test nickel-copper targets 4
km west of the Shakespeare deposit on URSA Major's Agnew property. The
company is encouraged by the results that provide strong evidence of a
regionally prospective environment for magmatic sulphide deposits. Two 300
meter drill holes (U7-11 & 12) identified a north-dipping intrusive rock
sequence that has very similar geological characteristics to the host rocks of
the Shakespeare deposit. The holes also intersected minor sulphide
mineralization at the same stratigraphic position as the Shakespeare deposit.
A deeper hole (U7-14) tested a strong magnetic high located approximately
400 meters north of the first two holes but did not interest significant
mineralization. The Company will continue its evaluation of geological and
geophysical targets prior to further drilling on this property. NAP has been
granted an option to earn a 50% interest in the Agnew property by funding
$1,000,000 of exploration expenditures over 3 years.
A fourth hole (U10-03) tested a strong airborne EM anomaly located in
metasedimentary rocks on the Stumpy Bay option which is part of the
Shakespeare property. This hole intersected 7.5 m grading 0.37% copper and
36 g/t silver from 343.0 to 350.5 m. The intersected mineralization occurs
beneath near surface mineralization with similar values. Harold Tracanelli,
P.Geo supervised the drill program and is the qualified person under NI 43-
101.
URSA Major is also pleased to report that the Company recently purchased
1,700,000 shares of Patricia Mining Corp. (Patricia) and now holds a total of
2,463,333 common shares or 9.35% of the issued shares of Patricia. Patricia
is currently developing the Island Gold project near Wawa, Ontario where a
production decision is anticipated early in 2006. URSA Major purchased the
shares for investment purposes.
Symbol & Exchange: UMJ - TSX Venture Exchange (TSXV)
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.
FOR FURTHER INFORMATION PLEASE CONTACT: