Ursa Major Minerals Incorporated T.UMJ

URSA Press Release

[victor2009]

[victor2009]

Sorry, first paste did not work. November 24, 2010 URSA Major Minerals’ initial drilling results indicate high grade nickel-copper-platinum group metals at Nickel Offsets property, Sudbury area URSA Major Minerals Incorporated ("URSA Major") (TSX:UMJ) is pleased to announce

[throughmud]

U15-10 is a really nice intersection! If they can find more contiguousore there, they are really onto something.The third quarter report will be out in about 3 weeks. That should show some solid cash flow and being "back on track" following the economic downturn.mud

[victor2009]

throughmud,The drilling results include some nice numbers, and I like the comment "The program is now funded from positive cash flow from the mining operation at Shakespeare." This indicates that the company is profitable, and the numbers in the next couple of quarters should allow investors to get a handle on the profit that can be sustained. I don't profess to have a handle on the

[throughmud]

Victor, the paragraphs below are excerpted from the January 20 2006 UMJ news release titled "Ursa Major finishes feasibility study for Shakespeare." This should help give you a better handle on reserves. Ore extraction was suspended for a year and a half since the NR (during the economic downturn) so the reserves will not be that much different."Using exchange rate and conservative

[victor2009]

throughmud,I believe you directed me to the report previously. I did have a look and my review, along with a few comments on the forum, gave me the impression that potential for a reasonable return was indicated, but that the study was based on a large capital expenditure. I didn't do much more checking, as I assumed that with Shakespeare now producing, before long management would set

[cupricity]

    At projected metal prices including nickel at an average of US$9.37/lb, the project is projected to yield an after tax internal rate of return (“IRR”) of 22.6% (29.1% pre-tax IRR) on an initial total capital cost of C$148,193,000.  Net smelter revenue (“NSR”) is $58.89/tonne and totals C$696,331,000 for the project.  Total operating cost is C$26.64/tonne milled. 

[throughmud]

Jiminey, it was cut and paste from the original NR. Which zero are you thinking of? I have never before missed a zero in my life. This is serious, and I'm not a Newf!You were correct to mention the impact of higher metal prices but in my note to Victor, I was simply quoting from the original NR. My gosh man!mud

[cupricity]

  Where did you find yours?  Mine came off the website.

[throughmud]

'Twas directly from the UMJ NR email dated January 20 2006. Cropped and pastied.mud

[cupricity]

I found it mud.      You pulled yours off the 2006 news release which uses 5.48/lb for Nickel, 1.34 for copper and 400 bucks for gold.  The 2008 updated price simply used higher numbers for values.  We are still valuable at those metal numbers so we must be on to something good here.     Good luck!  I am newf!

[throughmud]

What are you doing up so late? Isn't it 1/2 hour past your bedtime?Yeh, I see the 2008 update. I went right back to the original feasibility. The net is good no matter how you cut it!Here's to The Rock.mud