ONTARIO — Ursa Major Minerals of Toronto is shipping 10,000 tonnes of stockpiled nickel-copper ore from its Shakespeare mine to Xstrata Nickel's Strathcona mill in Sudbury. The sample will be evaluated for its suitability for blending with Xstrata's own ore. Delivery is to be completed by the end of June 2009.
Richard Sutcliffe, URSA Major's CEO said in a news release, "URSA Major is well positioned to survive the downturn in base metal commodity prices and to achieve a rapid restart of operations when conditions permit. Other than limited maintenance costs and property taxes, the company has no financial obligations required in order to maintain the Shakespeare property.
"We anticipate that base metal prices should strengthen in the second half of 2009 through 2010, with significant price improvement in the longer term. The Shakespeare deposit benefits significantly from the recent copper price gains as our ore produces more copper than nickel. Platinum has also shown strong recent price improvement and is a significant part of our metal payments," he concluded.
The Shakespeare pit is located 70 km west of Sudbury. A computerized model of the mine is posted at www.UrsaMajorMinerals.com.
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