NICKEL/COPPER JOINT VENTURE – Ursa, N.A. Palladium ink deal

NORTHERN ONTARIO Toronto-based URSA MAJOR MINERALS INC. and NORTH AMERICAN PALLADIUM LTD. (NAP) of Thunder Bay, O...
NORTHERN ONTARIO Toronto-based URSA MAJOR MINERALS INC. and NORTH AMERICAN PALLADIUM LTD. (NAP) of Thunder Bay, Ont., have signed a joint venture deal covering Ursa's Shakespeare nickel-copper-platinum deposit 50 km west of Sudbury. Ursa has an undivided 75% interest in the property, and NAP may earn up to 60% of Ursa's interest. FALCONBRIDGE LTD. holds the remaining 25% interest.

NAP, through its wholly owned subsidiary LAC DES ILES MINES, has agreed to provide $1.5 million for a feasibility study to be conducted by Ursa. A report prepared in 2004 for Ursa by MICON estimated that capital costs for an open pit mine and 3,500-tonnes/day mill would be $47.3 million. The deposit has a diluted probable reserve of 7.3 million tonnes grading 0.37% Ni, 0.39% Cu, 0.024% Co, 0.37 g/t Pt, 0.40 g/t Pd and 0.20 g/t Au. It would be mined over a nine-year period. Resources (inclusive of reserves) total 12.0 million tonnes.

Maps, plans, photos and complete details concerning the Shakespeare project are posted at www.UrsaMajorMinerals.com.

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