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Long Term Investments
Patricia Mining Corp.
In addition to exploration projects, URSA Major also has a significant
interest in Patricia Mining Corp. (TSX-V: PAT), an Ontario-based gold
exploration company that has a 45% interest in the Island Gold project
located near Wawa, Ontario. The Island Gold project is currently
producing gold.
www.patriciamining.com
Nyah Resources Corp.
On March 5, 2007, URSA Major vended a 100% interest in the
past-producing Agnew Lake Uranium Mine, Located 40 km west of Sudbury,
to Nyah Resources Corp. for a cash consideration of $2,500,000 and
5,000,000 shares of Nyah. This mine operated between 1977 and 1983 and
produced a total of 1.1 million lbs (0.5 million kg) of U3O8
from approximately 3.1 million tons (2.8 million tonnes) of ore. URSA
Major has the right to participate in future financings for a period of
24 months and retained a 1.5% net smelter return royalty (NSR). At any
time Nyah has the option to purchase 50% of the NSR from URSA Major by
making a further cash payment of $2,000,000 to URSA Major. Nyah
Resources Corp. trades on the TSXV with the symbol NRU.
www.nyahresources.com
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