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Shining Tree Nickel Project
URSA Major has a 100% interest in a nickel-copper deposit located
near Shining Tree, Ontario. The Shining Tree property is located in
Fawcett Township, 110 km north of Sudbury, Ontario and consists of 40
staked mining claims covering an area of approximately 1,600 acres. In
early 2006, URSA Major reported the results of a resource estimate on
the Shining Tree deposit. Drilling to December 2005 has resulted in an
Indicated Resource of 1.02 million tonnes grading 0.71% nickel, 0.36%
copper plus an Inferred Resource of 1.49 million tonnes grading 0.67%
nickel and 0.36% copper at a cut off value of 0.30% nickel equivalent.
Mr. Rob Carter, P.Eng., of Wardrop Engineering Inc. supervised the
resource estimate, and is the Qualified Person under National Instrument
43-101.
In 2006, URSA Major engaged Micon to provide a preliminary technical
and economic analysis of mining at the Shining Tree nickel deposit.
Micon evaluated a 1,000 tonne/day open pit operation at Shining Tree
with truck haulage to the proposed Shakespeare mill. Based on operating
the Shining Tree project as a satellite to the Shakespeare project, and
using metal price assumptions from the Shakespeare feasibility study,
Micon identified an in-pit diluted resource of approximately 398,000
tonnes at a grade of 0.68% nickel and 0.33% copper. Preliminary
metallurgical testwork on the Shining Tree mineralization by SGS
Lakefield Research Limited has demonstrated that the mineralization is
amenable to processing using the proposed Shakespeare mill floatation
circuit.
URSA Major has engaged Golder Associates Ltd. to conduct
environmental baseline studies and develop a closure plan to permit
development of the deposit. During 2007 the Company continued
environmental baseline studies at Shining Tree.
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