URSA Major's 100%-owned Porter Baldwin Property comprises certain claims (38,650 acres) that cover a 15 km strike length extending from the Shakespeare deposit towards the Sudbury intrusive complex. During 2004, URSA Major conducted geological mapping, geophysical surveys including a MEGATEM airborne electromagnetic ("EM") survey and diamond drilling on the Porter Baldwin Property. This exploration demonstrated that rocks with similar characteristics and style of mineralization to the Shakespeare deposit are present on the property. Drilling in early 2005 intersected minor sulphide mineralization on the property at the same stratigraphic position as the Shakespeare deposit. The results provide evidence of a magmatic sulphide target of regional extent.