Shakespeare Nickel Project
The Shakespeare nickel project is located 70 km west of Sudbury, Ontario, is currently in a pre-production mining stage of development.

During the period ended October 31, 2008, URSA Major suspended pre-production mining operations at Shakespeare due to low commodity prices. The Shakespeare project is currently on care and maintenance. In 2008, a total of 83,029 tonnes of ore were processed by Xstrata. This ore had average grades of 0.39% nickel, 0.40% copper, 0.03% cobalt and over 1 gram/tonne precious metals. This grade has been consistently higher than block model projections. Being an open pit operation, the Company can quickly resume shipments when metal prices improve.

In early 2008, Micon International Limited (“Micon”) completed an update to the Shakespeare project feasibility study using the base case of an open pit mine and a 4,500 tonne/day on-site concentrator. In Micon’s opinion, “The Shakespeare project contains an economic mineral reserve and is worthy of continued development through detailed engineering and construction to produce 4,500 t/d of ore and subsequent concentrate for sale”. At projected metal prices including nickel at an average of US$9.37/lb, the project is projected to yield an after tax internal rate of return (IRR) of 22.6% (29.1% pre-tax IRR) on an initial total capital cost of C$148,193,000. Net revenue (“NSR”) is $58.89/tonne and totals C$696,331,000 for the project. Total operating cost is C$26.64/tonne milled. The undiscounted total annual cash flow (“NPV”) is C$169,581,000 and the NPV discounted at 8% is C$73,297,000. The project has a 7.2 year mine production life. The economic analysis makes the assumption of a reversion of metal prices from current levels to their 10-year historical median Canadian dollar prices, expressed in 2007 terms. Current price levels are assumed to regress exponentially toward the median, with a ‘decay’ half-life of three years. The resulting average prices over the life of the project, expressed in 2007 dollars, are nickel US$9.37/lb, copper US$2.11/lb, cobalt US$27.57/lb, platinum US$995.52/ounce, palladium US$342.49/ounce, gold US$563.27/ounce. The base exchange rate for the economic analysis is taken from the average of over 9 months of 2007, for a rate of C$1 = US$0.9052. More.

Porter-Baldwin Property
(including the Porter Option) - URSA Major's 100%-owned Porter-Baldwin property (formerly referred to as the Agnew Lake property) now comprises over 947 claim units (37,880 acres) that cover a 15 km strike length extending from the Shakespeare deposit towards the Sudbury intrusive complex. More.

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. More.

Nickel Offsets Option
URSA Major has an option agreement with United Reef Limited (“United Reef”)(TSX-V:URP) whereby URSA Major can earn a 70% interest in United Reef’s 100% owned Nickel Offsets property, located 40 km northwest of Sudbury, Ontario. The Nickel Offsets Property is located in Foy Township, Ontario and consists of twelve contiguous patented mining claims and five unpatented mining claims covering 358 ha (884 acres). The property hosts the past-producing Nickel Offsets (Ross) Mine which between 1943 and 1957 produced 208,551 tons of nickel and copper ore with reported recoveries of 4.56 million lbs of nickel and 3.32 million lbs of copper. More.

KORES Alliance
URSA Major has a strategic alliance with Korea Resources Corporation (KORES) to identify and acquire significant advanced base metal exploration projects for exploration and development. More.