Ursa Major Minerals has reported gross revenues of $11,162,363 for the year ended January 31, 2012, and an operating loss on mining activities of $171,838 at its Shakespeare Mine located 70 km west of Sudbury.
Over the year, the company delivered a total of 151,910 tonnes of ore to the Strathcona Mill at a grade of 0.314 per cent nickel, 0.368 per cent copper, 0.019 per cent cobalt, 0.348 g/t platinum, 0.389 g/t palladium, 0.203 g/t gold and 2.164 g/t silver.
The company extended the nickel-copper mineralization and down plunge of the Shakespeare East deposit by completing 11 holes.
According to a news release, a highlight of the program included a hole intersecting 5.19 metres grading 0.81 per cent nickel, 0.48 per cent copper, 0.03 per cent cobalt and 1.20 g/t precious metals within a wider 23.67 metre interval grading 0.55 per cent nickel, 0.36 per cent copper, 0.02 per cent cobalt and 0.92 g/t precious metals. This is one of the highest grade intersections reported to date at Shakespeare.
The company will discuss details of its pending amalgamation with Prophecy Platinum Corp. at its annual meeting on May 30.
“We are pleased to have executed a definitive agreement with Prophecy,” Richard Sutcliffe, URSA Major’s CEO, said in the release. “Our shareholders will participate in a combined company with an outstanding portfolio of assets and substantially improved market capitalization and liquidity."