Ursa Major Minerals is launching into nickel and copper ore production armed with (US) $2.5 million arranged through a metal financing facility.
In a Feb. 17 press release, the junior miner reported Auramet Trading will assist with the company's metal inventory and receivables associated with the ore produced from the Shakespeare Mine.
Auramet is a leading New Jersey-based leading metals trading, merchant banking and advisory firm specializing in the resource sector.
The facility has an initial one-year term and can be renewed annually.
Ursa Major restarted its Shakespeare open pit, west of Sudbury, in early February with plans to truck 200,000 tonnes of this year to Xstrata Nickel in Sudbury for processing.
Ursa Major CEO Richard Sutcliffe said the Auramet facility provides working capital for mining nickel, copper, platinum and other metals.
It will also enable them to "lock in our base metal prices" when ore is delivered and will eliminate the pricing risk between ore delivery and final metal out-turn.
Besides the Shakespeare deposit, the company's other properties include a nickel project on Sudbury's North Range and a grass roots base metal play north of Thunder Bay.
"We are planning an active exploration program in 2010 and resuming operations at Shakespeare will permit us to generate cash flow for advancing our nickel-copper and PGM properties," said Sutcliffe.
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