Ursa Major Minerals reported a $2.4-million operational profit for the year that ended January 31, 2011, following its first year of commercial production.
The miner operates the Shakespeare nickel-copper mine, located 70 km west of Sudbury near the village of Webbwood.
The company's year-end report indicated current assets of $5,001,774 and current liabilities of $2,186,720.
“We are extremely pleased to report a profitable year of operations at the Shakespeare Mine, a significantly strengthened balance sheet and an expanded exploration program,” said CEO Richard Sutcliffe in a news release. “Our objective is to build Ursa Major through a combination of successful exploration, expanding producing and project acquisition.”
Ursa Major resumed drilling at its Shakespeare east deposit in December, aiming to increase resources at the mine. Drill holes will test for nickel-copper-platinum metals mineralization up to 400 metres east of, and down-plunge from, the previous sulphide mineralization drill intersections reported in 2008.
During three quarters of commercial production, the company reported a gross revenue of $14,866,306 on the sale of metals, an operating profit on mining activities of $2,388,738, a net income of $677,998 and a comprehensive income of $700,498.
Over nine months of production, the company delivered 166,913 tonnes of ore to the Strathcona Mill at a grade of 0.357 per cent nickel, 0.407 per cent copper, 0.025 per cent cobalt, 0.373 g/t platinum, 0.409 g/t palladium, 0.207 g/t gold and 2.328 g/t silver.
The company was previously in pre-production mining stage.
Mining activity with the company has been brisk over the last year.
In November 2010, the company completed 2,582 metres of exploration drilling at its Nickel Offsets Property, announcing an intersection of 2.89 metres of nickel-rich massive sulphides.
Ursa Major additionally completed an airborne magnetic and time domain electromagnetic survey of the Disraeli Lake areas north of Thunder Bay.
