December 17, 2010 07:36 pm
Lot of potentials at only $ 0.165 / shareFor the three months ended Oct. 31, 2010, the company recorded gross revenue of $7,271,623 on the sale of metals from the Shakespeare mine. The company reported an operating profit of $1,175,164 for the three months ended Oct. 31, 2010. The company's net income for the quarter was $548,202 and cash flow from operations was $256,226. The quarter ended Oct. 31, 2010, was the second quarter of commercial production at the company's Shakespeare nickel mine, located 70 km west of Sudbury, Ont. Prior to June, 2010, the mine was in the preproduction mining stage. During the quarter, the company delivered 66,769 tonnes of ore to Xstrata Nickel's Strathcona mill for processing. The mine was in production for three months of the quarter and this was the first complete quarter of commercial production.
URSA MAJOR MINERALS REPORTS OPERATIONAL PROFIT AT SHAKESPEARE NICKEL-COPPER MINE.
To Jan. 31, 2011, the end of the company's fiscal year, Ursa Major anticipates the production and delivery of approximately 200,000 tonnes of ore from the Shakespeare mine.
Ursa Major is awaiting the final results from a 2,580-metre diamond drilling and borehole EM program at the Nickel Offsets option. The company is encouraged by initial results from the 2010 program and anticipates that it will continue to drill targets on this property in the first half of 2011. The company has initiated a two-hole, 1,600-metre program, targeting the eastern extension of the Shakespeare deposit. The drill holes will test for nickel-copper-platinum group metals mineralization up to 400 metres east of, and down-plunge from, the previous sulphide mineralized drill intersections reported in 2008. Initial results from this exploration will be reported during first quarter of 2011. Ursa Major has also recently completed an airborne magnetic and time domain electromagnetic survey of the Disraeli lake area, north of Thunder Bay, Ont., and anticipates results prior to year-end. This property is interpreted to be a similar geological environment to Magma Metals' property that contains the Current Lake platinum group metal discovery.
previously target at $3.35