Canada’s Ursa Major Minerals Incorporated reports it has started shipping nickel ore from its restarted Sahakespeare open pit to Sudbury for processing at the Xstrata Nickel plant.
Ore shipments began in mid-February after the company's contractors began mining at the beginning of the month.
CEO Richard Sutcliffe said “We are extremely pleased with the quick and efficient start up that has been achieved at the Shakespeare Mine. Our team at Ursa Major has worked diligently to accomplish this task.”
He added “We are also very pleased to be in a position to benefit from the significant recent improvement in nickel and copper prices. In addition to the mining operations, we are planning an active exploration program in 2010 and the improved prices will further enhance these plans.”
Plans are to move 200,000 tonnes by truck to Sudbury in 2010 at a rate of about 1000 tonnes a day.
The company also announced a second private placement of financing consisting of the issuance of 6,800,000 common share purchase units at $0.10 per unit for gross proceeds of $680,000. The proceeds will go to general working capital and for certain costs associated with re-starting the Shakespeare mine.
Ursa Major has two nickel sulphide projects containing significant 43-101 compliant nickel/copper reserves and resources. The company has an option to earn a 70% interest in the past-producing Nickel Offsets mine, a 100% interest in the Shining Tree nickel deposit, and it has also acquired PGM exploration properties in the Thunder Bay area of Ontario.
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