URSA Major announces financial and operating results for Q3 and 9M 2011
URSA Major Minerals Incorporated has announced its financial and operating results for the three and nine months ended October 31st 2011. URSA Major produces nickel, copper and precious metals from the Shakespeare Nickel Mine located 70 kilometers west of Sudbury, Ontario.
For the three months ended October 31st 2011, the company recorded gross revenue of USD 3,679,820 on the sale of metals from the Shakespeare Nickel Mine, located 70 kilometers west of Sudbury, Ontario.
The Company reported a mine operating loss on mining activities of USD 218,159, a net loss of USD 353,544, and a comprehensive loss of USD 363,544 for the three months ended October 31st 2011.
Mr Richard Sutcliffe CEO of URSA Major said that "The past year has presented a challenging economic environment with weaker base metal prices than anticipated. This past week we have limited our operations at Shakespeare to conserve both capital and ore reserves in anticipation of higher metal prices in 2012. Being an open pit, direct shipping operation with contracted mining, we have the flexibility to modify our operational plan as a result of the current lower metal price environment. We are working on a revised initial mine plan for the Shakespeare East Pit which recent drilling has shown to be higher grade than the ore currently being shipped from the West Pit. We also anticipate that a new mineral resource estimate reflecting our successful drilling program on the Shakespeare East extension will be completed before the end of our fiscal year."
The Company is focused on production, development and exploration of nickel, copper and precious metal deposits primarily in Ontario, Canada. URSA Major has a variety of properties ranging from the operating Shakespeare Nickel Mine through to early stage exploration projects.
www.steelguru.com/stainless_steel_news/..._9M_2011/243021.html
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