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URSA Major Minerals Incorporated (TSE:UMJ) announced its financial and operating results for the three and six months ended July 31, 2011.
URSA Major Minerals Incorporated (TSX:UMJ) announced its financial and operating results for the three and six months ended July 31, 2011.
The press release is quoted as saying,
Financial and Operating Highlights
- For the three months ended July 31, 2011, the Company recorded gross revenue of $2,499,084 on the sale of metals from the Shakespeare Nickel Mine, located 70 km west of Sudbury, Ontario.
- The Company reported a mine operating loss on mining activities of $151,778, net loss of $1,159,646, and comprehensive loss of $1,168,396 for the three months ended July 31, 2011.
- During the three months of operation ending July 31, 2011, the Company delivered a total of 32,825 tonnes of ore to the Strathcona Mill at a grade of 0.306% nickel, 0.349% copper, 0.019% cobalt, 0.322 g/t platinum, 0.364 g/t palladium, 0.172 g/t gold and 1.888 g/t silver. The Company did not ship ore from March 15, 2011 to June 20, 2011 as a result of the annual spring half-load trucking restriction imposed by the Municipality of Sudbury.
- In June and July, the Company reported the results from eight diamond drill holes that were successful in extending mineralization down plunge from the Shakespeare East deposit. A highlight of the program is hole U3-122 that intersected 5.19 metres grading 0.81% nickel, 0.48% copper, 0.03% cobalt and 1.20 g/t precious metals which is one of the highest grade intersections reported to date at Shakespeare. The higher-grade intersection in drill hole U3-122 is located in a wider 23.67 metre interval grading 0.55% nickel, 0.36% copper, 0.02% cobalt and 0.92 g/t precious metals.