URSA Major Minerals drills iron-oxide skarn mineralization at Fox Mountain Property, Thunder Bay area, Ontario
URSA Major Minerals Incorporated ("URSA Major") (TSX:UMJ) announces results from an initial two hole drilling program at the Company's 100%-owned Fox Mountain Project, located 75 km north of Thunder Bay, Ontario. Drill holes U17-01 and U17-02 were drilled to test an airborne magnetic and time domain EM anomaly that was identified in the November 2010 survey flown for URSA Major.

Initially, the Company was targeting platinum group metal and nickel-copper sulphide mineralization on the property, however, the drill holes intersected a sub-horizontal four to five meter thick layer of massive magnetite-iron sulphide mineralization that is interpreted to be an occurrence of skarn mineralization within the Sibley Group sedimentary rocks.

Richard Sutcliffe, URSA Major's CEO, commented "Our previous work at Fox Mountain suggested a favourable geological environment to host high-grade platinum group metals and nickel copper sulphides. This drilling program intersected a new skarn-type occurrence, which is a previously unreported style of mineralization in this district. The significance of this skarn mineralization is that it opens up further exploration potential, particularly for copper and gold mineralization. In particular, we will evaluate the relationship between the massive magnetite-iron sulphide skarn mineralization and previously reported copper occurrences in the Sibley Group. Geological mapping will be conducted in the summer to further evaluate this new exploration target."

Holes U17-01 and U17-02 both intersected massive magnetite with pyrite, pyrrhotite, and chalcopyrite mineralization within sub-horizontally bedded Sibley Group mudstones that are intruded by diabase and olivine gabbro. Hole U17-01 intersected 5.45 meters grading 46.1% iron, 0.073% cobalt and 0.12% copper and hole U17-02 intersected 4.31 meters of 31.9% iron with 0.071% cobalt and 0.14% copper. The skarn-type mineralization is thought to be the result of replacement of carbonate rich sedimentary rocks by metal-rich fluids related to gabbro intrusions.

Hole No. Location Az/Incl From

(m) To (m) Width (m) Iron

(%) Copper (%) Cobalt (%)

U17-01 0356500E/5440795N 082/-45 133.50 138.95 5.45 46.11 0.12 0.073

U17-02 0356500E/5440795N 082/-55 114.95 119.26 4.31 31.90 0.14 0.071

At the Fox Mountain Project, the Company will also continue to target platinum group metals and nickel- copper sulphides in a similar geologic environment as Magma Metals Limited's Current Lake deposit (Indicated Mineral Resource of 9.49 MT at 2.3g/t Pt-Eq), located 25 km south of the Fox Mountain Project, and Kennecott's Eagle Deposit (Reserves of 3.2MT at 3.89% Ni) in Michigan.

In November 2010, URSA Major contracted Aeroquest Limited to complete a 610 line km airborne magnetic and time domain EM survey of the Company's Property that hosts ultramafic and gabbroic intrusions. The Aeroquest survey identified a number of geophysical anomalies. The Company anticipates that additional anomalies will be tested during the summer after the Company has had an opportunity to complete further geological mapping and prospecting.

As announced on March 14, 2011, URSA Major also has a 7,000 metre drilling program in progress at the Shakespeare East Deposit. The intent of the program is to increase the resource estimate down plunge from the Shakespeare East Deposit.

The Company also reports that ore haulage from the Shakespeare nickel mine will resume in mid-June when the Municipality of Sudbury removes the half load trucking restriction. The removal of this restriction has been delayed relative to previous years as a result of delayed Spring weather conditions in northern Ontario. This delay will result in a delivery shortfall of approximately 15,000 tonnes of ore relative to budget for the Company's quarter ending July 31, 2011. The Company is currently blasting and crushing in anticipation of the resumption of shipments and anticipates that it will be able to eliminate this shortfall prior to the end of the year.

About URSA Major Minerals Incorporated - URSA Major is a Canadian mining company with a nickel mine and two nickel sulphide projects containing significant NI43-101 compliant nickel and copper reserves and resources. The Company is focused on demonstrating profitable operations at the Shakespeare Mine and growing its nickel, copper and platinum group metal (PGM) deposits through exploration and development, primarily in Ontario, Canada.

National Instrument 43-101 - Drill core was split using a diamond cutting blade and sampled at a nominal length of 1.0 meter. Blanks and quarter-duplicate samples were inserted into the sample stream prior to shipment to Accurassay Laboratories, in Thunder Bay, Ontario. Harold Tracanelli, P.Geo., is the qualified person for the drill program and has reviewed and approved the contents of this release. Iron, cobalt and copper along with a number of other elements have been analyzed using multi-element ICP-MS.

CONTACT:

Dr. Richard Sutcliffe, President & CEO

Alison Tullis, Investor Relations Manager

Phone: 416-864-0615

atullis@ursamajorminerals.com

http://www.ursamajorminerals.com/

Address: 8 King Street East, Suite #1300, Toronto, Ontario, Canada M5C 1B5

Symbol & Exchange: UMJ -- TSX

This release was prepared by management of the Company who takes full responsibility for its contents. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production.

This press release is not for distribution to any U.S. news wire service or for dissemination in the United States.

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