Richard Sutcliffe, URSA Major’s CEO stated “Our previous processing agreement expired in December 2011 and we have not been able to conclude a new processing agreement for Shakespeare ore.

Since 2007, URSA Major’s mining operations have demonstrated the consistent quality and metallurgical characteristics of the Shakespeare deposit and contributed to substantially removing risks from the future development of the ore body.

The Company is evaluating the best options for developing the Shakespeare project which is fully permitted for an onsite mill and related infrastructure.”