URSA Major Minerals Announces Positive Results From In-Fill Drilling Program at Shakespeare Nickel Project, Sudbury Area, Ontario

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY U.S. NEWS WIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES.

URSA Major Minerals Incorporated (URSA Major) (TSX VENTURE:UMJ) is pleased to announce positive results from a 6 hole (386 meter) in-fill drilling program that is part of the planned bulk sample extraction from the Shakespeare nickel deposit, located 70 kilometers west of Sudbury, Ontario.

The drill holes are all vertical in-fill holes designed to increase the confidence level in the existing reserve estimate prior to proceeding with the excavation of a 50,000 tonne bulk sample. The bulk sample area was chosen to be representative of the typical ore grade which is contained in the Shakespeare deposit. Assay results for the holes are presented in the following table. The drill holes demonstrate that the ore in the bulk sample area has consistent grade, is representative of the deposit and extends to the surface.

---------------------------------------------------------------------------
                   Azim. &  From:  To: Length: Ni  Cu  Co   Pt    Pd    Au
DDH    Location(1)    Incl.   (m)  (m)     (m) (%) (%) (%)(g/t) (g/t) (g/t)
---------------------------------------------------------------------------
U3-92 5+31W/0+49N vertical   2.6 20.5    17.9 .34 .42 .02  .35   .40   .21
---------------------------------------------------------------------------
U3-93 5+49W/0+02N vertical   0.9 23.9    23.0 .37 .45 .02  .39   .45   .20
---------------------------------------------------------------------------
U3-94 6+51W/0+09N vertical   0.2  7.2     7.0 .24 .32 .02  .25   .30   .12
---------------------------------------------------------------------------
U3-95 6+06W/0+30S vertical   0.7 13.7    13.0 .35 .44 .02  .35   .40   .18
---------------------------------------------------------------------------
U3-96 6+78W/0+46N vertical   1.4 21.4    20.0 .36 .31 .02  .54   .54   .19
---------------------------------------------------------------------------
U3-97 4+91W/0+23N vertical   1.2 17.2    16.0 .36 .46 .02  .44   .51   .22
---------------------------------------------------------------------------
(1) Grid coordinates are in feet.

URSA Major is proceeding with plans to extract the bulk sample from an excavation with approximate dimensions of 50 meters by 25 meters by 10 meters deep in the Shakespeare West deposit. The excavation will be accessed by a 12.5 meter wide ramp at a grade of 20%. Both the ramp and the excavation will be entirely in ore. The ore will be crushed to -6" and trucked to Xstrata Nickel's Strathcona mill. Access road upgrades to accommodate haulage trucks are currently in progress. The mining will be initiated when the road upgrade is completed and a closure plan amendment to increase the bulk sample size to 50,000 tonnes is accepted by the Ontario Ministry of Northern Development and Mines.

At the Shakespeare project, URSA Major has completed a positive full feasibility study on a 4,500 tonne per day mine and mill. The Shakespeare deposit contains a diluted Probable Reserve of 11,226,000 tonnes grading 0.33% nickel, 0.35% copper, 0.02% cobalt, and 0.9 g /t precious metals. URSA Major has entered into a memorandum of agreement with Xstrata Nickel for the milling of ore and subsequent purchase by Xstrata Nickel of nickel and copper concentrates expected to be produced from the Shakespeare nickel-copper project.

URSA Major will be exhibiting at the World Money Show, Orlando, Florida on February 7 to 10, 2007. Please come and see us at booth 224.

National Instrument 43-101 - Drill core was split and samples with a nominal 1.0 meter length were analyzed at SGS-XRAL Laboratories, Toronto, Ontario, using fire assay for platinum, palladium, and gold and ICP with multi-acid digestion for copper, nickel, and cobalt. Mr. Harold Tracanelli, P. Geo., supervised the exploration program and is the Qualified Person under National Instrument 43-101.

Mr. Ian Ward, P.Eng. of Micon International is the qualified person for the Shakespeare feasibility study.

This release was prepared by management of the Company who takes full responsibility for its contents.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Website: www.ursamajorminerals.com