TORONTO, ONTARIO--(Marketwire - Feb. 22, 2011) -

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" or the "Company") (TSX:UMJ) has retained Raymond James Ltd. ("Raymond James") as its strategic advisor. Raymond James will assist the Company in evaluating strategic merger and acquisition opportunities. In connection with the Company's plan to expand the Shakespeare Mine and construct an on-site concentrator, Raymond James will assist with evaluating development options and financing alternatives. Raymond James Ltd. is the Canadian arm of Raymond James Financial, Inc., one of North America's leading full service investment dealers.

Richard Sutcliffe, URSA Major's CEO commented "There is significant value to unlock in URSA Major, especially through the expansion of the Shakespeare Mine and surrounding resources. Our main focus during the past year has been to bring the Shakespeare Mine into profitable production and demonstrate that consistent ore production and grades can be achieved at Shakespeare. We have recently expanded our exploration activity in order to develop the resources at our Ontario properties with an immediate goal to increase the size of our Shakespeare deposit. We now aim to grow the Company by seeking attractive merger and acquisition opportunities. We believe that our relationship with Raymond James will accelerate our value creation plans."

The Shakespeare Nickel-Copper Mine is currently in production as an open pit mine and has produced 198,181 tonnes of ore in the fiscal year ended January 31, 2011. Management continues to evaluate development alternatives under a fully permitted, positive 2008 feasibility study to construct an on-site concentrator and generate enhanced project economics. The Shakespeare operation has been substantially de-risked through the current open pit mining, crushing and ore processing that confirms ore grades and metal recovery.

About URSA Major Minerals Incorporated

URSA Major is a Canadian mining company with an operating mine in the Sudbury area and nickel sulphide deposits containing significant NI 43-101 compliant nickel and copper reserves and resources. The Company is focused on maintaining profitable operations at the Shakespeare Mine, expanding its nickel, copper and platinum group metal (PGM) production and increasing mineral resources through exploration and development, primarily in Ontario, Canada.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Dr. Richard Sutcliffe
URSA Major Minerals Incorporated
President & CEO
416-864-0615

OR

Alison Tullis
URSA Major Minerals Incorporated
Investor Relations Manager
416-864-0615
atullis@ursamajorminerals.com
www.ursamajorminerals.com

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.