URSA Major Minerals Appoints John Lee and Greg Hall to the Board of Directors

TORONTO, ONTARIO -- (Marketwire - March 20, 2012) - URSA Major Minerals Incorporated (TSX:UMJ) ("URSA Major" or the "Company") is pleased to announce the appointment of John Lee and Greg Hall to the board of directors of URSA Major. This appointment follows the binding letter of agreement (the "Agreement") announced on March 2, 2012 for a business combination through a proposed all share transaction. Pursuant to the Agreement, Prophecy Platinum Corp. will issue 1 common share in exchange for every 25 outstanding common shares of URSA Major.

John Lee is an entrepreneur and CFA charterholder with degrees in economics and engineering from Rice University. He was appointed Chairman and CEO of Prophecy Resource Corp. in October 2009. In a little over a year under John's leadership, Prophecy Resource Corp. grew from having minimal assets to owning substantial coal and Ni-PGM assets in Mongolia and Canada, respectively. Mr. Lee restructured Prophecy Resource into Prophecy Coal Corp. (TSX: PCY) and Prophecy Platinum Corp. (TSX VENTURE: NKL) in June, 2011. Prophecy Coal Corp. is the first Canadian public company to obtain a license to build thermal coal power plant in Mongolia and only the second to commission a coal mine to production in that country. Prophecy Platinum controls the Wellgreen property; a large nickel-PGM project in the Yukon Territory. John Lee is currently Chairman of Prophecy Platinum and CEO and Chairman of Prophecy Coal Corp.

Mr. Greg Hall is an independent business advisor to the mining industry. For over 30 years, Mr. Hall has focused on significant international exploration, development, and mining ventures, and all aspects of their structuring and finance. He is a current director of Prophecy Coal Corp., Prophecy Platinum Corp., and a former director of Silvercorp Metals Inc (TSX:SVM)(NYSE:SVM), China's largest primary silver producer. His previous positions include: Director at Haywood Securities Inc.; Vice-President, Canaccord Capital Corporation; and Senior Vice-President of Leede Financial Markets Inc. He is a graduate of the Rotman School of Management, University of Toronto, SME Enterprise Board Program, and a Member of the Institute of Corporate Directors.

Dr. Sutcliffe commented, "We look forward to working with Mr. Lee and Mr. Hall to complete the proposed business combination with Prophecy Platinum. The agreement with Prophecy provides an excellent opportunity to advance the Shakespeare Mine. Our shareholders will participate in a combined company with an outstanding portfolio of assets and substantially improved market capitalization and liquidity."


About URSA Major Minerals

Ursa Major is a Canadian mining company with a nickel mine and two nickel sulphide projects containing significant NI 43-101 compliant nickel and copper reserves and resources. Ursa is focused on expanding operations at the Shakespeare Nickel Mine and growing its nickel, copper and platinum group metal (PGM) deposits through exploration and development, primarily in Ontario, Canada.


The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Cautionary Statements: Completion of the Transaction is subject to a number of conditions, including regulatory approval, shareholder approvals, completion of satisfactory due diligence, a definitive agreement and approval of the British Columbia Supreme Court if applicable. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in a management information circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of exploration and development stage resource companies should be considered highly speculative.


Forward-Looking Statements:

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements regarding potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, estimates of production, the timing and success of exploration, development and production activities generally, the timing and results of future resource estimates, permitting time lines, metal prices, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the companies are forward-looking statements that involve various risks and uncertainties. Although Ursa and Prophecy believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on Ursa and Prophecy and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

"Neither the TSX nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release."



Contact Information

URSA Major Minerals Incorporated
Richard Sutcliffe
President and CEO
416.864.0615

URSA Major Minerals Incorporated
Alison Tullis
Manager, Investor Relations
416.864.0615
atullis@ursamajorminerals.com
www.ursamajorminerals.com