TORONTO, ONTARIO--(Marketwire - March 2, 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) is pleased to announce that on March 1, 2011, the Ontario Superior Court of Justice dismissed Inspiration Mining Corporation's ("ISM") court application, in which ISM sought, among other relief, to reverse the private placement that URSA Major closed on January 31, 2011 and to restrict the rights of the private placees to vote at the next shareholder meeting of URSA Major. After legal argument, a judge of the Ontario Superior Court confirmed that ISM's application was dismissed in its entirety with written reasons to follow. The court has also advised that ISM will be ordered to pay $11,000 in costs in favour of URSA Major.
This is the second favourable court decision that URSA Major has received in the past week from the Ontario Superior Court of Justice (Commercial List) in relation to motions brought forward by ISM. Previously, on February 23, 2011, the Ontario Superior Court dismissed ISM's motion to have the court set a shareholder meeting date. After hearing the case on February 22, 2011, the Ontario Superior Court dismissed ISM's motion on the basis that ISM's shareholder meeting requisition was invalid.
Richard Sutcliffe, URSA Major's CEO, stated "We are satisfied with the recent court decisions regarding the proceedings brought by ISM and with this behind us we can drive forward with our business plan to create increased value in URSA Major. We will continue to focus our attention on the expansion of the Shakespeare Mine and surrounding resources. With the proceeds of the recent financing, we expanded our exploration activity and the immediate goal is to increase the size of our Shakespeare deposit by targeting the down plunge extension of the deposit. In addition, we aim to grow the Company by seeking attractive merger and acquisition opportunities and are working closely with Raymond James as our strategic advisor to accelerate our value creation plans."
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 NI43-101 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 production and increasing mineral resources through exploration and development, primarily in Ontario, Canada.
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@bellnet.ca
http://www.ursamajorminerals.com/
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.
