Inspiration Mining

Jun. 13, 2011 (Marketwire) --

TORONTO, ONTARIO -- (Marketwire) -- 06/13/11 --

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) announces today the filing of a response to the dissident circular (the "Response Letter") filed by Inspiration Mining Corporation and Forbes & Manhattan, Inc. (the "Dissidents"). A full version of the Response Letter can be found on URSA Major's website, at www.ursamajorminerals.com, and on URSA Major's profile page on SEDAR, at www.SEDAR.com.

The Response Letter provides compelling reasons for shareholders to disregard the Dissidents' proxy solicitation and to vote their BLUE proxy today, including that the Dissidents are offering:

--  A Zero-Premium Take-Over Bid:  By leveraging their minority stake to
    seize control of URSA Major, the Dissidents are hoping to grab control
    of the Company and its treasury, without having to pay a premium to
    shareholders; 

--  Unusual Governance and Compensation Practices:  Inspiration shareholders
    have experienced a disastrous decline in their investment, while the
    Inspiration directors and executives have benefited handsomely. They
    have rewarded themselves through generous salaries and golden parachutes
    while the share price of Inspiration has plummeted; and 
    
--  A Proven History of Diminished Shareholder Returns:  Communications with
    shareholders have indicated that many are dissatisfied with the
    performance of a number of public companies that are controlled by the
    Dissidents and their nominees. 

"We have advanced URSA Major to the point where it is the only currently profitable junior nickel mine in Canada, as such the Dissidents are making an opportunistic play for our growing portfolio of profitable assets, notably the Shakespeare mine," stated President and CEO, Richard Sutcliffe. "Contrary to the unsupported allegations of the Dissidents, we have controlled costs to maintain profitability and kept shareholder dilution to a minimum, while achieving mine production."

The Response Letter also details the strengths the current Board offers, providing sound reasoning for shareholders to vote their BLUE proxy to support their Board's continued efforts to increase shareholder value, including:

--  Stronger Share Price Performance:  URSA Major's shares have performed
    substantially better than Inspiration's, especially since early 2009
    when stock markets began to recover. 
    
--  A Strong Independent Board:  Excluding the President & CEO, Richard H.
    Sutcliffe, each of the five current directors and nominees are
    independent.  Board independence was increased this year with the
    addition of Jean-Pierre Colin and the Company is further strengthening
    the independence of the Board by nominating a strong independent
    director in Ms. Maura Lendon. 
    
--  Reasonable Compensation to Management: The current Board and Management
    believe it is vital that compensation programs align with shareholder
    interests and URSA Major is dedicated to aligning Board compensation
    with maximizing long-term shareholder value. 

"Our vision is to grow URSA Major into a profitable mid-tier nickel producer through successful exploration, production expansion and project acquisition," said Amar Bhalla, Chairman of the Special Committee. "The Special Committee is focused on working with management to ensure that URSA Major's operational successes are reflected in your share price."

It is important that shareholders vote their BLUE form of proxy to continue the momentum that the current Board of Directors has built and realize the rewards that await.

Shareholders who require assistance voting their BLUE proxy should contact Kingsdale Shareholder Services Inc. at 1-866-851-2743 or email contactus@kingsdaleshareholder.com.

About URSA Major Minerals - URSA Major is a Canadian mining company with a nickel mine and two nickel sulphide projects containing significant NI43-101 compliant nickel and copper reserves and resources. The Company is focused on demonstrating profitable operations at the Shakespeare Mine and growing its nickel, copper and platinum group metal (PGM) deposits 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.

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

Contacts:
Amar Bhalla
Chair of the Special Committee
416-928-5104
abhalla@capitinvestment.com

URSA Major Minerals Incorporated
Alison Tullis
Manager of Investor Relations
416-365-0615
atullis@ursamajorminerals.com

Kingsdale Communications Inc.
Beverly Brooks
416-867-2304
bbrooks@kingsdalecommunications.com