Ursa Major Minerals Incorporated T.UMJ

News out

[capiche]

URSA Major Minerals Receives FavourableDecision from Ontario Superior Court in Decision to Cancel SpecialMeeting of Shareholders
2/24/2011 12:32:05 PM - NFD

TORONTO, ONTARIO, Feb 24, 2011 (Marketwire via COMTEX News Network) --

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

URSAMajor Minerals Incorporated ("URSA Major" or the "Company") (TSX:UMJ)is pleased to announce that it has received a favourable decision fromthe Ontario Superior Court of Justice (Commercial List) regarding theCompany's cancellation of a previously scheduled special meeting ofshareholders called in response to a requisition for a shareholdermeeting received from Inspiration Mining Corporation ("ISM").

ISMrequisitioned the meeting for the purpose of "the election of a boardof directors as proposed by (ISM)". Despite numerous requests from URSAMajor's management and legal counsel, ISM refused to provide theirproposed nominations for the board of directors of URSA Major. OnFebruary 2, 2011, as a result of ISM's failure to provide proposednominees to the board, URSA Major cancelled the shareholders' meetingthat had been scheduled for March 3, 2011.

Subsequently, ISMfiled a motion with the Ontario Superior Court of Justice to have thecourt set a shareholder meeting date. After hearing the case onFebruary 22, 2011, the Ontario Superior Court dismissed ISM's motion onthe basis that ISM's shareholder meeting requisition was invalid.

Inaddition, ISM has also delivered a notice of application in the OntarioSuperior Court of Justice (Commercial List) under sections 106 and 248of the Business Corporations Act, Ontario seeking, among other things, adeclaration that the private placement that closed on January 31, 2011be reversed. URSA Major intends to vigorously defend its position.

About URSA Major Minerals Incorporated

URSAMajor is a Canadian mining company with an operating mine in theSudbury area and nickel sulphide deposits containing significant NI43-101 compliant nickel and copper reserves and resources. The Companyis focused on maintaining profitable operations at the Shakespeare Mine,expanding its nickel, copper and platinum group metal (PGM) productionand increasing mineral resources through exploration and development,primarily in Ontario, Canada.

Some statements contained in thisrelease are forward-looking and, therefore, involve uncertainties orrisks that could cause actual results to differ materially. Suchforward-looking statements include comments regarding mining and millingoperations, mineral resource statements and exploration programperformance. Factors that could cause actual results to differmaterially include metal price volatility, economic and political eventsaffecting metal supply and demand, fluctuations in mineralizationgrade, geological, technical, mining or processing problems, explorationprograms and future results of exploration programs, futureprofitability and production.

SOURCE: URSA Major Minerals Incorporated

URSAMajor Minerals Incorporated Dr. Richard Sutcliffe President & CEO416-864-0615 URSA Major Minerals Incorporated Alison Tullis InvestorRelations Manager 416-864-0615 [e-mail]://www.ursamajorminerals.com/

Copyright (C) 2011 Marketwire. All rights reserved.

[victor2009]

Another round over, here's an updated recap on The Action to Date:Miller leads with a weak jab calling for a meeting, Sutcliffe counters with a meeting call that Miller didn't see, then lands a perfectly timed placement to the jaw. First Round to UMJ/SutcliffeMiller looks hurt, cries foul and tries another another weak jab threatened injunction. Sutcliffe counters with a right

[throughmud]

Victor, well stated. You must have some experience calling action at ringside!mud

[tickle1st]

ThroughmuckIn reality, the concern you should have about how or what is getting beat to a pulp in this bit of a dust up is the share price.You can't hide that black eye and bloody nose that URSA has from investors....this investment is out for the count.

[HonestAbe]

I am relatively new to this scene and just perusing some of the past NR behind this dissident shareholder situation.  It seems Inspiration wants to reverse the PP because it dilutes their ownership percentage and possibly sway voting at the special meeting (now cancelled), because Ursa did not get shareholder "approval".  Ursa obviously did financing to fund further exploration

[KerBer]

Ursa obviously did financing to fund further exploration and development. Well, ISM might disagree with your statement. In fact, the crux of their argument is that the primary purpose of the PP was to dilute the float and thus the ability of ISM to elect their slate of directors. What ISM intend to do if they ever manage to get their slate elected remains unknown.In the upcoming court case ( if it

[victor2009]

HonestAbe,I'm also new to the scene as far as URSA is concerned. I became interested in what was going on when ISM began disclosing share ownership in UMJ, and then was astounded when their CEO had the gall to discredit UMJ management and suggest a call for an election.I've followed the antics of ISM and their CEO for a number of years. In my opinion both are the epitome of what not to

[odzie]

 All this is doing is giving an opportunity to buy cheap shares again. Thats it. As soon as some people hear the word court and lawyer they run. This whole affair really is just buffoonery about nothing. Nothing really material being disputed other than technicalities. The big picture is whats important and nothing has changed there other than the current focus being on a sideshow which will

[tickle1st]

Odzie...nobody was buying this crap before Inspiration came along....And nobody is going to buy it after they leave.My guess is the price rose on Inspiration buying and will drop with Inspiration selling.And then the same old same old is going to happen....Nothing but paycheques being issued.And I think that is coming to.  It will end when the easy to mine ore surface ore runs out and they

[odzie]

How many months have I been listening to your cr@p now. One has to question as to why. You were awfully silent when we rallied to .25. So tell us why before the ignore button takes care of business for me as your rants really do not bring any useful information. CHIMO>

[rallydriver]

 -useful info? I would like to thank tickle for his posts. I managed to get out the week of the rally, a few pennies in the green even. His posts convinced me to get out at the earliest oppurtunity. I realize nobody like trash talking about their holdings, but so far tickle's opinions, in my view, havent been wrong. Do your DD, and Good Luck to you all.

[lonecrow]

Sorry guys but I'm accumulating.  We are pretty much at the bottom now.   Doesn't matter what is going on between the two parties.  The numbers are only going to be positive from this point forward.  That is what matters.  This company has turned the corner into profitability so I'll let all the drama play out between ignorant people like tickle who have

[cyberbull]

GOOD RIDDANCE TO RALLYDRIVER &TICLKE, NO MORE CRAP, SEE YOU BOTH WHEN WE ARE ABOVE.25

[tickle1st]

I'm not leaving.I feel you guys need to see things the way that I see them...and I've been involved with URSA a lot longer than you and I see the same old same old coming into play.I wonder why you have to hire somebody to seek out investors that see value in this crap. I think this has been done before...and .25 cents!!! Do you have lofty expectations. I'm thinking 5 cents when the

[rallydriver]

 Tickle, these lessons are very hard to learn. I had another I was buried in , I promised myself I would get out at the 1st oppurunity , just like umj.I sold them both about the same time, made a few pennies, nothing worth the time the money was in them. The other continued to creep up and again was looking to have the potential that I originally bought it for.So, brokey my promise,

[throughmud]

rallydriver, thanks for your posts in advice. Back in August 2010 you stated the following:> tickle, why dont you tell us how much of umj you own? And your breakeven point?that might give your comments a little credibility.Ican understand your frustration if you have been buried by this stock,however it sounds like you dont own any and just bash here for sport.<Did you get a

[rallydriver]

 Well, I agree it would seem tickle is bashing,  time has shown he was advising.In my opinion. Like I say, good luck to all that continue to hold umj, I hope your DD is correct.

[throughmud]

rally, would you see tickle1st more as an advising basher, or rather as a bashing advisor?My experience with him/her is that since October 2006, on this and the Pat bulletin boards, he/she has been a persistent RS basher. It seems way too personal. mud

[cupricity]

Asking tickle for advice on umj is liking asking your dog for advice on squirrels.

[PDogg]

Exactly.