URSA Major Minerals Receives FavourableOntario Superior Court Decision Dismissing Inspiration Mining'sApplication to Reverse Private Placement3/2/2011 11:34:12 AM - NFD
TORONTO, ONTARIO, Mar 2, 2011 (Marketwire via COMTEX News Network) --
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URSAMajor Minerals Incorporated ("URSA Major" or the "Company") (TSX:UMJ)is pleased to announce that on March 1, 2011, the Ontario Superior Courtof Justice dismissed Inspiration Mining Corporation's ("ISM") courtapplication, in which ISM sought, among other relief, to reverse theprivate placement that URSA Major closed on January 31, 2011 and torestrict the rights of the private placees to vote at the nextshareholder meeting of URSA Major. After legal argument, a judge of theOntario Superior Court confirmed that ISM's application was dismissedin its entirety with written reasons to follow. The court has alsoadvised that ISM will be ordered to pay $11,000 in costs in favour ofURSA Major.
This is the second favourable court decision thatURSA Major has received in the past week from the Ontario Superior Courtof Justice (Commercial List) in relation to motions brought forward byISM. Previously, on February 23, 2011, the Ontario Superior Courtdismissed ISM's motion to have the court set a shareholder meeting date.After hearing the case on February 22, 2011, the Ontario SuperiorCourt dismissed ISM's motion on the basis that ISM's shareholder meetingrequisition was invalid.
Richard Sutcliffe, URSA Major's CEO,stated "We are satisfied with the recent court decisions regarding theproceedings brought by ISM and with this behind us we can drive forwardwith our business plan to create increased value in URSA Major. We willcontinue to focus our attention on the expansion of the ShakespeareMine and surrounding resources. With the proceeds of the recentfinancing, we expanded our exploration activity and the immediate goalis to increase the size of our Shakespeare deposit by targeting the downplunge extension of the deposit. In addition, we aim to grow theCompany by seeking attractive merger and acquisition opportunities andare working closely with Raymond James as our strategic advisor toaccelerate our value creation plans."
About URSA Major Minerals Incorporated
URSAMajor is a Canadian mining company with an operating mine in theSudbury area and nickel sulphide deposits containing significantNI43-101 compliant nickel and copper reserves and resources. The Companyis focused on maintaining profitable operations at the Shakespeare Mineexpanding its nickel, copper and platinum group metal production andincreasing 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 atullis@bellnet.cahttps://www.ursamajorminerals.com/
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