GlobeinvestorGOLD.com Company News Alert for Ursa Major Minerals Inc
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URSA Major Minerals Announces Favourable Decision from the Ontario Superior Court
TORONTO, ONTARIO--(Marketwire - June 29, 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) announces today that the Ontario Superior Court hasordered Forbes & Manhattan, Inc. ("Forbes & Manhattan") andInspiration Mining Corporation ("Inspiration Mining") to pay costs of$60,000 to the Company and $50,000 to an investment company indirectlycontrolled by Wesley J. Hall ("159").
In his decision Justice Brown found that:
Forbes & Manhattan and Inspiration Mining engaged in tactical litigation
Forbes & Manhattan and Inspiration Mining made serious allegations of misconduct that lacked merit
Forbes & Manhattan and Inspiration Mining engaged in "reprehensible conduct"
Justice Brown stated in his decision:
(Forbes& Manhattan and Inspiration Mining) did not ask this Court toadjudicate on the merits their claims. Instead, they folded their cardsjust before the knock on the courtroom door, and they abandoned theirapplication.
…
(Forbes& Manhattan and Inspiration Mining) brought before me simply markedanother tactical skirmish by (them) in their contest against themanagement and Board of URSA Major. That (Inspiration Mining and Forbes& Manhattan) withdrew their request for injunctive relief at thelast possible minute underscored the tactical nature of their use of thecourts.
…
In sum,I find that the serious allegations of misconduct levelled by (Forbes& Manhattan and Inspiration Mining) against (URSA Major and 159),the lack of merit to those allegations, and the tactical use made by(Forbes & Manhattan and Inspiration Mining) of this proceedingcombine to place the litigation conduct of (Forbes & Manhattan andInspiration Mining) in the category of "reprehensible conduct" ….
"Iam very pleased that the Ontario Superior Court has levied thissignificant costs award against Forbes & Manhattan and InspirationMining and found their conduct to be improper. We are also pleased withthe Court's observation that the allegations that have been made againstURSA Major and Mr. Hall's company are without merit" said RichardSutcliffe, URSA Major's President & CEO.
AboutURSA Major Minerals - URSA Major is a Canadian mining company with anickel mine and two nickel sulphide projects containing significantNI43-101 compliant nickel and copper reserves and resources. The Companyis focused on demonstrating profitable operations at the ShakespeareMine and growing its nickel, copper and platinum group metal (PGM)deposits through exploration and development, primarily in Ontario,Canada.
This release was prepared bymanagement of the Company who takes full responsibility for itscontents. Some statements contained in this release are forward-lookingand, therefore, involve uncertainties or risks that could cause actualresults to differ materially. Such forward-looking statements includecomments regarding mining and milling operations, mineral resourcestatements and exploration program performance. Factors that could causeactual results to differ materially include metal price volatility,economic and political events affecting metal supply and demand,fluctuations in mineralization grade, geological, technical, mining orprocessing problems, exploration programs and future results ofexploration programs, future profitability and production.
FOR FURTHER INFORMATION PLEASE CONTACT: Dr. Richard Sutcliffe
URSA Major Minerals Incorporated
President & CEO
416-864-0615
atullis@ursamajorminerals.com
ORAlison Tullis
URSA Major Minerals Incorporated
Investor Relations Manager
416-864-0615
https://www.ursamajorminerals.com/