Inspiration Mining Corporation

Inspiration Mining Corporation

May 06, 2011 16:46 ET

Inspiration Mining Announces Intention to Put Forward an Alternate Slate of Directors at the June 23 Annual General Meeting of URSA Major Shareholders

TORONTO, ONTARIO--(Marketwire - May 6, 2011) -Inspiration Mining Corporation (Inspiration)(TSX:ISM)(FRANKFURT:OI8)today announced that it intends to put forward an alternate slate of directors for consideration at the Annual & Special Meeting of Securityholders for URSA Major Minerals Incorporated scheduled to take place in Toronto on June 23, 2011. Over the near term, Inspiration will produce and release a circular that will include the proposed alternative Board for URSA Major that will be distributed to all URSA shareholders sufficiently in advance of the June 23 meeting in order for shareholders to consider the proposal.

"As the largest shareholder of URSA Major, we continue to be concerned that after numerous attempts at engagement, the current Board is not taking the necessary steps in order to maximize near term value for URSA shareholders. We are confident that a new slate will address operational issues within URSA and will be a powerful first step in unlocking significant shareholder value," said Randy Miller, Chairman of Inspiration Mining Corporation.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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

Contact Information

  • Inspiration Mining
    Randy Miller
    (416) 842-9000