URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

May 09, 2011 09:40 ET

URSA Major Minerals Announces Establishment of Special Committee

TORONTO, ONTARIO--(Marketwire - May 9, 2011) -

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URSA Major Minerals Incorporated ("URSA Major" or the "Company") (TSX:UMJ) announced that on Monday, May 2, 2011 it formed a Special Committee of the Board of Directors to evaluate the strategic and financial alternatives available to the Company with the objective of enhancing shareholder value. As previously announced, Raymond James Ltd. has been retained by the Company as its financial advisor to assist and advise in this process. Ogilvy Renault LLP has been retained by the Special Committee as special counsel.

By way of a press release dated Friday, May 6, 2011, URSA Major became aware of the intention of Inspiration Mining Corporation ("Inspiration") to nominate alternate directors at the annual and special meeting of the Company's securityholders on June 23, 2011. At this stage, Inspiration has not disclosed any additional details, including the names of its nominees or its plans for the Company. The Special Committee has taken note of this announcement and will review any circular of Inspiration, if filed.

About URSA Major Minerals – URSA Major is a Canadian mining company with 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.

Contact:Amar Bhalla, Chair of the Special Committee
abhalla@capitinvestment.com
Address:8 King Street East, Suite #1300, Toronto, Ontario, M5C 1B5
Symbol & Exchange:UMJ – TSX

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.

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