URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

June 29, 2011 08:00 ET

URSA Major Minerals Announces Favourable Decision from the Ontario Superior Court

- Court awarded substantial indemnity cost against Forbes & Manhattan and Inspiration Mining Corporation

- Court found Forbes & Manhattan and Inspiration Mining conduct "reprehensible"

- Court found complaints by Forbes & Manhattan and Inspiration Mining to have "lack of merit"

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 has ordered Forbes & Manhattan, Inc. ("Forbes & Manhattan") and Inspiration Mining Corporation ("Inspiration Mining") to pay costs of $60,000 to the Company and $50,000 to an investment company indirectly controlled 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 to adjudicate on the merits their claims. Instead, they folded their cards just before the knock on the courtroom door, and they abandoned their application.

(Forbes & Manhattan and Inspiration Mining) brought before me simply marked another tactical skirmish by (them) in their contest against the management and Board of URSA Major. That (Inspiration Mining and Forbes & Manhattan) withdrew their request for injunctive relief at the last possible minute underscored the tactical nature of their use of the courts.

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 proceeding combine to place the litigation conduct of (Forbes & Manhattan and Inspiration Mining) in the category of "reprehensible conduct" ….

"I am very pleased that the Ontario Superior Court has levied this significant costs award against Forbes & Manhattan and Inspiration Mining and found their conduct to be improper. We are also pleased with the Court's observation that the allegations that have been made against URSA Major and Mr. Hall's company are without merit" said Richard Sutcliffe, URSA Major's President & CEO.

About URSA Major Minerals - URSA Major is a Canadian mining company with a nickel mine and 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.

This release was prepared by management of the Company who takes full responsibility for its contents. 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.

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

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