URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

May 31, 2011 08:30 ET

URSA Major Minerals Files Management Information Circular-Support Your Board and Vote Your BLUE Proxy Today

TORONTO, ONTARIO--(Marketwire - May 31, 2011) -

THE 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) announced today the filing of its management information circular, which provides shareholders with compelling reasons to support the management director nominees. The annual and special meeting of URSA Major will be held at Cassels Brock & Blackwell LLP, 2100 Scotia Plaza, 40 King Street West, Toronto, Ontario M5H 3C2 on Thursday, June 23, 2011 at 4:00 p.m. (Eastern Daylight Time).

"Over the past year, your Board of Directors has been tirelessly working to lay the foundation for bringing URSA Major's open pit Shakespeare Mine to the commercial production stage," said Amar Bhalla, Chairman of the Special Committee. "We are thrilled that our efforts have paid off and are excited to partake in the experience of entering into the next phase of building value with our shareholders. We will continue to unlock value, hold management to account and build a strong junior nickel producer."

Highlights of URSA Major's operations include:

  • A proven mining operation in Sudbury District, Ontario;
  • On-going exploration at the Shakespeare East Deposit to increase resources for expanded production and mine life;
  • Reserves and Measured/Indicated Resources, including 117 million pounds of nickel and 116 million pounds of copper;
  • A fully funded drilling program; and,
  • An exceptional, very experienced mining and base metal/PGM exploration team.

The Special Committee of URSA Major carefully and objectively reviewed its options respecting Inspiration Mining Corporation's ("Inspiration") third attempt to wrestle control of the Company from its shareholders and presented Inspiration with a settlement offer. The offer was an invitation for Inspiration to have two representatives on the Board of Directors, including a seat on the Special Committee, which would be instrumental in helping determine the future strategic direction of the Company. Unfortunately, Inspiration rejected the offer.

Mr. Bhalla said, "While we will continue our efforts to resolve this situation for the benefit of everyone, it is our priority to ensure that we are providing the best possible service to you, our shareholders. In this regard, we will uphold our commitment to producing and expanding our resources in Ontario."

It is important that shareholders vote their BLUE form of proxy to continue the momentum that the current Board of Directors has built and realize the rewards that await.

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.

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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