TORONTO, ONTARIO--(Marketwire - March 2, 2011) -

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URSA Major Minerals Incorporated ("URSA Major" or the "Company") (TSX:UMJ) is pleased to announce that on March 1, 2011, the Ontario Superior Court of Justice dismissed Inspiration Mining Corporation's ("ISM") court application, in which ISM sought, among other relief, to reverse the private placement that URSA Major closed on January 31, 2011 and to restrict the rights of the private placees to vote at the next shareholder meeting of URSA Major. After legal argument, a judge of the Ontario Superior Court confirmed that ISM's application was dismissed in its entirety with written reasons to follow. The court has also advised that ISM will be ordered to pay $11,000 in costs in favour of URSA Major.

This is the second favourable court decision that URSA Major has received in the past week from the Ontario Superior Court of Justice (Commercial List) in relation to motions brought forward by ISM. Previously, on February 23, 2011, the Ontario Superior Court dismissed ISM's motion to have the court set a shareholder meeting date. After hearing the case on February 22, 2011, the Ontario Superior Court dismissed ISM's motion on the basis that ISM's shareholder meeting requisition was invalid.

Richard Sutcliffe, URSA Major's CEO, stated "We are satisfied with the recent court decisions regarding the proceedings brought by ISM and with this behind us we can drive forward with our business plan to create increased value in URSA Major. We will continue to focus our attention on the expansion of the Shakespeare Mine and surrounding resources. With the proceeds of the recent financing, we expanded our exploration activity and the immediate goal is to increase the size of our Shakespeare deposit by targeting the down plunge extension of the deposit. In addition, we aim to grow the Company by seeking attractive merger and acquisition opportunities and are working closely with Raymond James as our strategic advisor to accelerate our value creation plans."

Here's the original NR

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TORONTO, ONTARIO, Feb 02, 2011 (MARKETWIRE via COMTEX News Network) --

Inspiration Mining Corporation ("Inspiration" or the "Corporation") (TSX: ISM)(FRANKFURT: OI8) would like to provide an update with respect to its efforts to prevent the unnecessary dilution of the shareholdings of the Ursa Major Minerals Incorporated ("Ursa") shareholders.

As reported in Ursa's press release dated January 31, 2011, the TSX allowed Ursa to proceed with its private placement without first obtaining approval of the Ursa shareholders. In response, the Corporation filed a Notice of Application with the Ontario Superior Court of Justice requesting that the Court issue the following orders:

(i) an order prohibiting Ursa from proceeding with the private placement until such time that Ursa obtains disinterested shareholder approval for the private placement;

(ii) an order prohibiting the placees under the private placement from voting at the upcoming shareholders' meeting; and

(iii) an order that the private placement be reversed and canceled.

A hearing date of March 1, 2011 has been set to hear arguments on the Corporation's application.

Randy Miller, the Chief Executive Officer of Inspiration, stated: "We are disappointed that the private placement was allowed to proceed without Ursa first obtaining shareholder approval. We are asking the Court to recognize and uphold the existing shareholders rights to voice their displeasure or agreement with the current management of Ursa at the upcoming shareholders' meeting without the inclusion of new shareholders brought in by management of Ursa. This is an issue of governance and protecting shareholder rights. We encourage all Ursa shareholders to express their opinion on the private placement by contacting Inspiration at randy@inspirationmining.com so that their voice can be heard by the Court on March 1, 2011."