URSA Major Minerals Receives Favourable Decision from Ontario Superior Court in Decision to Cancel Special Meeting of Shareholders

TORONTO, ONTARIO--(Marketwire - Feb. 24, 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) is pleased to announce that it has received a favourable decision from the Ontario Superior Court of Justice (Commercial List) regarding the Company's cancellation of a previously scheduled special meeting of shareholders called in response to a requisition for a shareholder meeting received from Inspiration Mining Corporation ("ISM").

ISM requisitioned the meeting for the purpose of "the election of a board of directors as proposed by (ISM)". Despite numerous requests from URSA Major's management and legal counsel, ISM refused to provide their proposed nominations for the board of directors of URSA Major. On February 2, 2011, as a result of ISM's failure to provide proposed nominees to the board, URSA Major cancelled the shareholders' meeting that had been scheduled for March 3, 2011.

Subsequently, ISM filed a motion with the Ontario Superior Court of Justice 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.

In addition, ISM has also delivered a notice of application in the Ontario Superior Court of Justice (Commercial List) under sections 106 and 248 of the Business Corporations Act, Ontario seeking, among other things, a declaration that the private placement that closed on January 31, 2011 be reversed. URSA Major intends to vigorously defend its position.

About URSA Major Minerals Incorporated URSA Major is a Canadian mining company with an operating mine in the Sudbury area and nickel sulphide deposits containing significant NI 43-101 compliant nickel and copper reserves and resources. The Company is focused on maintaining profitable operations at the Shakespeare Mine, expanding its nickel, copper and platinum group metal (PGM) production and increasing mineral resources 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. This release was prepared by management of the Company who takes full responsibility for its contents. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.