Mar 20, 2012
URSA Major Minerals Appoints John Lee and Greg Hall to the Board of Directors
URSA Major Minerals Incorporated (TSX: UMJ) (URSA Major or
the Company) is pleased to announce the appointment of John
Lee and Greg Hall to the board of directors of URSA Major.
This appointment follows the binding letter of agreement
(the Agreement) announced on March 2, 2012 for a business
combination through a proposed all share transaction.
Pursuant to the Agreement, Prophecy Platinum Corp. will
issue 1 common share in exchange for every 25 outstanding
common shares of URSA Major.
John Lee is an entrepreneur and CFA charterholder with
degrees in economics and engineering from Rice University.
He was appointed Chairman and CEO of Prophecy Resource
Corp. in October 2009. In a little over a year under
John's leadership, Prophecy Resource Corp. grew from
having minimal assets to owning substantial coal and Ni-PGM
assets in Mongolia and Canada, respectively. Mr. Lee
restructured Prophecy Resource into Prophecy Coal Corp.
(PCY.T) and Prophecy Platinum Corp (TSX.V: NKL) in June,
2011. Prophecy Coal Corp. is the first Canadian public
company to obtain a license to build thermal coal power
plant in Mongolia and only the second to commission a coal
mine to production in that country. Prophecy Platinum
controls the Wellgreen property; a large nickel-PGM project
in the Yukon Territory. John Lee is currently Chairman of
Prophecy Platinum and CEO and Chairman of Prophecy Coal
Corp.
Mr. Greg Hall is an independent business advisor to the
mining industry. For over 30 years, Mr. Hall has focused on
significant international exploration, development, and
mining ventures, and all aspects of their structuring and
finance. He is a current director of Prophecy Coal Corp.,
Prophecy Platinum Corp., and a former director of
Silvercorp Metals Inc (NYSE: SVM, TSX: SVM), China's
largest primary silver producer. His previous positions
include: Director at Haywood Securities Inc.;
Vice-President, Canaccord Capital Corporation; and Senior
Vice-President of Leede Financial Markets Inc. He is a
graduate of the Rotman School of Management, University of
Toronto, SME Enterprise Board Program, and a Member of the
Institute of Corporate Directors.
Dr. Sutcliffe commented, We look forward to working with
Mr. Lee and Mr. Hall to complete the proposed business
combination with Prophecy Platinum. The agreement with
Prophecy provides an excellent opportunity to advance the
Shakespeare Mine. Our shareholders will participate in a
combined company with an outstanding portfolio of assets
and substantially improved market capitalization and
liquidity.
About URSA Major Minerals
Ursa Major is a Canadian mining company with a nickel mine
and two nickel sulphide projects containing significant NI
43-101 compliant nickel and copper reserves and resources.
Ursa is focused on expanding operations at the Shakespeare
Nickel Mine and growing its nickel, copper and platinum
group metal (PGM) deposits through exploration and
development, primarily in Ontario, Canada.
For further information:
Richard Sutcliffe, President and CEO
Alison Tullis
Manager, Investor Relations
Telephone 416.864.0615
Email: atullis@ursamajorminerals.com
www.ursamajorminerals.com
The securities offered have not been, and will not be,
registered under the U.S. Securities Act of 1933, as
amended (the U.S. Securities Act) or any U.S. state
securities laws, and may not be offered or sold in the
United States or to, or for the account or benefit of,
United States persons absent registration or any applicable
exemption from the registration requirements of the U.S.
Securities Act and applicable U.S. state securities laws.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy securities in the
United States, nor shall there be any sale of these
securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
Cautionary Statements: Completion of the Transaction is
subject to a number of conditions, including regulatory
approval, shareholder approvals, completion of satisfactory
due diligence, a definitive agreement and approval of the
British Columbia Supreme Court if applicable. There can be
no assurance that the Transaction will be completed as
proposed or at all. Investors are cautioned that, except as
disclosed in a management information circular to be
prepared in connection with the Transaction, any
information released or received with respect to the
Transaction may not be accurate or complete and should not
be relied upon. Trading in the securities of exploration
and development stage resource companies should be
considered highly speculative.
Forward-Looking Statements: This news release includes
certain statements that may be deemed forward-looking
statements. All statements in this release, other than
statements of historical facts, including, without
limitation, statements regarding potential mineralization,
the estimation of mineral resources, the realization of
mineral resource estimates, interpretation of prior
exploration and potential exploration results, estimates of
production, the timing and success of exploration,
development and production activities generally, the timing
and results of future resource estimates, permitting time
lines, metal prices, availability of capital, government
regulation of exploration operations, environmental risks,
reclamation, title, and future plans and objectives of the
companies are forward-looking statements that involve
various risks and uncertainties. . Although Ursa and
Prophecy believe the expectations expressed in such
forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the forward-looking statements.
Forward-looking statements are based on a number of
material factors and assumptions. Factors that could cause
actual results to differ materially from those in
forward-looking statements include unsuccessful exploration
results, changes in project parameters as plans continue to
be refined, results of future resource estimates, future
metal prices, availability of capital and financing on
acceptable terms, general economic, market or business
conditions, uninsured risks, regulatory changes, defects in
title, availability of personnel, materials and equipment
on a timely basis, accidents or equipment breakdowns,
delays in receiving government approvals, unanticipated
environmental impacts on operations and costs to remedy
same, and other exploration or other risks detailed herein
and from time to time in the filings made by the companies
with securities regulators. Readers are cautioned that
mineral resources that are not mineral reserves do not have
demonstrated economic viability. Mineral exploration and
development of mines is an inherently risky business.
Accordingly the actual events may differ materially from
those projected in the forward-looking statements. For more
information on Ursa and Prophecy and the risks and
challenges of their businesses, investors should review
their annual filings that are available at
www.sedar.com.
Neither the TSX nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this
release.
distributed by | This press release was issued by URSA Major Minerals Incorporated and was initially posted at http://www.ursamajorminerals.com/s/NewsReleases.asp?ReportID=513502&_Type=News-Releases&_Title=URSA- Major-Minerals-Appoints-John-Lee-and-Greg-Hall-to-the-Board-of-Directo... . It was distributed, unedited and unaltered, by noodls on 2012-03-20 17:28:44 PM. The issuer is solely responsible for the accuracy of the information contained therein. |