Court action against URSA Major Minerals is dismissed

On Tuesday the Ontario Superior Court of Justice dismissed Inspiration Mining Corporation's court application against URSA Major Minerals.

Inspiration sought to reverse a private placement that URSA closed on Jan. 31, 2011.

"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," said the company in a statement.

URSA Major is a Canadian mining company with an operating mine in the Sudbury area with a focus on nickel and copper.

Michael Allan McCrae wrote this story. You can contact him at [email protected].