Yikes Van, did you read any of the ISM NR that Friday?

"So ISM will not disclose its slate of directors or its plans for UMJ to maximize, and I stress, near term value. No wonder UMJ doesn't want to talk to them. UMJ has no privy to nominees, no near term plan and no mention of long term value. So what's the plan by ISM? Why would ISM want to bolster only near term value?"

From the NR, here's what ISM plans to do:

"it intends to put forward an alternate slate of directors for consideration at the Annual & Special Meeting of Securityholders for URSA Major Minerals Incorporated scheduled to take place in Toronto on June 23, 2011. Over the near term, Inspiration will produce and release a circular that will include the proposed alternative Board for URSA Major that will be distributed to all URSA shareholders sufficiently in advance of the June 23 meeting in order for shareholders to consider the proposal."

So no Vanchester, that info was not produced last Friday, nor was it produced today, but by the sounds of the NR, it's coming shortly and well in advance of the June 23 AGM.

One logical question to ask yourself is why did they invest in UMJ, eventually buying up almost 20% of the shares? Have any thoughts on that? Is it a quick flip or is it something bigger?

"Do they want to bring in Darcel to pump up UMJ so ISM can dump their shares to sweeten the ISM kitty for a few more years?"

Do you recall how well that "pump"worked for ISM? Do you recall that ISM never publically endorsed the Darcel report?

"After all the kitty is getting pretty small. I'm beginining to wonder if ISM is under water with UMJ sitting at 15 cents in what was suppose to be an easy money maker that has gone sour."

Where does it say this investment was an easy money maker? Recall that Randy is the guy who likes to invest in bank stocks :) Not exactly sure what the return is on the 6 million dollar loan either but I bet it's nothing too spectacular for a return.

"Or maybe ISM's near term plan is to have UMJ add real value by taking over Langmuir and/or ISM? Pretty easy to read between the line don't you think."

If there's so much real value in UMJ then you and Randy Miller see eye to eye on this investment. UMJ trades at 12-15 cents is it undervalued? In terms of earnings per share I figure it's about 5.5 cents/share and the SP is less than 3 times that. Go figure?

"Remember, ISM had always stated during the period of buying shares in UMJ that it was for investment purposes only, with no mention about putting forward a new slate of directors or a "near term plan" let alone a long term plan to add value."

Maybe that's called strategy? Maybe they don't want anyone to know what they are upto? Competitors and peers included.

"It sure appears by the latest news releases that ISM is more concerned about getting their money back (with some profit maybe) than developing their properties. It looks like the quick flip became a flop."

I thought it appeared they have been doing both over the last year or so. Where does it sya that drilling has ceased or that the updated 43-101 has been abandoned?

Van, Ever figure out what they have spent gettin those 13,000,000 shares or that 19.7% stake? Heck even if they got them for an ACB of 10 cents, it amounts to about 4 or 5 months of Randy's salary. If they did have an ACB of 10 cents a share then today at 15 cents they have done okay by my books. Nice little sidebet for Randy and ISM if it goes well for him. But then we don 't really know what they are planning do we?

"How many days over due is it now on that NI43-101 promise?"

I would hesitate to call any ETA prediction/forecast a "promise" most shareholders who have been here for any great time know all about missed deadlines. I guess that's why CEO's and COO's hesitate to or possibly should not give dates at all. People seem to forget that Randy Miller had earlier mentioned a possible Q1/2011 date for seeing the updated 43-101. Having missed that one by plenty, we now move on to Ian's "within the next 90 days" statement. I don't count once they miss a date, why bother? Is it productive for me? I san only assume we are running on a Micon clock like the last time we saw delays

However, I am sure you guys will count each and every day for us :)

Feb 03/11: