Three members of Ursa Major Minerals' board of directors have resigned.
Maura Lendon, Martez Moore and Riyaz Lalani were all appointed as directors this past year.
The change follows a period of difficulty for the company's board. Last summer it fended off a group of dissenters who sought to introduce a new board and gain control of the company. The group cited a poor showing on the TSX, fallen share prices and a lack of growth strategy as contributing to its lack of confidence in the board.
“The latter half of 2011 posed many challenges to Ursa Major and we regret the resignation of Maura, Martez and Riyaz,” Ursa president and CEO Richard Sutcliffe said in a news release. “We look forward to working with the current board of directors to advance our strategy, including the development of the Shakespeare nickel-copper mine, and building value in the Ursa properties in Ontario.”
Current board members include Sutcliffe, Amar Bhalla, Ross Arnold, Trevor Anderson and Keeheum Shin.
Sutcliffe did not indicate when or if the resigning board members would be replaced.
Ursa's Shakespeare Mine is located 70 km west of Sudbury near the village of Webbwood.
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