2010

INSPIRATION ANNOUNCES PLANNED WORK PROGRAM AT ITS 600 ACRE DRY FORK, UTAH GOLD AND COPPER PROPERTY (17-Nov-2010)

TORONTO, ONTARIO, November 17, 2010 Inspiration Mining Corporation (Inspiration or the Corporation) is pleased to announce that it intends to proceed with a geophysical exploration program in Q2 2011 that will address both gold and base metal targets. The Dry Fork property, optioned by Inspiration in 2004, contains 31 contiguous lode claims and lies 6.4 KM north-northwest of Kennecotts Bingham Canyon copper gold-molybendite mine and within 600M of Kennecotts past producing Melco and Barneys Canyon gold mines. In the period from 1988-2001, production from the two mines aggregated approximately 1.4 Million ounces of gold.

Inspiration has been actively working with Kennecott on acceptable arrangements regarding the 2011 Geophysical program that will allow for a safe, efficient and effective survey while addressing various considerations important to Kennecott. Inspiration is confident that an agreement will be reached in the near term that will allow for the Work Program to proceed as planned in Q2 of 2011.

Although we remain primarily focused on our Langmuir Nickel project in Timmons Ontario, we are keen to advance our initial plans on Dry Fork given its superior location and encouraging historic surface geology", said Ian Stewart, President and COO of Inspiration.

Inspiration intends to proceed initially with GAR/SPG surveying whereby high angle structurally controlled gold mineralization in the near-surface to moderate depth (300 meter) range will be targeted using the gradient array resistivity (GAR) grid method with concurrent measurements of spontaneous potential (SP). The GAR/SPG survey would consist of approximately 31 grid lines totaling 42 kilometers in length. Immediately following the GAR/SPG survey, a Ground Magnetic Survey will be conducted to ascertain any evidence of anomalous features commonly associated with altered and mineralized intrusive bodies.

 Forward Looking Statements

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as plans, anticipated, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or state that certain actions, events or results may, could, would, might or will be taken, occur or be achieved. Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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INSPIRATION CONTINUES TO EXPAND LANGMUIR OPEN PIT NICKEL DEPOSIT (02-Nov-2010)

November, 02 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario Inspiration Mining Corporation ("Inspiration" or the "Corporation") is pleased to announce results of recent infill and detail drilling conducted at the Langmuir One Nickel Deposit . The Langmuir Open Pit Deposit comprises 69 mining claims covering 1121 hectares in the Langmuir Township, 25 km southeast of Timmins, Ontario.

The 2010 exploration program currently in progress aims at three different NI sulphide-bearing zones in the extension of the Langmuir 1 deposit in a much similar and favourable geological and sulfide mineralization context.

Within the first zone , exemplified by intersections in Table 1, the Corporation drilled infill exploration holes located immediately to the northeast in the extension of the Langmuir 1 planned open pit mine with the following intersections:

Table 1

 

DDH L1-10-01 43.4 m @ .22% Ni including 19 m @ .26
DDH L1-10-02 54 m @ .23 including 6 m @ .3 and 9 m @ .29
  44.95 m @ .26 including 12 m @ .4
  77.5 m @ .25 including 8 m @ .31 and 22.5 m @ .27

 

 

The drill results for the L1-10-01 and the L1-10-02 will be included in the present extension database and used to produce a new upgraded NI resource calculation for the Langmuir 1 deposit. As set out in a National Instrument 43-101 compliant resource estimate report, prepared by Micon International Limited, the deposit is currently measured at 1.733 Mt @ 0.51% Ni.

Within the second zone, L1-10-05 and L1-10-06 are part of a nearby but distinct zone located stratigraphically immediately above the Langmuir 1 deposit zone for which a parallel exploration program is being carried out and for which new Ni resources will be produced.

Table 2

 

DDH L1-10-05 67.1 m @ .24 including 8 m @ .28
  48.55 m @ .24 including 5 m @ .4
DDH L1-10-06 28.75 m @ .22 including 5 m @ .32 and 4 m @ .28

 

Within zone 3 similar to the present exploration program, holes will be drilled in a nearby Ni sulfide bearing zone located stratigraphically below the Langmuir 1 deposit and for which resource calculations will also be carried out.

Chief Executive Officer, Mr. Randy Miller states: "We continue to be encouraged by the significant progress being in the field in identifying meaningful additional tonnage of nickel mineralization at our Langmuir property and look forward to providing an updated 43-101 by Q1 2011."

The Qualified person in charge of the Langmuir Property and the person who prepared the technical data in this release is Andre Ciesielski P.Geo.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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Ian Stewart Appointed As President And Chief Operating Officer Of Inspiration Mining Corporation (04-Oct-2010)

October, 04 2010 TSX - ISM Frankfurt- OI8

 

Inspiration Mining Corporation ("Inspiration" or the "Corporation") is pleased to announce the appointment of Ian Stewart as the President and Chief Operating Officer of the Corporation. Randy Miller, will continue with the company as the Chairman of the Board, and Chief Executive Officer of the Corporation.

Ian Stewart brings to the Corporation a strong track record of building companies and enhancing shareholder value. Prior to joining Inspiration, Ian Stewart Co -Founded Stratacon Inc. in 1997 building it into the largest Sub metering company in Canada prior to overseeing the sale of Stratacon in 2008 to The Consumers Water Heater Income Fund.

"I'm very excited about this new opportunity. Inspiration has some great assets and I couldn't be more pleased to be working together with Randy and the Inspiration team at this stage of Inspiration's development to exploit those assets and maximize shareholder value. Over the next number of weeks I look forward to communicating directly with Inspiration shareholders on the exciting opportunities that lie ahead." said Ian Stewart, President and COO.

"We were looking for someone who could guide the Corporation through its next growth stage and Ian Stewart is an ideal candidate in the evolution of Inspiration. With Ian taking on the day to day operating responsibilities of the Corporation, I will be free to focus on identifying strategic opportunities for the Corporation. I look forward to working with Ian and am confident he will be a great asset to Inspiration as we move forward with our strategy," added Randy Miller.

Inspiration Mining Corp. is an exploration company with its major asset being its 100% owned Langmuir property. The Langmuir property comprises of 69 mining claims covering 1121 hectares in the Langmuir Township, 25 km southeast of Timmins, Ontario. It hosts the past nickel producing mines of Langmuir No. 1 and 2.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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Inspiration Distributes Shares of Nitinat Minerals Corporation (22-Sep-2010)

September, 22 2010 TSX - ISM Frankfurt- OI8

 

TORONTO, ONTARIO -- Further to its press release dated April 7, 2010, Inspiration Mining Corporation (the "Company") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce that it has received regulatory approval for the distribution of the 2,673,581 common shares (the "Shares") of Nitinat Minerals Corporation ("Nitinat"). The Shares, which will not be subject to any resale restrictions, have been mailed to the shareholders eligible to receive them.

Shareholders of record as at July 30, 2007 will receive the Shares on a pro rata basis based on the respective number of common shares in the capital of the Company held by the shareholders on July 30, 2007.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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INSPIRATION APPOINTS VICTOR CANTORE TO THE BOARD OF DIRECTORS (23-Aug-2010)

August, 23 2010 TSX - ISM Frankfurt- OI8

 

August 23, 2010 TSX ISM
Frankfurt- OI8

Toronto, Ontario Inspiration Mining Corporation (the "Corporation") is pleased to announce that Mr. Victor Cantore has been appointed to the board of director of the Corporation.

Mr. Cantore began his investment career in 1992 as an advisor for Tasse & Associates. In 1993 he moved to RBC Dominion Securities, one of the largest brokerage firms in Canada. Since 1999, Mr. Cantore has worked with both public and private companies organizing and structuring financings mainly in the resource and high tech sector. Mr. Cantore has held directorships on the board of various companies both private and public.

Mr. Cantore was appointed to the board of directors after the resignation of Mr. Albert Louis van der Horst. Mr. van der Horst resigned to pursue personal projects. The Corporation would like to thank Mr. van der Horst for his contribution to the Corporation and wishes him luck in his future endeavours.

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INSPIRATION MOBILIZES DRILL TO LANGMUIR ONE EXTENSION PER MICON'S REPORT (07-July-2010)

July, 07 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario - Inspiration Mining Corporation ("Inspiration" or the "Corporation") is pleased to announce the commencement of a new infill and detail drill program on the extension of the Langmuir One nickel deposit. The Langmuir property comprises 69 mining claims covering 1121 hectares in the Langmuir Township, 25 km southeast of Timmins, Ontario. It hosts the past nickel producing mines of Langmuir No. 1 and 2.

Exploration holes drilled in the area in 2007 and 2008 revealed various massive and disseminated sulfide mineralization zones hosted in komatiitic basalts, komatiites and ultramafic intrusives.

The first zone, exemplified by intersections in Table 1, shows high grade nickel and is stratigraphically above the Langmuir One host komatiite. It extends for at least 150 m and is open at depth. The Corporation believes that a 2000 m infill drilling program will allow it to precisely define the zone and its continuity with the already defined Langmuir One nickel deposit.

Table 1

 

Hole ID

Length (m)

Nickel (%)

IMCEX-23

11.7

1.59

 

48.8

.56

IMCEX-24

4

.44

 

34.8

.3

IMCEX-51

10.9

1.15

IMCEX-52

25.4

1.45

 

The second zone is located 200 m NE of the Langmuir One deposit in identical komatiite stratigraphic level. It contains low grade nickel, as shown on Table 2, extends for 450 m and is open at depth. The Corporation believes that a 1500 m infill drilling will allow it to define the extension of the zone and its potential.

Table 2

 

Hole ID

Length (m)

Nickel (%)

IMCEX-57

70

0.23

IMCEX-31

115

0.25

IMCEX-1

164

0.24

IMCEX-32

153

0.24

 

The third zone is located 650 m NW of the Langmuir One deposit in ultramafic intrusive startigraphically above the first high grade zone hosted in basalts. The zone contains low grade nickel as shown on Table 3, extends for at least 500 m and is open at depth. The Corporation believes that a 1500 m infill drill program will allow it to define more precisely the zone, its extension and potential.

Table 3

 

Hole ID

Length (m)

Nickel (%)

IMCEX-8

141

0.24

IMCEX-7

34

0.26

IMCEX-36

63

0.23

IMCEX-13

42

0.25

 

Mr. Randy Miller, the President of the Corporation, stated "The additional 5,000 m infill drill program is a step forward in enabling the Corporation to identify the areas of mineralization that are believed to hold the potential to host the additional 20 to 40 million tonnes of nickel mineralization that was identified by Micon International Limited in its National Instrument 43-101 compliant resource estimate
report for the Langmuir North Deposit and the Langmuir No 1 Deposit. This drill program is a significant milestone in the Corporation's efforts to maximize the full potential of the Langmuir Property."

The Qualified Person in charge of the Langmuir Property and the person who prepared the technical data in this release is Andre Ciesielski, P. Geo.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new
circumstances.

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INSPIRATION TO EXPAND DRILLING PROGRAM (28-June-2010)

June, 28 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario - Inspiration Mining Corporation ("Inspiration" or the "Corporation") is pleased to announce that it will commence a drill program in the mineralization zone located 2 km NW of the Langmuir One nickel deposit. The Langmuir property comprises 69 mining claims covering 1121 hectares in the Langmuir Township, 25 km southeast of Timmins, Ontario. It hosts the past nickel producing mines of Langmuir No. 1 and 2.

NW-trending exploration holes drilled in the Allerston and KCC areas in 2008 revealed nickel mineralization in ultramafic intrusives stratigraphically above the Langmuir One deposit. The zone shows mostly low grade nickel sulfides, shown on Table 1, extends to the NE for at least 700 m and is open at depth.

Table 1

 

HOLE ID

LENGTH (M)

NICKEL (%)

KCC1

163

0.24

KCC4

108

0.24

IMCEX-45

157

0.23

ICMEX-44

140

0.24

IMCEX-41

121

0.22

 

A 2,000 m infill parallel drill program is being prepared to precisely characterize the geometry of the zone and measure it's extention and nickel potential.

The Qualified Person in charge of the Langmuir property and the person who prepared the technical data in this release is Andre Ciesielski, P. Geo.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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Cleaver Property Update (22-June-2010)

June, 22 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario - Inspiration Mining Corporation ("Inspiration" or the "Corporation") would like to announce the results of the completed drilling program on the Cleaver property. The Cleaver property comprises 30 mining claims covering 30.3 square km in the Fallon and Cleaver Townships, 43 km SE of Timmins, Ontario.

A total of 34 holes were drilled on the west, center and east side of the property mainly on WNW-trending EM conductors hosted in intermediate volcanic rocks. More than 3000 samples are currently being analyzed for gold, silver and base metals.

FOR THE PURPOSE OF PROVIDING INFORMATION RELATING TO THE CLEAVER PROPERTY, THE CORPORATION IS RELYING ON HISTORICAL INFORMATION. ALL INFORMATION PERTAINING TO THE CLEAVER PROPERTY WAS DERIVED FROM HISTORICAL GEOLOGICAL REPORTS AND HAVE NOT BEEN VERIFIED.

The following table shows historical ASARCO 1986 reverse circulation holes in the overburden revealing high gold concentrations near the bedrock contact in the south central part of the property. The last four assays are located within 600 m in length in a bedrock depression.  

 

HOLE ID

DEPTH M

GOLD G/T

HK3

32

408

HK29

28

126

HK22

54

99

HK25

55

27

HK26

26

19

HK34

38

11

 

In order to better understand the gold deposition during the last onset of Laurentian iceshelf melting, a report on ice movement and till deposition in the Cleaver area was produced for the Corporation by J. Veillette, a renowned Quaternary expert formerly with the Geological Survey of Canada.


Compilation of data is under way and assays from holes are pending. A detail IP survey is being prepared to locate possible gold-bearing chargeability anomalies that will be targetted in the next drilling program.

Core samples were processed by certified Swastika Laboratories using 0.5 g of pulverized rock dissolved in aqua regia and analyzed by Atomic Absorption with Au detection of 0.01 g/t. Blanks and standards are systematically inserted every 20 samples.

The Qualified Person in charge of the Cleaver property and the person who prepared the technical data in this release is Andre Ciesielski, P. Geo.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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TSX Requests That Record Date for Proposed Spin-Out Be Amended (19-April-2010)

April, 19 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario Further to its press releases of March 22, 29 and 30, 2010, Inspiration Mining Corporation (the "Company"), at the request of the TSX, is amending the record date to be used with respect to the proposed spin-out of its wholly owned subsidiary, Metal Mines, Inc. ("Metal Mines").

As previously reported, the Company intends to spin-out Metal Mines as a separate public company and had proposed the dates set out in those releases to be the record date. Subsequent to those releases and in consultation with the Exchange, it has been decided that the establishment of a record date for that proposed spin-out not be set until such time that all conditions relating to the transaction have been met, including obtaining all requisite shareholder approval.

In addition to shareholder approval, the proposed spin-out is subject to regulatory approval and there can be no assurance that the Company will obtain the requisite shareholder approval and that the proposed spin-out would be completed. Obviously, the listing of Metal Mines' and the continued listing of the Companys shares will be subject to Metal Mines and the Company meeting the listing criteria of the TSX and there can be no assurance that Metal Mines and the Company will meet the criteria.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

 

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Inspiration Appoints New Director (19-April-2010)

April, 19 2010 TSX - ISM Frankfurt- OI8

 

TORONTO, ONTARIO -- Inspiration Mining Corporation (the "Company") would like to announce that Albert Louis van der Horst has been appointed to the board of directors of the Company.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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Inspiration to Distribute Shares of Nitinat Minerals Corporation (07-April-2010)

April, 07 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario Inspiration Mining Corporation (the "Company") is pleased to announce that, subject to the receipt of applicable regulatory approvals, it will distribute approximately 2,673,581 common shares (the "Shares") of Nitinat Minerals Corporation ("Nitinat") that it currently owns. The shares will be subject to a 12 month hold period from the distribution date.

Nitinat, an arm's length third party to the Corporation, completed its initial public offering and commenced trading through the facilities of the TSX Venture Exchange on Monday November 9, 2009 under the symbol "NZZ".

Pursuant to a purchase agreement dated December 1, 2007 but effective as at July 30, 2007, the Corporation received an aggregate of 13,367,904common shares in the capital of Nitinat upon the automatic exercise of the 13,367,904 special warrants previously issued to the Corporation. The 13,367,904common shares are subject to a twelve (12) month hold period. For complete details pertaining to the issuance of the special warrants and the issuance of the 13,367,904common shares, shareholders are encouraged to review the press releases of the Company dated July 30, 2007, June 29, 2008 and November 4, 2009.

Shareholders of record as at July 30, 2007 will receive the Shares on a pro rata basis based on the respective number of common shares in the capital of the Company held by the shareholders on July 30, 2007.

The Company intends to distribute an additional 8,020,743 common shares of Nitinat in three (3) additional tranches. The decision to distribute additional shares will be subject to regulatory approval and the approval of the directors of the Company after reviewing all relevant factors. As such there can be no assurance that any additional shares of Nitinat will be distributed to the shareholders of the Company.


Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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Inspiration Intersects 1.15% Over 10.9 M and 1.455% NI over 25.4 M NNE of the Langmuir No. 1 Deposit Area (01-April-2010)

April, 01 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario - Inspiration Mining Corporation (the Corporation) is pleased to announce the results of exploration hole 51 and 52 in the Langmuir 1 Deposit area. The Langmuir property comprises 69 mining claims covering 1090 hectares in the Langmuir Township, 25 km southeast of Timmins, Ontario. It hosts the past nickel producing mines of Langmuir No. 1 and 2.

In its National Instrument 43-101 compliant resource estimate report for the Langmuir North Deposit and the Langmuir No 1 deposit, Micon International Limited ("Micon") inferred 1.733 Mt @ 0.51% Ni on the Langmuir No. 1 and 8.324 Mt @ 0.40% Ni on the Langmuir North Deposits. In Langmuir No. 1, the main nickel sulfide mineralization is located in the first vertical 250m and extends to the NE for 250m in highly magnetic ultramafic flows.

In continuous efforts to increase the volume and grade of the Langmuir deposits, the Corporation has carried out systematic drilling in fertile lithologies on strike with the main mineralization.

Hole IMCEX-51 and 52 are located 300m NNE of the main Langmuir No. 1 deposit in similar ultramafic mineralized unit and show the following northwestward intersections:

 

HOLE D

 FROM 

TO

METRES

NI %

IMCEX-51 331.7 341.6 10.9 1.15
IMCEX-52 18 34 16 0.214
  346 371.42 25.42 1.449
INCLUDING 359 362 3 2.478

 

 

Hole 51 also contains 34.3m @ 0.15% Ni, close to the 0.2% cut-off grade used by Micon in the Langmuir No. 1 resource calculation. In both cases, the nickel relates to disseminated and massive sulfides in serpentinized komatiitic flows locally showing spinifex textures.

The mineralisation located at short distance and at similar depth northeast of the main deposit, demonstrates the continuity of high nickel grades along the major ultramafic host unit and the possibility of significantly increasing the Langmuir No. 1 deposit tonnage.

The assaying of split core samples was conducted by Swastika Laboratories using 0.5g of pulverized rock dissolved in aqua regia and analyzed by Atomic Absorption with Ni detection of 0.01%. Blanks and standards are systematically inserted every 20 samples.

The Qualified Person in charge of the Langmuir Project and the person who prepared the technical data in this release is Andre Ciesielski, P. Geo, who is an arm's length party retained by the Corporation to carry out its exploration program on the Langmuir Project.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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Inspiration Amends Record Date of Proposed Spin-Out (30-March-2010)

March, 30 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario Further to its press releases of March 22 and 29, 2010, Inspiration Mining Corporation (the "Company") would like to announce that it has revised the record date from April 6 to April 16, 2010. Due to the Easter weekend holidays, the Company felt it was in the interest of its shareholders to change the record date to April 16, 2010.

As previously reported, the Company intends to spin-out its wholly owned subsidiary Metal Mines, Inc. ("Metal Mines") as a separate public company. The Metal Mine shares will be distributed to the shareholders by way of a special dividend. Shareholders of record on April 16, 2010 will be eligible to receive the special dividend. All individuals who wish to purchase the Company's shares through the facilities of the TSX in order to receive the special dividend must do so before close of business on April 13, 2010. For complete details regarding the spinout, please refer to the Company's press release of March 22, 2010.

The proposed spin-out is subject to regulatory and shareholder approval and there can be no assurance that the proposed spin-out would be completed. The listing of Metal Mine's shares will be subject to Metal Mine meeting the listing criteria of the TSX and there can be no assurance that Metal Mines will meet the criteria.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking 
statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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Inspiration Provides Additional Information on Proposed Spin-Out (29-March-2010)

March, 29 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario - Inspiration Mining Corporation (the "Company") would like to provide additional information regarding its proposed spin-out of the Company's wholly owned subsidiary Metal Mines, Inc. ("Metal Mines") as set out in the Company's press release of March 22, 2010.

Pursuant to the proposed restructuring plan, the Company intends to spin-out Metal Mines as a separate public company whose shares would be listed on the TSX. The current shareholders of the Company will own approximately 90.1% of the issued and outstanding shares of Metal Mines with the remaining 9.9% being retained by the Company. The Metal Mine shares will be distributed to the shareholders by way of a special dividend. Shareholders of record on April 6, 2010 will be eligible to receive the special dividend. All individuals who wish to purchase the Company's shares through the facilities of the TSX in order to receive the special dividend must do so before close of business on March 31, 2010.

The proposed spin-out is subject to regulatory and shareholder approval and there can be no assurance that the proposed spin-out would be completed. The listing of Metal Mine's shares will be subject to Metal Mine meeting the listing criteria of the TSX and there can be no assurance that Metal Mines will meet the criteria.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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Inspiration Announces Action to Increase Shareholder Value (22-March-2010)

March, 22 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario - Inspiration Mining Corporation (the "Company") would like to announce that it intends to divest itself of the Company's wholly owned subsidiary Metal Mines, Inc. ("Metal Mines") to the shareholders of the Company. Metal Mines is the owner of the Langmuir Property.

Pursuant to the proposed restructuring plan, the Company intends to spin-out Metal Mines as a separate public company whose shares would be listed on the TSX. The current shareholders of the Company will own approximately 90.1% of the issued and outstanding shares of Metal Mines with the remaining 9.9% being retained by the Company. The Metal Mine shares will be distribute to the shareholders by way of a special dividend. Shareholders of record on April 6, 2010 will be eligible to receive the special dividend.

The spin-out of Metal Mines will provide the Company's shareholders with an equity interest in two public companies Metal Mines and the Company and will allow the Company to focus on developing its gold and rare earth properties which will be continued to be owned by the Company or its wholly owned subsidiaries.

Mr. Randy Miller, the President of the Company, states "The proposed spin-out of Metal Mines will allow the true value of the Langmuir Property to be unlocked and will also allow the Company to focus its attention on the development of its gold and rare earth properties, the value of which is not reflected in the current market price. On the conclusion of the spin-out, the shareholders of the Company will own shares of two high quality companies."

The proposed spin-out is subject to regulatory and shareholder approval and there can be no assurance that the proposed spin-out would be completed. The listing of Metal Mine's shares will be subject to Metal Mine meeting the listing criteria of the TSX and there can be no assurance that Metal Mines will meet the criteria.

As Metal Mines constitute all or substantially all of the assets of the Company, the proposed divesture must be approved by the Company's shareholders.


Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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Inspiration Mining Corporation to Launch Normal Course Issuer Bid (12-March-2010)

Toronto, Ontario Inspiration Mining Corporation (the "Corporation") announced today that it has received regulatory approval from the Toronto Stock Exchange ("TSX") to launch a normal course issuer bid (the "Bid"), pursuant to the terms set out in the notice of intention to make a normal course issuer bid (the "Notice") filed with the TSX. The Board of Directors of the Corporation believes that the current market price of the Corporation's common shares does not properly reflect the underlying value of the Corporation, and that, accordingly, the purchase of its common shares is appropriate and in the best interests of the Corporation and its stakeholders.

The Corporation has 72,523,270 common shares issued and outstanding as of March 5, 2010. The Notice provides that under the Bid, the Corporation may purchase up to 6,897,114 common shares, being 10% of the public float. The Notice further provides that, subject to the Corporation's ability to make "block" purchases through the facilities of the TSX in accordance with the TSX rules, the aggregate number of common shares that the Corporation may purchase during any trading day will not exceed 43,766 shares, being 25% of the average daily trading volume of the shares based on their trading volume on the TSX for the most recently completed six calendar months preceding the date of the Notice.

The Bid will begin on March 15, 2010 and will terminate on the earlier of March 14, 2011 or such date as the Corporation may complete its permitted purchases under the normal course issuer bid. The common shares will be acquired on the open market through the facilities of the TSX, at the discretion of management of the Corporation, and the purchase and payment for the common shares will be made in accordance with the requirements of the TSX and all other applicable laws. First Canada Capital Partners Inc. will conduct the normal course issuer bid on behalf of the Corporation. The price that the Corporation will pay for any common shares acquired will be the market price of the common shares at the time of acquisition. All common shares acquired by the Corporation under this Bid will be cancelled.

Pursuant to its previous normal course issuer bid, which expired on October 28, 2009, the Corporation purchased an aggregate of 986,000 common shares at an average daily price of $0.60 per common share.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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Inspiration To Proceed With The Continued Exploration Of Its Langmuir, Gold And Moly/ Ree Properties (02-Feb-2010)

February, 02 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario Inspiration Mining Corporation (the "Corporation") is pleased to announce that it is proceeding with the exploration of its Langmuir Nickel, Cleaver gold and Desrosiers rare earth properties.

Langmuir Property

Based on the recommendation of Micon International Limited in its National Instrument 43-101 compliant resource estimate report (the "Micon Report") for the Langmuir North Deposit and the Langmuir No 1 Deposit (a copy of which can be viewed under the Corporation's profile on the SEDAR website (www.sedar.com)), the Corporation intends to commence a diamond drilling program.

The Micon Report indicated resources of 1,733,000 tonnes grading 0.51% nickel, and 8,324,000 tonnes grading 0.40% nickel in the Langmuir 1 and Langmuir North deposits, respectively for a total of 10,057,000 tonnes and identified at least four (4) exploration target areas of mineralization that are believed to hold the potential to host an additional 20 to 40 million tonnes of nickel mineralization of similar grades.

The proposed diamond drilling program will focus on the four (4) targets as outlined in the Micon report along with additional exploration targets that were discovered during a program of geochemical and geophysical surveying.

Cleaver Property

Previous exploration activities utilizing Reverse Circulation Drilling (RCD) within the central portion of the property returned values in the overburden ranging from 0 ppm up to 3,110 ppm (0.30%) of copper and from 0 ppb up to 521,460 ppb (15.209 oz/t) gold.  The known Flinsky copper-zinc showing is located approximately 2.3km southwest of the property.

Drilling of EM conductors in the eastern Cleaver Township gold property was commenced in January 2010. The additional drilling program (consisting 6,000 meters) will target historical high gold values discovered near the bedrock in deep RC till sampling.  Diamond drill cores from a late 2009 program on the western side of the property are being logged and sampled. The Cleaver property mineralization is either from gold-rich quartz and carbonate vein systems in volcanics, or gold-enriched zones in volcanogenic sulphide-rich substrate.

The Cleaver Property consists of 13 mining claims containing 192 mining claim units and is located in the northeastern portion of Cleaver Township. The western portion of the property is underlain by felsic metavolcanics and metasediments, which are then overlain by peridotitic komatiites.  Numerous airborne electromagnetic anomalies are located at or near the komatiite lower contact.  This unit has not been explored for either base metal or nickel mineralization.  The eastern portion of the property is underlain by felsic metavolcanics with numerous airborne electromagnetic anomalies and mafic metavolcanics. 

 

Desrosiers Property

The Desrosiers Township molybdenum-rare earth prospect lying 95 km southwest of Timmins, has returned encouraging values of molybdenum, bismuth, silver and rare earth elements. Logging and assaying of drill cores is in progress. The property will be the subject of additional mapping, prospecting and drilling later in the season. Baseline environmental sampling will also be started to allow for eventual removal of a bulk sample for metallurgical testing. Historical work, including bulk sampling on this property returned substantial values of molybdenum and non-NI43-101 compliant 50 and 165 ton samples averaged 1.0% and 2.25% MoS2 respectively.

Historical work by Jonsmith Mining in 1960 demonstrated molybdenum mineralization with grades varying from 0.03% to more than 10%, plus significant bismuth. Bulk sampling returned non NI 43-101 compliant results of 165 tons grading 2.255 MoS2, and 50 tons grading 1% MoS2. More recent sampling in 1999 revealed associated bismuth, silver, lead mineralization and low levels of copper, nickel and zinc. Regional lake bottom sediment sampling by the Ontario Geological Survey in 2005 revealed major molybdenum, lithium, niobium and rare earth element anomalies in the region.

Recent exploration efforts concentrated on the main showings on the southeastern part of the property . Follow-up soil sampling, ground EM and magnetic surveying, and geological mapping west of Alike Lake have revealed that molybdenum mineralization is located at the contact between mafic metavolcanic and metasedimentary rocks with granitic rocks. Various pegmatite veins intrude the main northwest-trending mineralized shear zone, 20 to 50 meters wide and at least 800 meters long, carrying molybdenite, minor chalcopyrite, and pyrite. Parallel zones of chalcopyrite and pyrite mineralization are also found in the host metasedimentary rock sequences.

For the purpose of providing information relating to the CLEAVER AND DESROSIERS properties, the Company is relying on information provided to it by the various parties. All information pertaining to the properties was derived from historical geological reports and do not presently conform to the standards as outlined in National Instrument 43-101.

The Qualified Person who prepared the technical data in this release is Andre Ciesielski, DSc., P. Geol.

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Langmuir Project Yields Two Open-Pit Nickel Resources And Potential For 20-40 Million Tonnes In Additional Exploration Targets (06-Jun-2010)

January, 06 2010 TSX - ISM Frankfurt- OI8

 

Toronto, Ontario - Inspiration Mining Corporation (the "Corporation") is pleased to announce that Micon International Limited ("Micon") has completed the National Instrument 43-101 compliant resource estimate report (the "Micon Report") for the Langmuir North Deposit and the Langmuir No 1 Deposit. A copy of the Micon Report can be viewed under the Corporation's profile on the SEDAR website (www.sedar.com).

Pursuant to the Micon Report, resources in the Indicated Resources category for the Langmuir North deposit are 8,324,000 tonnes grading 0.40% nickel, as detailed in Table 1. Resources in the Indicated Resources category for the Langmuir No. 1 deposit are 1,733,000 tonnes grading 0.51% nickel, as detailed in Table 2.

Both deposits are amenable to open pit exploitation. Langmuir No.1 is also partly accessible from an existing development ramp from earlier historical production.

These deposits, lying within the Langmuir Nickel Belt, are also accompanied by at least four (4) exploration target areas of mineralization that are believed to hold the potential to host an additional 20 to 40 million tonnes of nickel mineralization of similar grades. In addition, the target areas also have the potential for open-pittable configuration.

As well, it is believed that potential remains to locate additional concentrations of nickel mineralization similar to that which has been exploited at the Langmuir No 2 mine at depth on the property. The potential quantity and grade of such deposits is conceptual in nature and there has been insufficient exploration to define a mineral resource of said tonnage and grade and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Additional exploration is warranted and it is anticipated that a budget of between $3.5 and $5 million in additional exploration expenditures will be necessary in order to explore the four (4) exploration targets and to continue exploration work on the current resource targets along with the outside exploration of multiple targets on the property.

A preliminary metallurgical evaluation was conducted by SGS Mineral Services ("SGS") for the Langmuir North deposit and the results are summarized in a report entitled "An Investigation into the Recovery of Nickel and Copper from the Langmuir #2 North Zone" dated June 25, 2009 (the "SGS Report"). A copy of the SGS Report can be viewed under the Corporation's profile on the SEDAR website (www.sedar.com).

According to the SGS Report, most of the nickel value is contained within the mineral millerite, a mineral with a high nickel content which is somewhat different from other deposits known to date for the region. Excellent recoveries of nickel sulphides are obtained at a relatively coarse grind. Based on the SGS Report and on previous historical work and metallurgical recoveries from previous production from the area, the Corporation believes that a platinum-palladium and a cobalt credit from the concentrates is possible.

Mr. Randy Miller, the President and Chief Executive Officer of the Corporation, stated "We are pleased with the results contained in the Micon report and the findings in the SGS report. These reports are an important step in the continued development and advancement of the Langmuir property. The potential for two open pit resources is evident by the conclusions in the Micon report and we are excited about the additional exploration targets that can significantly increase the size of the mineralization on the property. The Corporation is committed to the further exploration of the property in order to fully explore and develop the full potential of the property to become a viable source for nickel in the future." The Micon Report was prepared by Reno Presacco, P.Geo., Richard Gowans, P.Eng. and Jonathan Steedman, MAusIMM, and is dated January 6, 2010. The SGS Report was prepared by Oliver Peters, P.Eng, MBA and Dominique Lascelles, M.Eng.

Table 1

Estimated Mineral Resources for the Langmuir North Deposit

Cut Off Grade (% Ni) Classification Volume (m3) Tonnes Ni (%)
Mill Incremental:
0.19 -> 0.21 Indicated 160,000 433,000 0.20
Sub Total   160,000 433,000 0.20
Mineralized:
>0.21 Indicated 2,912,000 7,891,000 0.41
Sub Total   2,912,000 7,891,000 0.41
Total Mill Incremental + Mineralized    8,324,000 0.40

 

Table 2

Estimated Mineral Resources for the Langmuir No. 1 Deposit

Cut Off Grade (% Ni) Classification Volume (m3) Tonnes Ni (5)
Mill Incremental:
0.19 -> 0.21 Indicated 23,000 67,000 0.20
Sub Total   23,000 67,000 0.20
Mineralized:
>0.21 Indicated 583,000 1,666,000 0.52
Sub Total   583,000 1,666,000 0.52
Total Mill Incremental + Mineralized   1,733,000 0.51

 

1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.

2. The quantity and grade of reported Inferred Resources in this estimation are conceptual in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in the upgrading of the Inferred Resources into an Indicated or Measured Mineral Resource category.

3. Tonnages have been rounded to the nearest thousand tonnes

4. Sums may not add due to rounding

5. Mineral resources are inclusive of mill incremental material

6. Grade interpolation is estimated by Ordinary Kriging method.

The Qualified Person who prepared the technical data in this release is Dr. Stewart Jackson, P.Geol.

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Technical Report On The Initial Mineral Resource Estimate For The Langmuir North And Langmuir #1 Nickel Deposits, Langmuir Township, Ontario, Canada (06-Jun-2010)

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