2012

INSPIRATION REPORTS ON PROGRESS WITH POTASH PROPERTY (20-Sep-2012)

September, 20 2012 TSX - ISM Frankfurt- OI8

 

TORONTO, ONTARIO--(Marketwire - Sept. 20, 2012) - Inspiration Mining Corporation ("Inspiration" or the "Company") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce that Potash Dragon Inc. ("Potash Dragon") has completed the Transient Electromagnetic Survey ("TEM"), as reported in its press release of August 14, 2012, at its Llamara project located in the Atacama Desert, Chile. The project area comprises the western Llamara Project as well as the eastern Solida Project. A total of 289 individual setups were completed resulting in a total of 133 line-km of TEM survey. The data processing has commenced ahead of schedule and the results will be included in a technical report, which is scheduled for completion at the end of November 2012.

"As stated in our communication in June, the project is proceeding as planned," stated Randy Miller, the President of the Company. "We are pleased to have completed the next phase of our exploration program ahead of schedule and we look forward receiving the analysis of the results of the geophysical surveys and the brine volume study," commented Gordon Miller, President and CEO, Potash Dragon.

About Potash Dragon Inc.

Potash Dragon is a private company incorporated under the laws of Barbados. Through its wholly owned subsidiary, Potash Dragon SpA, a private company incorporated under the laws of Chile, Potash Dragon holds various potash properties and applications covering an area of 4,133 Hectares in Region I of Northern Chile some 160km south east of the town of Iquique and adjacent to the Pan American (Ruta 5) highway. All the properties are located within the Pampa del Tamarugal area on the Salar de Llamara, and some of the tenements are situated adjacent to a brine extraction well field operated by Sociedad Quimica y Minera de Chile S.A. ("SQM").

Sedimentary rocks in the Pampa del Tamarugal are fluvial, lacustrine and evaporitic and include highly soluble residues such as halite and related evaporite minerals such as potash. Interspersed in this succession are horizons of volcanic tuff from eruptions in the Andes to the East. The sequence is estimated to be up to 1,000 m thick (Sez et al., 1999). Alluvial fans incised by ephemerally active canyons descend across the eastern Pampa from the Precordillera and the talus of the median and distal fans locally masks the underlying lake sediment accumulation. The Pampa can be considered to have an upper, gradational altitudinal limit around 1,500 metres above sea level where it merges into the proximal alluvial fans of the Precordillera front.

Precipitation that occurs at higher elevations of the Andes Mountains reports to fluvial braided fans which ultimately feed significant aquifers that flow beneath the Pampa del Tamarugal. The individual rivulets within these fans are referred to locally as Quebrada. Ground water flowing within the pampa interacts with the evaporite sequences resulting in the dissolution of halite and other soluble minerals contained within the sedimentary sequences of the Soledad formation. The dissolution results in a karst topography within the soluble formations that contain vast amounts of highly saline brines containing sodium, magnesium, potassium, calcium, lithium, boron, sulphates, chlorine, iodine and nitrates in varying quantities.

The Llamara and Solida projects are situated at an elevation of approximately 750 metres above sea level in an area that has an exceptionally long geological history of aridity in the Atacama Desert, particularly during the post Oligocene period (since 34 Mya) when the region has been continuously the most arid region on Earth with high evaporation and evapotranspiration rates.

The location of the project, in close proximity to the ocean, which serves as an abundant source of process water, combined with very high solar evaporation rates creates an ideal opportunity for the implementation of low cost solution mining and solar evaporation recovery techniques for the recovery of soluble minerals such potash, other fertilizers and related minerals.

About the Deal

As reported in its press release dated June 25, 2012, Inspiration acquired 1,250,000 common shares ("Potash Shares") (or 20% of the issued and outstanding securities) in the capital of Potash Dragon. In addition, the Company was issued an aggregate of 3,750,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the Company to acquire an additional Potash Share at an exercise price of $0.80 per share at any time prior to 5:00 p.m. (Toronto time) on the earlier of the date that is: (a) September 22, 2013, and (b) 45 days from the date that Potash Dragon receives an executed geological report (the "43-101 Report") prepared in compliance with National Instrument 43-101 with respect to Potash Dragon's brine resource in Chile. In the event that the Company exercises all of the Warrants, the Company shall exercise control over 50% of the issued and outstanding securities in the capital of Potash Dragon.

About TEM

TEM uses electromagnetic impulse excitation to investigate the composition of subsurface rock and water bearing horizons. It is a variation of the electromagnetic geophysical method ("EM") in which transient pulses of electrical current in coils and antennae are applied instead of a continuous current induced magnetic field. TEM surveys have become the most popular surface EM technique used in exploration for conductive minerals and groundwater, and for environmental mapping. Prior experience of the application of TEM techniques in the Llamara basin has proved this method accurate in the definition of brine bearing horizons up to a depth of approximately 400m below surface.

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-Sep-2012)

September, 19 2011 TSX - ISM Frankfurt- OI8
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Inspiration Commences With Transient Electromagnetic Survey Over Potash Property (14-Aug-2012)

August, 14 2012 TSX - ISM Frankfurt- OI8

 

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2012) - Inspiration Mining Corporation (TSX:ISM)(FRANKFURT:OI8) is pleased to announce that Potash Dragon Inc. has commenced work on the Transient Electromagnetic Survey ("TEM") at its Llamara project located in the Atacama Desert, Chile, on Monday July 23, 2012. The project area comprises the western Llamara Project as well as the eastern Solida Project. A total of 289 individual setups will be carried out which will result in a total of 133 line-km of TEM survey. The data collection and processing will take about 8 weeks to complete and the results will be included in a technical report, which is scheduled for completion at the end of November 2012.

"As stated in our communication in June, the project is proceeding as planned" stated Randy Miller, the President of the Company. "We are pleased to have commenced the next phase of our exploration program on schedule and we look forward receiving the results of the geophysical surveys and brine volume study," commented Gordon Miller, President and CEO, Potash Dragon.

About Potash Dragon Inc.

Potash Dragon Inc. is a private company incorporated under the laws of Barbados. Through its wholly owned subsidiary, Potash Dragon SpA, a private company incorporated under the laws of Chile, Potash Dragon holds various potash properties and applications covering an area of 4,133 Hectares in Region I of Northern Chile some 160km south east of the town of Iquique and adjacent to the Pan American (Ruta 5) highway. All the properties are located within the Pampa del Tamarugal area on the Salar de Llamara, and some of the tenements are situated adjacent to a brine extraction well field operated by Sociedad Qumica y Minera de Chile S.A. ("SQM").

Sedimentary rocks in the Pampa del Tamarugal are fluvial, lacustrine and evaporitic and include highly soluble residues such as halite and related evaporite minerals such as potash. Interspersed in this succession are horizons of volcanic tuff from eruptions in the Andes to the East. The sequence is estimated to be up to 1,000 m thick (Sez et al., 1999). Alluvial fans incised by ephemerally active canyons descend across the eastern Pampa from the Precordillera and the talus of the median and distal fans locally masks the underlying lake sediment accumulation. The Pampa can be considered to have an upper, gradational altitudinal limit around 1,500 metres above sea level where it merges into the proximal alluvial fans of the Precordillera front.

Precipitation that occurs at higher elevations of the Andes Mountains reports to fluvial braided fans which ultimately feed significant aquifers that flow beneath the Pampa del Tamarugal. The individual rivulets within these fans are referred to locally as Quebrada. Ground water flowing within the pampa interacts with the evaporite sequences resulting in the dissolution of halite and other soluble minerals contained within the sedimentary sequences of the Soledad formation. The dissolution results in a karst topography within the soluble formations that contain vast amounts of highly saline brines containing sodium, magnesium, potassium, calcium, lithium, boron, sulphates, chlorine, iodine and nitrates in varying quantities.

The Llamara and Solida projects are situated at an elevation of approximately 750 metres above sea level in an area that has an exceptionally long geological history of aridity in the Atacama Desert, particularly during the post Oligocene period (since 34 Mya) when the region has been continuously the most arid region on Earth with high evapotranspiration rates.

The location of the project, in close proximity to the ocean which serves as an abundant source of process water, combined with very high solar evaporation rates creates an ideal opportunity for the implementation of low cost solution mining and brine solar evaporation recovery techniques for the recovery of soluble minerals such potash, other fertilizers and related minerals.

About the Deal

Inspiration Mining Corporation (the "Company") previously announced that it has acquired 1,250,000 common shares ("Potash Shares") (or 20% of the issued and outstanding securities) in the capital of Potash Dragon Inc. ("Potash Dragon"). In addition, the Company was issued an aggregate of 3,750,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the Company to acquire an additional Potash Share at an exercise price of $0.80 per share at any time prior to 5:00 p.m. (Toronto time) on the earlier of the date that is: (a) September 22, 2013, and (b) 45 days from the date that Potash Dragon receives an executed geological report (the "43-101 Report") prepared in compliance with National Instrument 43-101 with respect to Potash Dragon's brine resource in Chile. In the event that the Company exercises all of the Warrants, the Company shall exercise control over 50% of the issued and outstanding securities in the capital of Potash Dragon.

About TEM

TEM uses electromagnetic impulse excitation to investigate the composition of subsurface rock and water bearing horizons. It is a variation of the electromagnetic geophysical method ("EM") in which transient pulses of electrical current in coils and antennae are applied instead of a continuous current induced magnetic field. TEM surveys have become the most popular surface EM technique used in exploration for conductive minerals and groundwater, and for environmental mapping. Prior experience of the application of TEM techniques in the Llamara basin has proved this method accurate in the definition of brine bearing horizons up to a depth of approximately 400m below surface.

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 Commences Strategic Review Process for Its Langmuir Nickel Property (30-July-2012)

July, 30 2012 TSX - ISM Frankfurt- OI8

 

TORONTO, ONTARIO--(Marketwire - July 30, 2012) - Inspiration Mining Corporation ("Inspiration" or the "Corporation") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce that it has initiated a strategic review process to consider and evaluate a range of strategic alternatives for the Langmuir nickel property that have presented themselves to the Corporation, with a view to enhancing shareholder value. Strategic alternatives that the Board of Directors will consider may include, but are not limited to, the sale of all or a portion of the Langmuir nickel property, a nickel asset merger or other nickel business combination transaction involving a third party, a joint venture, and an optimization study of the Corporation's existing mine development plan, or any combination thereof.

The Langmuir nickel 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 Langmuir No.2. Two main deposits were drilled and identified by Inspiration on which indicated open pit nickel resources were estimated at 1.7 Mt @ 0.51% Ni for Langmuir No.1 and 8.3 Mt @ 0.4% Ni for Langmuir North deposits as set out in the Corporation's National Instrument 43-101 compliant report prepared by Micon International Limited dated January 2010 (the "Micon Report"), a copy of which can be obtained from the Corporation's profile on the SEDAR website (www.sedar.com).

On August 14 2011 the Corporation announced the engagement of NordPro Mine and Project Management Services Ltd. ("NordPro") of Thunder Bay, Ontario to provide engineering and geological services on the Langmuir nickel property and the initial reports have been received by the Corporation.

The Corporation will, as part of its strategic review, consider various options, including the possibility of restarting the Langmuir No.1 underground mine on the basis of a substantially better defined resource model, which has been developed as a result of an extensive drill program that has been conducted on the Langmuir No.1 deposit since the mine was shut down in 1992. Certain higher grade resource blocks were excluded from the Micon Report and the Langmuir No.1 resource estimate due to these resource blocks falling outside the optimal open pit shell.

In the period 1970-73, a 446 m deep shaft and a flotation mill were constructed on the Langmuir property. Production from the Langmuir No.2 deposit in the period 1973-78 amounted to 1,133,750 tonnes grading 1.45% Ni. In 1976, a decision was made to develop the Langmuir No.1 deposit as a supplementary ore source to the Langmuir No.2 mine. The Langmuir No.1 deposit was accessed by a 1250-foot long 12 foot by 15-foot ramp, which stopped 400 feet short of the deposit. Noranda ceased underground development in 1977 due to "deteriorating economic conditions at the Langmuir No.2 deposit".

Timmins Nickel Inc. developed the Langmuir No.1 Mine, with assistance from Ontario Mineral Incentive Program (OMIP) grants in 1990 (OMIP Grant OM90-118) and 1991 (OMIP Grant OM91-098). Under OMIP Grant OM90-118, Timmins Nickel completed the dewatering of Noranda's 1,250 foot (381m) long ramp, extended the 12 foot by 15 foot ramp for 400 feet (121.9 m) to the 315 foot mine level, completed 4,652 feet (1,417.9 m) of underground diamond drilling, and metallurgical and ore compatibility studies. During 1990 and 1991, Timmins Nickel milled a total of 111,502 tonnes grading 1.74% Ni at the Redstone Mine property in Eldorado Township.

All underground work at the Langmuir No.1 site ceased in early 1992 and since the mine closed a further 33,569 metres of resource definition drilling has been completed resulting in a total of 18,776 core samples, which have been analyzed for the Langmuir No.1 deposit.

Additionally, the Corporation intends to prepare an maiden resource estimate, by the fall of 2012, for the KCC-Allerston project, which is a lower grade, high tonnage nickel-mineralized zone located 2 km northwest of the Langmuir No.1 deposit The KCC deposit was revealed by exploration drill programs in 2008 and 2009, listed in the Corporation's National Instrument 43-101 compliant report dated September 2009, a copy of which can be obtained under the Corporation's profile on the SEDAR website (www.sedar.com), as well as drill program completed in March 2011. The zone is hosted in intrusive komatiitic ultramafic and mafic rocks conformably intercalated with intermediate and felsic volcanic sequences dipping to the SE and in contact with a late-Archean tonalitic pluton to the southwest. The zone is trending to NNE and extends at least over 700 m horizontally.

"We are pleased that the Corporation's exploration program has been successful in improving the confidence of our resource estimates while, at the same time, adding new metal content to our already significant nickel resource base," stated Randy Miller, the President of the Corporation. "The initial results of the on-going technical work, designed to enhance the value of our nickel assets, are encouraging. Additionally, the Corporation is excited at exploring the possibility of restarting the Langmuir No.1 underground mine and realizing the value of the deposit in the underground mine."

It is the Corporation's current intention not to disclose developments with respect to the strategic review process until such time the Board of Directors has approved a specific transaction or otherwise determines that disclosure of an optimized mine development plan is necessary or appropriate. The Corporation cautions that there are no assurances or guarantees that the process will result in a transaction or amended mine development plan, and if a transaction or amended mine development plan is undertaken, as to the terms or timing of such transaction or mine development plan.

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 Acquires Interest in Potash Property (25-June-2012)

June, 25 2012 TSX - ISM Frankfurt- OI8

 

TORONTO, ONTARIO--(Marketwire - June 25, 2012) - -Inspiration Mining Corporation (the "Company") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce that it has acquired 1,250,000 common shares ("Potash Shares") (or 20% of the issued and outstanding securities) in the capital of Potash Dragon Inc. ("Potash Dragon"). In addition, the Company was issued an aggregate of 3,750,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the Company to acquire an additional Potash Share at an exercise price of $0.80 per share at any time prior to 5:00 p.m. (Toronto time) on the earlier of the date that is: (a) September 22, 2013, and (b) 45 days from the date that Potash Dragon receives an executed geological report (the "43-101 Report") prepared in compliance with National Instrument 43-101 with respect to Potash Dragon's brine resource in Chile. In the event that the Company exercises all of the Warrants, the Company shall exercise control over 50% of the issued and outstanding securities in the capital of Potash Dragon.

"This is an exciting opportunity for the Company and its shareholders," stated Randy Miller, the President of the Company. "The investment in Potash Dragon and its brine resource in Chile is the culmination of management's pursuit of opportunities that will expand the Company's mineral holdings and enhance shareholder value. We look forward to working closely with the management of Potash Dragon as they advance the property."

"We are delighted to have Inspiration Mining Corporation as a new strategic investor and our partner in the property. With the extensive experience of both management teams, we are confident that the property will be advanced as quickly as possible. We are pleased with the outcome of our reconnaissance program that has been conducted over the past 12 months and look forward to the continued exploration of the property," commented Gordon Miller, President and CEO, Potash Dragon.

About Potash Dragon Inc.

Potash Dragon is a private company incorporated under the laws of Barbados. Through its wholly owned subsidiary, Potash Dragon SpA, a private company incorporated under the laws of Chile, Potash Dragon holds various potash properties and applications covering an area of 4,133 Hectares in Region I of Northern Chile some 160 km south east of the town of Iquique and adjacent to the Pan American (Ruta 5) highway. All the properties are located on the Salar de Llamara, and some of the tenements are situated adjacent to a brine extraction well field operated by Sociedad Qumica y Minera de Chile S.A. ("SQM").

The initial exploration strategy is to employ the use of a Transient Electromagnetic ("TEM") geophysical survey technique to define the mineralised brine bearing horizon volumes, which are likely to host minerals including potassium, magnesium, sulphate, lithium, boron and nitrates. This program will be conducted by Geodatos SAIC of Santiago. The results of the approximately 45 line kilometer geophysical survey are expected during November 2012. The data generated by the TEM survey will define the size and extent of the brine pools within the Llamara basins and enable individual basin profiles to be constructed. This information will then be utilized in planning a sampling and/or drilling program.

About TEM

TEM uses electromagnetic impulse excitation to investigate the composition of subsurface rock and water bearing horizons. It is a variation of the electromagnetic geophysical method ("EM") in which transient pulses of electrical current in coils and antennae are applied instead of a continuous current induced magnetic field. TEM surveys have become the most popular surface EM technique used in exploration for conductive minerals and groundwater, and for environmental mapping. Prior experience of the application of TEM techniques in the Llamara basin has proved this method accurate in the definition of brine bearing horizons up to a depth of approximately 400m below surface.

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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