Inspiration Mining Corporation
TSX : ISM
FRANKFURT : OI8

Inspiration Mining Corporation

February 02, 2010 12:31 ET

Inspiration to Proceed With the Continued Exploration of Its Langmuir, Gold and Moly/REE Properties

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2010) - Inspiration Mining Corporation (the "Corporation") (TSX:ISM)(FRANKFURT:OI8) 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.

This update 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.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Inspiration Mining Corporation
    Randy Miller
    President and Chief Executive Officer
    416.842.9000
    or
    Gale Capital Corporation
    Investor Relations
    604.221.7604
    604.221.7606 (FAX)
    galecapital@shaw.ca