Inspiration Mining Corporation

Inspiration Mining Corporation

November 17, 2009 09:28 ET

Update on the 43-101 Resource Estimate Report Amendment to Warrant Exercise Price

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2009) - Inspiration Mining Corporation ("Inspiration" or the "Corporation")(TSX:ISM)(FRANKFURT:OI8) is pleased to provide an update with respect to its 43-101 report being prepared by Micon International.

Further to its press release of May 16, 2008, the Corporation commissioned Micon International of Toronto, Ontario, Canada to prepare a mineral resource estimate and technical report on its Langmuir property. Details of the work undertaken by Micon International can be found in the Corporation's press release of May 16, 2008.

It is anticipated that the report will be completed by Micon by mid-December 2009. The delay in completing the report was a result of the Corporation undertaking additional fieldwork to ascertain the strike and depth extension of the mineralization. In addition, the updated 43-101 report, which was prepared by Kian Jensen, was delayed which had an impact on the ability of Micon to complete its report.

Mr. Randy Miller, the President and Chief Executive Officer of the Corporation, stated "We are excited that this process is nearing its completion. We believe that the report will provide the impetus for the Corporation to bring the Langmuir property to the next level."

In addition, the Corporation is pleased to announce that it has received approval from the Toronto Stock Exchange to amend the exercise price of 2,305,625 outstanding common share purchase warrants (the "Warrants") of the Corporation, which were issued in connection with the Corporation's May 2007 private placement financing. Each Warrant, as amended, entitles the holder thereof to purchase one common share of the Corporation at any time until the close of business on May 8, 2010 at an exercise price of $3.50 per common share. The Warrants will be amended, effective December 2, 2009, to amend the exercise price of such warrants to $1.50. All other provisions of the Warrants will remain the same. There are no insiders of the Corporation who hold Warrants.

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

  • For Investor Relations call:
    Gale Capital Corporation
    604.221.7606 (FAX)