Inspiration Mining Corporation

Inspiration Mining Corporation

July 17, 2007 12:40 ET

Inspiration Announces Corporate Restructuring

TORONTO, ONTARIO--(Marketwire - July 17, 2007) - Inspiration Mining Corporation ("Inspiration" or the "Corporation") (TSX:ISM)(FRANKFURT:OI8) would like to announce that subject to regulatory approval, it intends to restructure it holdings whereby the Corporation intends to divest itself of its Jasper Property located on Vancouver Island, British Columbia. The proposed restructuring will allow the Corporation to focus on advancing the Langmuir Project.

Pursuant to the proposed restructuring plan, the Corporation intends to transfer the Jasper Property to an arm's length third party (the "Purchaser") and subsequently distribute the consideration it is to receive from the Purchaser to the Corporation's shareholders by way of a special dividend. Shareholders of record on July 30, 2007 will be receiving the special dividend.

Management believes that by establishing a new public vehicle to develop the Jasper Property, existing Inspiration shareholders will be rewarded as management unlocks the true value of the Jasper Property. The Company is currently finalizing the terms and conditions of the proposed restructuring and will update its shareholders once specific details have been confirmed.

The Jasper Property claims are located in the Victoria Mining Division, southwestern Vancouver Island, British Columbia. The property is approximately 80 kilometres northwest of Victoria. The southern portion of the claims overlie much of the Caycuse River and its tributaries Four Mile Creek and Seven Mile Creek, extend northwards over the height of land to the tributaries of Jasper Creek, and westwards to a no staking reserve along the eastern shore of the Nitinat River. The Jasper Property consists of the Jas 3 legacy mineral claim and nine cell mineral claims that comprise ten contiguous claims which total 6,615 hectares. The property is 100% owned by Inspiration.

The Jasper Property does not constitute all or substantially all of the assets of the Corporation and as such shareholder approval is not required for the proposed divesture.

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.

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

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