Inspiration Mining Corporation
TSX : ISM

Inspiration Mining Corporation

July 23, 2015 08:00 ET

Inspiration Announces Lease of Property and Private Placement

TORONTO, ONTARIO--(Marketwired - July 23, 2015) - Inspiration Mining Corporation (the "Corporation") (TSX:ISM) would like to announce that, further to its various press releases, the Corporation has successfully completed the process of bringing its Langmuir Property to lease.

The Corporation acquired its Registered Plan and Survey, PLAN 6R-8835 (the "Plan"), under the Land Titles Act from the land registrar office for division of Cochrane. Pursuant to the Plan, the Corporation has acquired a 21 year lease over the various claims located on the Langmuir Property.

The issuance of the Plan, which was a lengthy process, represents a crucial and significant step in the Corporation's proposed plan of obtaining a permit for a bulk sample and the continued development of the Langmuir Property.

The Corporation would also like to announce that it will be undertaking a non-brokered private placement of up to 8,000,000 common shares at an issuance price of $0.05 per share for aggregate proceeds of $400,000. The proceeds from the placement will be used by the Corporation to de-water and the re-open the existing mine and for general working capital. A finder's fee may be paid by the Company in connection with the private placement.

"Even with the current price of nickel at $5.20/lb US, the Corporation is of the opinion that the grades available from underground mining as opposed to open pit mining will allow the Corporation to extract the higher grade ore," commented Randy Miller, the President of the Corporation. "We are pleased and excited that the leasing process has been completed as it will now allow the Corporation to focus on proceeding with the bulk sample."

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

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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