Inspiration Mining Corporation

Inspiration Mining Corporation

February 03, 2011 08:00 ET

Inspiration Mining Identifies Additional Mineralized Zones at Its Langmuir Open Pit Nickel Deposit With 202 Metres of .24% Ni

TORONTO, ONTARIO--(Marketwire - Feb. 3, 2011) - Inspiration Mining Corporation (TSX:ISM)(FRANKFURT:OI8) ("Inspiration" or the "Corporation") is pleased to announce results from its ongoing infill and detail drilling program at the Langmuir Open Pit Nickel Deposit.

The Langmuir property comprises 69 mining claims covering 1121 hectares in the Langmuir Township, 25 km southeast of Timmins, Ontario. It hosts the majority of the past nickel producing mines of Langmuir No. 1 and 2. Two main deposits were drilled and identified by Inspiration Mining on which inferred nickel resources were estimated at 1.7 Mt @ 0.51% for Langmuir 1 and 8.3 Mt @ 0.4% Ni for Langmuir North deposits (43-101 Micon Report, Jan 2010).

In addition to successfully increasing the resource at Langmuir 1 and Langmuir North, extensive exploration drilling from 2008 through 2010 in the northeast extension of Langmuir 1 deposit has provided the definition of three (3) mineralized zones, corresponding to adjacent stratigraphic ultramafic and mafic NE-trending horizons dipping to the southeast.

- L1Extension is the main mineralized zones located 300 m northeast of the Langmuir 1 deposit. It is mostly hosted in ultramafic and mafic komatiitic flows in contact with underlying intermediate volcanic and intrusive felsic sequences to the NW and contains high grade nickel sulfide intersections. A total of 25 holes were drilled on the zone with the following selected intersections:

IMCEX-23 : 7 m @ 0.43%, 13 m @ 0.37% and 9.6 m @ 1.74% Ni
IMCEX-24 : 7 m @ 0.32% and 27 m @ 0.34% Ni
IMCEX-28 : 25 m @ 0.35% and 118 m @ 0.22% Ni
IMCEX-37 : 63 m @ 0.25% Ni
IMCEX-50 : 45 m @ 0.25% Ni
IMCEX-51 : 10 m @ 1.24% Ni
IMCEX-52 : 25 m @ 1.45% Ni
L1-10-01 : 112 m @ 0.24% Ni
L1-10-02 : 41 m @ 0.27% and 44 m @ 0.25% Ni
L1-10-04 : 41 m @ 0.23% and 31 m @ 0.26% Ni

Results from L1-10-12 are pending. Chromium values were revealed in L1-10-01, 12 m @ 0.29% and in L1-10-04, 16 m @ 0.24% Cr with maximum concentration of 0.39 and 0.35% Cr, likely related to chromite. Its potential will be further investigated in metallurgical studies.

- L1Ramp is a mineralized zone located stratigraphically below the intermediate and felsic sequences immediately underlying the Langmuir1 deposit zone, mostly hosted in intrusive mafic and ultramafic rocks and contains low-grade nickel intersections. A total of 13 holes were drilled on the zone with the following selected intersections:

Hole Id Intersections m Ni grade
L1Ex 07 92 0,21
L1Ex 08 151 0,24
L1Ex 08 63 0,26
L1-10-8 202 0,24
L1-10-9 173 0,24
L1-10-10 129 0,24
L1Ex 13 53 0,22
L1Ex 19 61 0,19
L1Ex 20 52 0,21
L1Ex 20 41 0,22
L1Ex 20 80 0,25
L1Ex 21 71 0,24
L1Ex 21 85 0,24
L1Ex 22 126 0,27
L1Ex 35 53 0,22
L1Ex 36 74 0,22

Results from holes L1-10-11 and L1-10-16 are pending. In the Ramp zone, the continuity of Ni mineralization will be looked at and further tested for low-grade and high tonnage nickel deposit.

- L1-32-31 is a mineralized zone located stratigraphically above the Langmuir1 deposit zone and hosted in ultramafic and mafic komatiitic flows. It is in contact with overlying intermediate volcanic and felsic intrusive sequences dipping to the SE and contains low-grade Ni intersections. A total of 3 new holes were drilled on the zone with the following selected intersections:

L1-10-05 : 55 m @ 0.25% and 44 m @ 0.24% Ni
L1-10-06 : 207 m @ 0.23% Ni
L1-10-07 : 139 m @ 0.22% Ni

Chromium values have been revealed in L10-07 showing 65 m @ 0.25% Cr with values up to 0.40%. The matter will be further investigated in metallurgical study as well as the potential of the zone.

"We have long believed that Langmuir was a world class, high tonnage-lower grade Ni deposit much like that of Mt. Keith or the Talvivaara deposit in Finland. It is very encouraging to start to see the data coming in to support our theory of the project. We look forward to aggressively advancing our program and to producing an updated 43-101 report within the next 90 days, which we are confident, will clearly demonstrate the significance of the deposit" said Ian Stewart, President, Inspiration Mining.

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.

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

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