Inspiration Mining Corporation
TSX : ISM
FRANKFURT : OI8

Inspiration Mining Corporation

March 16, 2011 11:23 ET

Inspiration Provides Revision to Its Press Release Dated February 3rd, 2011

TORONTO, ONTARIO--(Marketwire - March 16, 2011) - As a result of a review by the Ontario Securities Commission, Inspiration Mining Corporation ("Inspiration" or the "Corporation") (TSX:ISM)(FRANKFURT:OI8) is issuing the following press release to clarify its disclosure in its press release of February 3, 2011.

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 in 2008 and 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:

L1 Extension historical results reported in 43-101 Micon Report, January 2010:
                 
Hole Id   From   To   Length   Ni Weight Av %
IMCEX-23   273   281   7   0.43
    284   298   13   0.37
    312   322   9.6   1.74
                 
IMCEX-24   146.3   153   6.7   0.32
    308.2   335   26.8   0.34
                 
IMCEX-28   200   225   25   0.35
    316   343.4   118.4   0.22
                 
IMCEX-35   118   171   53   0.22
IMCEX-36   138   212   74   0.22
                 
IMCEX-37   6   61   55   0.25
    95   99   4   0.23
    129   133   4   0.22
                 
IMCEX-50   321   366.1   45   0.25
                 
IMCEX-51   330.7   341.6   10   1.24
                 
IMCEX-52   346   371.4   25.4   1.45
all intersection length should be considered as apparent width

In the recent press releases of Nov 2, 2010 and Feb 3, 2011, selected intersection from hole L1-10-01, 02, 05, 06 and 07 were quoted to outline either the potential for high grade nickel zones in the extension of Langmuir 1 deposit or low grade / high tonnage stratigraphically located below or above the Langmuir 1 deposit zone. For further clarity, the following table lists all intersections using a 0.2% Ni cut off grade. It should be noted that all lengths are apparent thickness and that most of angles are relatively steep with respect to core axis.

Hole Id   From   To   Length   Ni Weight Av %
L1-10-01*   5   48.4   43.4   0.22
    314   419   105   0.24
    427   434.3   7.3   0.23
                 
L1-10-02*   92   144   52   0.23
    255   296   41   0.27
    388   463   75   0.25
                 
L1-10-04   399   440   41   0.23
    444.6   476   31   0.26
* Selected intercepts reported in Press Release dated November 2, 2010
all intersection length should be considered as apparent width

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:

L1 Ramp historical results reported in 43-101 Micon Report, January 2010:
                 
Hole Id   From   To   Length   Ni Weight Av %
L1EX-7   64   156   92   0.21
                 
L1EX-8   9.7   162.1   151   0.24
    209.3   279.1   63   0.26
L1EX-13   10   65   53   0.22
L1EX-19   196   257       0.19
                 
L1EX-20   118.6   170.8   52   0.21
    195.3   236.5   41   0.22
    243.5   323.3   80   0.25
L1EX-21   118.7   190   71   0.24
    215   300   85   0.24
L1EX-22   212   338   126   0.27
L1EX-35   118   171   53   0.22
L1EX-36   138   212   74   0.22
all intersection length should be considered as apparent width
 
 
Hole ID   From   To   Length   Ni Weight Av %
L1-10-08   121   324   202   0.24
L1-10-09   124   297   173   0.24
L1-10-10   88   222   129   0.24
all intersection length should be considered as apparent width

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:

Hole Id   From   To   Length   Ni Weight Av %
L1-10-05*   78   133   55   0.25
    268   312   44   0.24
                 
L1-10-06*   63   270   207   0.23
    356.25   385   28.75   0.22
                 
L10-10-07   75   197   120   0.23
    202   222   19   0.2
                 
* Selected intercepts reported in Press Release dated November 2, 2010
all intersection length should be considered as apparent width

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.

In the press release dated February 3, 2011, the comparison of Langmuir to the Mt. Keith or the Talvivaara deposit in Finland was based on the premise of a high tonnage lower grade nickel deposit. The Corporation continues to undertake the exploration work necessary in order to provide the supporting evidence for such comparison.

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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