Inspiration Mining Corporation

Inspiration Mining Corporation

February 03, 2006 11:04 ET

Inspiration Raises $1,235,000

TORONTO, ONTARIO--(CCNMatthews - Feb. 3, 2006) - Inspiration Mining Corporation (the "Corporation") (TSX VENTURE:ISM) is pleased to announce that in addition to its private placement that closed on December 30, 2005 for total aggregate proceeds of $540,000 it has also raised, since November 2005, an additional $695,000 through the exercise of Agent's Warrants at $0.25 per share and Series A Warrants at $0.40 per share for an aggregate amount of $1,235,000. This money is sufficient for general working capital and to continue the Corporation's drill program for the next six to eight months. This financing was accomplished with minimum dilution to the shareholders and without any flow-through component.

The Series A Warrants and Agent's Warrants were issued pursuant to the Corporation's prospectus dated February 18, 2004. An aggregate of 3,789,500 Series A Warrants and are exercisable at a price of $0.40 at any time until close of business February 26, 2006. An aggregate of 1,370,209 Agent's Warrants were issued. Each Agent's Warrants entitles the holder thereof to acquire one unit of the Corporation at an exercise price of $0.25 per unit at any time until close of business February 26, 2006. Each unit is comprised of one (1) common share and one (1) Series A Warrant.

Inspiration Mining

The Corporation is a public junior mining company that trades on the TSX Venture Exchange under the symbol "ISM". The company is exploring for polymetallic, massive sulphide deposits on its Jasper property on Vancouver Island, British Columbia, and nickel deposits on its Langmuir property near Timmins, Ontario, as well as gold-copper on the Barton Syndicate Dry Fork property in Utah.

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

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