Inspiration Mining Corporation

Inspiration Mining Corporation

February 25, 2011 09:30 ET

Inspiration Reaffirms Commitment to Proceed With Requisition of A Meeting of Shareholders

TORONTO, ONTARIO--(Marketwire - Feb. 25, 2011) - Inspiration Mining Corporation ("Inspiration" or the "Corporation") (TSX:ISM)(FRANKFURT:OI8) proposes to deliver a further requisition in accordance with the order of the Ontario Superior Court of Justice. On February 22, 2011, the Ontario Superior Court dismissed a motion brought by the Corporation on the basis that the requisition previously submitted was invalid. The Ontario Superior Court further held that this motion was without prejudice to the Corporation's right to deliver a valid requisition. The Corporation is in the process of finalizing this requisition in compliance with the Court's order and will deliver the requisition forthwith. Inspiration also delivered a notice of application in the Ontario Superior Court of Justice (Commercial List) which Inspiration has asked for a court order that only the shareholders of record of Ursa as of February 1st, 2011 excluding any shares issued to the private placees be at liberty to vote on the private placement at the shareholders' meeting to be held pursuant to the requisition being delivered by Inspiration. This request is in the alternative to the request made to the Superior Court that the private placement be reversed. 

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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