|By Marketwired .||
|February 5, 2014 09:00 AM EST|
TORONTO, ONTARIO -- (Marketwired) -- 02/05/14 -- Inspiration Mining Corporation (TSX: ISM) (FRANKFURT: OI8) (the "Corporation") is pleased to announce that it has received ministerial approval to take its Langmuir Property to lease. Taking the Langmuir Property to lease is an important step in the Corporation's development from being an exploration company to being and a production company.
In order to bring the property to lease, the Corporation is required to have the Langmuir Property surveyed by a certified land surveyor, which such survey is currently underway and is anticipated to be completed in the first quarter of 2014. The Corporation has retained Exp Geomatics Inc. to complete the land survey.
"We are pleased that Exp Geomatics has commenced the surveying of the Langmuir Property," said Randy Miller, President of the Corporation. "Exp Geomatics has the necessary knowledge and skill to complete the survey in a professional manner. The surveying of the property is the last critical step in the Corporation bringing the Langmuir Property to lease. This represents a significant step in the continued development of the property and the Corporation into a production company."
The Langmuir Property comprises 69 mining claims covering 1121 hectares in the Langmuir Township, 25 km southeast of Timmins, Ontario. It hosts the past nickel producing mines of Langmuir No. 1 and 2.
In 2010, Micon International Limited ("Micon") completed the National Instrument 43-101 compliant resource estimate report (the "Micon Report") for the Langmuir North Deposit and the Langmuir No 1 Deposit. A copy of the Micon Report can be viewed under the Corporation's profile on the SEDAR website (www.sedar.com).
Given that the Langmuir No. 1 mine already has some infrastructure in place, such as its access ramp, and the presence of high grade nickel (ranging from 1.5% to 15%, as ret out in the Micon Report), the Corporation is of the opinion that in light of the current economics, it will make economic sense to further advance the Langmuir No. 1 deposit.
The Corporation has completed several internal studies which supports its decision to focus on the development of the Langmuir No. 1 mine. Based on the results of such studies, the Corporation is confident that once the ramp is reopened and the mine is dewatered, it will be able to proceed with preliminary underground drilling with the objective of completing a 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.
Inspiration Mining Corporation
Chief Executive Officer