Inspiration Mining Corporation
Inspiration Mining Corp.: Private placement
Corporate-news transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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INSPIRATION MINING CORPORATION
Suite 1800, 130 King Street West, Toronto, Ontario M5X 1E3
PRESS RELEASE
INSPIRATION ANNOUNCES PRIVATE PLACEMENT
FOR IMMEDIATE RELEASE TSX.V – ISM
May 26, 2005 – Inspiration Mining Corporation (the “Corporation”) is pleased
to announce that, subject to regulatory approval, it has agreed to a non-
brokered private placement of up to three million Units at a price of $0.15
per Unit. Each Unit is comprised of one (1) common share and one (1) common
share purchase warrant (the “Warrant”). Each Warrant entitles the holder
thereof to purchase one (1) common share for a period of two (2) years from
the date of issuance. The Warrants are exercisable at a price of $.25 per
common share for the first 12 months from the date of issuance and $0.40 for
the following 12 months. There may be a finder’s fee paid in connection with
the proposed private placement. The proceeds will be used for further
exploration and development of the Langmuir property near Timmins, Ontario and
for general working capital.
The Langmuir property is an advanced exploration property. There is an
aggregate inferred resource of 1,017,400 tonnes grading 1.38% Ni with unknown
contents of copper, cobalt and platinum group element at four (4) underground
locations. Also, previous operators of the property defined nine (9)
geochemical anomalies and five (5) geophysical anomalies associated with
favourable lithologies that are un-tested and represent excellent exploration
targets. The targets have the potential to host additional quantities of
massive, net-textured and disseminated potentially economic nickel
mineralization.
A complete description of the Langmuir property can be found in an independent
technical report dated May 17 2004 (the “Langmuir Technical Report”), which
was prepared by Gerald A. Harron, Professional Engineer (the “Author”). The
Langmuir Technical Report was prepared in accordance with National Instrument
43-101 and contains the following:
– a summary of historical exploration work based on a review of publicly
available assessment reports;
– a compilation and discussion of the four (4) exploration programs conducted
on behalf of the Corporation;
– documentation of the exploration potential of the Langmuir property; and
– the author’s recommendations regarding further development of the Langmuir
property.
The Langmuir Technical Report can be viewed online under the Corporate Profile
of the Company on the SEDAR web-site (www.sedar.com) and a hard copy of it is
available for review at the registered head office of the Company during
normal business hours.
Inspiration Mining
The Corporation is a public junior mining company that trades on the Toronto
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 (“Dry Fork”) in Utah.
For further information, please contact Randy Miller, President of the
Company, at tel: 905.853.7400.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
End of announcement (c)DGAP 06.06.2005
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WKN: 909977; ISIN: CA45772J1093; Index:
Listed: Freiverkehr Berlin-Bremen
061217 Jun 05
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