Next week.....
FOR IMMEDIATE RELEASE
| November, 17 2009 |
TSX - ISM Frankfurt- OI8 |
Toronto, Ontario - Inspiration Mining Corporation ("Inspiration" or the "Corporation") is pleased to provide an update with respect to its 43-101 report being prepared by Micon International.
Further to its press release of May 16, 2008, the Corporation commissioned Micon International of Toronto, Ontario, Canada to prepare a mineral resource estimate and technical report on its Langmuir property. Details of the work undertaken by Micon International can be found in the Corporation's press release of May 16, 2008.
It is anticipated that the report will be completed by Micon by mid-December 2009. The delay in completing the report was a result of the Corporation undertaking additional fieldwork to ascertain the strike and depth extension of the mineralization. In addition, the updated 43-101 report, which was prepared by Kian Jensen, was delayed which had an impact on the ability of Micon to complete its report.
Mr. Randy Miller, the President and Chief Executive Officer of the Corporation, stated "We are excited that this process is nearing its completion. We believe that the report will provide the impetus for the Corporation to bring the Langmuir property to the next level."
In addition, the Corporation is pleased to announce that it has received approval from the Toronto Stock Exchange to amend the exercise price of 2,305,625 outstanding common share purchase warrants (the "Warrants") of the Corporation, which were issued in connection with the Corporation's May 2007 private placement financing. Each Warrant, as amended, entitles the holder thereof to purchase one common share of the Corporation at any time until the close of business on May 8, 2010 at an exercise price of $3.50 per common share. The Warrants will be amended, effective December 2, 2009, to amend the exercise price of such warrants to $1.50. All other provisions of the Warrants will remain the same. There are no insiders of the Corporation who hold Warrants.