|By Marketwired .||
|May 20, 2014 05:00 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/20/14 -- Inspiration Mining Corporation (the "Corporation") (TSX:ISM)(FRANKFURT:OI8) would like to provide an update as to its current operations at its Langmuir property.
The Corporation continues to move towards converting its claims in to a lease and is in the final phase of such process. Once the claims have been converted into leases, the claims will be treated as real estate wholly owned by the Corporation and will no longer be subject to any payments to the Government of Ontario.
In addition, the Corporation intends to begin the process of dewatering the existing ramp to the Langmuir No. 1 mine. The Langmuir No. 1 mine was actively producing until such time that it was closed in 1992 as a result of Timmins Nickel filing for bankruptcy. Prior to its closure, the Langmuir No. 1 mine produced in excess of 100,000 tonnes, grading over 2.2% nickel.
About Langmuir Property
The Langmuir Property consists of a number of generally continuous claim groups covering well over 11 square kms. The extensive nickel mineralization identified to date occurs at various zones, separated by in distances and in depth. To date the Corporation has completed approximately 90,000 meters of drilling.
Although additional zones of nickel mineralization of significance have been identified, the Corporation's exploration activities were focused on preparing its National Instrument 43-101 - Standards of Disclosure for Mineral Projects compliant resource estimate report for the Langmuir North Deposit and the Langmuir No. 1 Deposit. (the "Micon Report") prepared by Micon International Limited ("Micon") in 2010. A copy of the Micon Report can be viewed under the Corporation's profile on the SEDAR website (www.sedar.com).
Based on the drilling completed at the time, the Micon Report identified two separate measured and indicated resource deposits:
---------------------------------------------------------------------------- Tonnes Deposit (Million) % Nickel Cut-Off -------------------------- -------------- --------------- --------------- Langmuir North 8,324,000 0.47% 0.30% Langmuir No. 1 1,733,000 0.51% 0.20%
The Langmuir North deposit lies in the extreme north-eastern area of what is referred to as the Langmuir Claims. An aggregate of 34,000 metres of drilling was completed in 170 drill holes at the Langmuir North location to a depth of 340 metres from surface. As the mineralization was still open at that depth, only the mineralization to that depth was considered in the technical reports published to this time. Notwithstanding that, the Micon Report notes that the full resource of the Langmuir North strike is not yet fully determined.
In the Micon Report, Micon concluded that, "On the basis of the exploration work completed to-date, Micon agrees with Inspiration's opinion that potential remains to locate additional nickel mineralization similar to that which has been outlined at the Langmuir North and Langmuir No. 1 deposits. Micon believes that the potential exists on the property to locate an additional 20-40 million tonnes of nickelbearing material at similar grades to those found at the Langmuir North and Langmuir No. 1 deposits. As well, Micon agrees that potential remains to locate additional concentrations of nickel mineralization similar to that which has been exploited at the Langmuir No. 1 mine at depth. It is to be stressed that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource of said tonnage and grade, and that it is uncertain if further exploration will result in the target being delineated as a mineral resource."
The Langmuir No. 2 deposit lies generally to the northeast of the existing but presently dormant Langmuir No. 1 mine (which is a distinctly different deposit than, and should not be confused with, the Langmuir No. 1 mine.)
The following is a general map of the Langmuir Claims, showing the approximate location of the Langmuir North and the Langmuir No. 1 deposits:
To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/Langmuir%20map.pdf.
To delineate the higher grade deposit of the Langmuir No. 1 mine itself, the Corporation intends to undertake a two phase exploration process. The first phase will include the dewatering and, to the extent necessary, repair of the existing ramp which extends into the ore body of the mine with a view of extracting bulk samples of up to 60,000 tonnes. Under applicable law, bulk sampled ore can be milled and sold by the Corporation as part of its exploration and does not require the permitting otherwise necessitated in the mining phase. The Corporation currently has a tentative arrangement with the owners of the mill and flotation circuit located within a few kilometres of the Langmuir No. 1 mine.
Once the dewatering process is completed, the Corporation will also be able to commence underground drilling to target what it believes to be higher grade nickel deposits.
Mr. Randy Miller, the President and Chief Executive Officer of the Corporation, stated, "The Corporation continues to advance the Langmuir property with a view of better defining the deposits and exploring the additional exploration targets that can significantly increase the size of the mineralization on the property. The Corporation is committed to the further exploration of the property in order to fully explore and develop the full potential of the property to become a viable source for nickel in the future."
The Nickel Market
Over recent months, the price of nickel has steadily increased, recently reaching over $9.00 US per pound. That upward trend is the result of a number of factors. The most immediate cause has been Indonesia's ban on the export of unprocessed ore. As Indonesia is the world's largest nickel producer, producing roughly 25% of the world's supply of nickel, the impact of its ban has been dramatic. As reference, the impact of Indonesia's ban is similar to the effects if the Middle-Eastern countries (such as Kuwait, Iran, Iraq, Saudi Arabia, etc.) collectively banned the export of their oil production at the same time.
In addition to Indonesia's ban, the price of nickel has also been impacted by the recent sanctions imposed by various countries on Russia, which is the world's second largest nickel producer, due to its actions in and surrounding the Crimea. The various sanctions have impacted Russia's ability to export nickel.
As a result of the Indonesia ban and the sanctions imposed on Russia, countries are now stocking nickel and searching for alternative sources of nickel which has resulted in the upwards trend on nickel prices. As there is no foreseeable end to the Indonesian ban or the sanctions imposed on Russia, the Corporation is confident that the nickel prices will experience a long term of price stabilization similar to 2011.
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
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Jul. 29, 2016 10:00 PM EDT Reads: 1,270
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 29, 2016 09:45 PM EDT Reads: 1,484
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 29, 2016 08:00 PM EDT Reads: 2,744
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
Jul. 29, 2016 07:45 PM EDT Reads: 1,172
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Jul. 29, 2016 06:15 PM EDT Reads: 952
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 29, 2016 06:00 PM EDT Reads: 922
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 29, 2016 05:15 PM EDT Reads: 384
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Jul. 29, 2016 05:15 PM EDT Reads: 983
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 29, 2016 04:45 PM EDT Reads: 1,246
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 29, 2016 04:15 PM EDT Reads: 1,081
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Jul. 29, 2016 04:15 PM EDT Reads: 444
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Jul. 29, 2016 04:15 PM EDT Reads: 402
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 29, 2016 03:15 PM EDT Reads: 667
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
Jul. 29, 2016 03:00 PM EDT Reads: 464
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Jul. 29, 2016 02:15 PM EDT Reads: 390