Welcome!

News Feed Item

Inspiration to Dewater Langmuir No. 1 Mine and Advance the Langmuir Property

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.

Contacts:
Inspiration Mining Corporation
Randy Miller
Chief Executive Officer
416-842-9000
www.inspirationmining.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor 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. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...