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
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
The idea behind this session is my blog post - 5 Logstash Alternatives - which is unfortunately too short to do the presented log shippers justice. In his session at @DevOpsSummit at 20th Cloud Expo, Radu Gheorghe, Software Engineer at Sematext Group, will talk more about the things that matter: kinds of buffers, protocols, ways of parsing, correlating and de-duplicating messages, as well as supported inputs and outputs. And of course performance. All this should let you know which log shipper...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...