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)(PINKSHEETS:IRMGF ) 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 this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, 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.
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Application transformation and DevOps practices are two sides of the same coin. Enterprises that want to capture value faster, need to deliver value faster – time value of money principle. To do that enterprises need to build cloud-native apps as microservices by empowering teams to build, ship, and run in production. In his session at @DevOpsSummit at 19th Cloud Expo, Neil Gehani, senior product manager at HPE, discussed what every business should plan for how to structure their teams to delive...
"We analyze the video streaming experience. We are gathering the user behavior in real time from the user devices and we analyze how users experience the video streaming," explained Eric Kim, Founder and CEO at Streamlyzer, 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.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
SYS-CON Events announced today that Fusion, a leading provider of cloud services, 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. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
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 @...
"MathFreeOn.com is a line coding platform for engineers and scientists. When they want to solve an engineering problem and they have to use software - they have to pay a lot of money for licenses - but with MathFreeOn you don't have to pay a lot of money. Just go to our site and write the code and you can check the result right away," explained Simon Lee, CMO of MathFreeOn, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Cla...
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of 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. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
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 and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...