Further to its press release of June 25, 2012, Inspiration Mining Corporation
("Inspiration" or the "Company") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce
that it exercised an aggregate of 2,187,500 warrants at an exercise price of
$0.80 per share, increasing its interest in Potash Dragon Inc. ("Potash Dragon")
from 1,250,000 common shares to 3,437,500 common shares (or from 20% to 41% of
the issued and outstanding securities of Potash Dragon). An aggregate of
1,562,500 warrants remain outstanding and the Corporation intends to exercise
such warrants prior to their expiry date of May 15, 2013. Upon the exercise of
the remaining warrants, the Corporation will own 50% of the issued and
outstanding securities in the capital of Potash Dragon.
About Potash Dragon Inc.
Potash Dragon is a private company incorporated under the laws of Barbados.
Through its wholly owned subsidiary, Potash Dragon SpA, a private company
incorporated under the laws of Chile, Potash Dragon holds various potash
properties and applications covering an area of 24,492 Hectares in Region I of
Northern Chile some 160km south east of the town of Iquique and adjacent to the
Pan American (Ruta 5) highway. All the properties are located within the Pampa
del Tamarugal area on the Salar de Llamara, and some of the tenements are
situated adjacent to a brine extraction well field operated by Sociedad Quimica
y Minera de Chile S.A. ("SQM").
About Llamara and Solida Properties
The following information regarding Potash Dragon's Llamara Project in Northern
Chile is derived from a report entitled "Exploration Potential and Mineral
Resource Estimate for Potash Dragon Inc.'s Llamara Project, Salar de Llamara,
Northern Chile. A document to conform to the Canadian National Instrument NI
43-101 for the disclosure of mineral deposit information Securities Act R.S.B.C.
1996 c. 418 B.C. Reg 86/2011" (the "Report").
The Report was prepared by Dr. C Mortimer OBE, B.Sc., Ph.D, FIMMM, C.Eng., FRGS
and is dated February 18, 2013 with an effective date of January 31, 2013. A
copy of the Report will be available through the Corporation's profile on the
SEDAR website (www.sedar.com). The Report was prepared to declare a brine
mineral resource estimate and exploration potential for Potash Dragon's Llamara
and Solida Properties (collectively, the "Properties").
Property Holdings and Location
The Properties in Northern Chile are held by Potash Dragon's wholly owned
subsidiary, Potash Dragon SpA (Chile). The Properties are located across
generally flat sections of the Salar (salt flat) de Llamara depression in the
Atacama Desert of Northern Chile. Potash Dragon has applied to convert the free
areas held as concessions of exploration to concessions of exploitation which
cover an area of 4,690 ha of the Salar de Llamara.
In December 2012 Potash Dragon submitted applications for exploration
concessions covering a further 19,802 ha in the Llamara basin. The applications
have been published and registered and the new properties under investigation
cover an area of 10,954 ha of semi-contiguous Potash Dragon concessions in the
central Llamara area and 13,538 ha which are adjacent and distal to the NE and
SE of Potash Dragon's extant holdings.
History
There is no record of any previous owner (other than the Republic of Chile
Government) having formally made use of or claimed any of the Properties for
short or long term residential or commercial reasons. Mining concessions (either
of exploration or exploitation) are granted in Chile by virtue of a judicial
resolution given in accordance with a special procedure established in the
Chilean Mining Code.
Geology and Hydrology of the Salar de Llamara
The Andean ranges in northernmost Chile can be divided into a number of
generally north - south orientated fault bounded physiographic provinces. An
offshore Peru-Chile oceanic trench is bordered on the east by the Cordillera de
la Costa. Further east is the variously termed Central Depression; Longitudinal
Valley, or Pampa del Tamarugal/Salar de Llamara ("Pampa") sloping up to the
Precordillera and the volcanic Cordillera Occidental, which, with the Cordillera
Oriental, contains the high plateau variously denominated as the Altiplano or
Puna.
Precipitation that occurs at higher elevations of the Andes Mountains reports to
Tertiary fluvial braided fans which ultimately feed significant aquifers that
flow beneath the Central Depression. The alluvial fans are incised by
ephemerally active canyons and the talus of the median and distal fans locally
masks underlying lake sediment accumulations of numerous salars including the
Salar de Llamara. The Cerro (peak) Soledad range is located within the Salar de
Llamara. The Salar de Llamara is incised by the Rio Loa river canyon forming the
ultimate drainage outlet to the Pampa del Tamarugal aquifer.
The underlying lake sediments of the Salar de Llamara host a partly closed basin
aquifer, which has a longitudinal axis of approximately 60 km in a NNW-SSE
direction and 25 km in an E-W direction, bounded to the S and W by a sub outcrop
of impermeable rocks. The present day submerged basin covers an area of
approximately 1300 km(2), exclusive of the area taken up by the impermeable
basement (Mesozoic, 65-248 Mya) and older inliers of cerros Salar, Mogote,
Hilaricos and Soledad, which protrude through the lacustrine sediments and form
prominent hills above the Salar de Llamara. The Properties are situated within
the western and central portion of the Salar de Llamara respectively at an
elevation between approximately 750-800 m.a.s.l. in an area that has an
exceptionally long geological history of aridity in the Atacama Desert,
particularly during the post Oligocene period when the region has been
continuously the most arid region on Earth with high evaporation and
evapo-transpiration rates.
During a period spanning many decades the search for potable, irrigation and
industrial quality water within the Pampa del Tamarugal has led to numerous
exploration efforts and scientific studies of the upper portion of its vast,
mostly saline, subterranean aquifers, including those of the Salar de Llamara by
governmental and private institutions.
During 1994, the Department of Scientific and Technological Research of the
Catholic University of Chile ("DICTUC"), who were consultants to Sociedad
Quimica y Minera de Chile S.A. ("SQM"), in addition to work conducted by
government on the Salar de Llamara aquifer ("SdLA"), published their initial
estimates of the hydrology of the upper aquifer as part of an Environmental
Impact Assessment ("EIA"). DICTUC further refined their hydrological model of
the upper aquifer based on evaporation test work, ongoing borehole water level
monitoring, pumping tests and transient electromagnetic surveys ("TEM"). Based
on these studies, they produced further estimates of the recharge, evaporation,
transpiration and discharge rates for three main upper aquifer sub basins.
The DICTUC study of the geology and hydrology of the Salar de Llamara basin led
to the definition of an upper saline aquifer located between approximately 745
and 645 m.a.s.l. and a deeper saline aquifer of varying thickness located
between an elevation of approximately of 645 and 300 m.a.s.l. The upper aquifer
has been intensely explored by drilling, sampling and confirmatory TEM surveys
while the deeper aquifer geophysical surveys have been tested by deep drilling
in a few locations only.
Potash Dragon has validated the published sampling results obtained by the many
scientific institutions for the surface and near surface aquifer. Potash Dragon
has also duplicated and confirmed the TEM geophysical results relevant to the
Properties.
Genesis of the Evaporite Minerals
The Pampa has been a basin for the deposition of non-marine sediments derived
from the uplifting Andes to the E for much of the Neogene. The Cordillera de la
Costa has blocked westward coastwise drainage of the Pampa until the relatively
recent breakthrough to the coast of the Rio Loa canyon. Prior to the overspill
and development of the Loa canyon the Pampa was characterized by a huge lagoon
of ponded Andean drainage, Lago Soledad, lying above the sedimentary fill of the
Pampa including the Salar de Llamara. Prominent terraces with salt deposits
marking high former lake levels occur around Cerro Soledad. The Tertiary
continental sedimentary rocks in the Pampa are fluvial, lacustrine and
evaporitic and the gypsiferous succession includes diatomite and highly soluble,
but crystalline residues such as halite, associated potassium salts and,
superficially, nitrates. These minerals were deposited following evaporation,
particularly of Lago Soledad, in the hyper arid climate. Interspersed in this
succession are horizons of volcanic tuff from eruptions in the Andes to the E.
The sequence is estimated to be up to 1,000 m thick and has been shown to be 930
m thick in the drill hole Hilaricos No. 1, which is located on Potash Dragon's
southernmost property.
Validation
Continuous monitoring, geochemical sampling data, backed up by the public
disclosure of independent assay certificates, for the upper aquifer, have been
reported. Quarterly sampling of the aquifer since May 2010 reveals that the
total dissolved solids ("TDS") contained within the aquifer at a point vary
between 3800 mg/L and 4200 mg/L.
The flow of the aquifer has been modelled and published. Flow directions of the
aquifer are to the west and south towards puquios (small ephemeral lakes) that
represent doline features within the karst (solution) topography where the
aquifer becomes exposed on surface due to the dissolving of soluble salts. A
north west - south east puquio trend extends over a distance of 21 km from the
north west sub outcrop of the upper aquifer to its south east exposure. The zone
of puquios effectively delineate the outcrop of the uppermost halite unit of the
Soledad Formation which has an average west - east lateral width of
approximately 5 km across the strike length of 21 km.
Seasonal Variation
Potash Dragon has conducted seasonal validation sampling of the waters of the
upper aquifer which show dramatic increases in the concentration of TDS within
the puquios to between 100,000 to 230,000 mg/L through a combination of
dissolution and evaporation. Sampling of a borehole located to the east of the
intersection of the upper aquifer with the south east puquios shows a fourfold
increase in TDS from between 3800 mg/L and 4200 mg/L to between 12,000 mg/L and
17,000 mg/L TDS.
Potash Dragon's seasonal geochemical sampling together with the information
available from neighbouring operations has confirmed the cyclical nature of the
near surface water table. The fluctuation in water levels and TDS confirms the
effect of variable flow into the system. The chemical composition of the brines
also varies with the seasonal fluctuations in water level, evaporation rates,
and ground temperature, which varies between 16 degrees C and 35 degrees C
during summer months.
Aquifer Hydrology and Extractability (Specific Yield)
Various investigations by Potash Dragon have confirmed the horizontal and
vertical differentiation in salinity of the Salar de Llamara aquifer ("SdLA"):
-- Lower salinity upper aquifer: Andean precipitation ultimately feeds
significant aquifers that flow beneath the Salar de Llamara. A near
surface upper unit of the aquifer is generally low in salinity. This
upper part of the aquifer is considered by Potash Dragon to be the
conduit for seasonal fluctuations in flow rates where, on average, about
30% of the water inflow physically exits the hydrological system. The
majority of the waters of the upper aquifer leave the Pampa via
evaporation, and those waters that discharge from the basin have limited
interactions with the deeper lying saline Soledad Formation, which
provides one of the sources for solution concentration where the brines
of increasing density gravitate into deeper parts of the aquifer.
-- High salinity lower aquifer: The lower aquifer water is considered to be
derived in part from salt dissolution of the Soledad Formation and brine
densification action in the upper aquifer. The porous nature of the El
Loa Formation acts as a reservoir for the more dense brines. In parts,
the lower aquifer is in contact with, and in equilibrium with, the
precipitated salts in the Soledad and El Loa Formations. This gives rise
to the higher concentrations of sodium (Na), chlorine (Cl), calcium
(Ca), potassium (K), magnesium (Mg) and sulphate (SO4) in the lower
aquifer brine.
The results of environmental impact studies, water extractability pump testing
and bi annual monitoring of the SQM pump field (adjacent to the Properties) have
been published in numerous publicly available technical reports and returns to
the Chilean environmental regulators. The analysis of these test results
indicates a minimum 12.5% effective porosity yield for the stratigraphic unit
that Potash Dragon has defined from geophysical results as the Upper Conductor
Unit ("UCU").
Geophysical and Geochemical Investigations
Geodatos SAIC of Santiago have conducted many geophysical surveys to define
brine aquifers contained within salars in Chile and Argentina, and they
undertook the close spaced TEM survey for Potash Dragon. Brines by their very
nature are highly conductive and therefore receptive to three dimensional
definitions by electromagnetic geophysical means. The conductivity is
proportionally related to the content of the ions in solution. The higher the
TDS content the lower the solution resistivity, and by experience developed by
Geodatos, subterranean brine in the Pampa del Tamarugal region has a typical
resistivity signature of between 0.5 omega-m to 2 omega-m. The only other rock
types that have similar TEM signatures are graphite and highly conductive
sulphide ore bodies that are not found in the Salar de Llamara evaporite basin.
The TEM survey results have not been utilised as a basis to estimate the
concentration of any elements or minerals contained within the waters of the
Salar de Llamara aquifer. The TEM survey results have been used to define the
size and shape of the brine conductor units.
Two hundred and eighty eight TEM survey stations, covering an area of
approximately 14,400 ha were set up over the 4690 ha of the Properties as these
stood at July 2012. The resulting geophysical surveys defined the three
dimensional extents of the upper and lower conductor units within the aquifer.
Geodatos determined the conductive unit volume based on various resistivity
cut-offs, and developed sections that provide the basis for the definition of
various conductor volumes. Potash Dragon has used this TEM data to define an
upper conductor unit ("UCU") and a lower conductor unit ("LCU") that occur
within the upper and lower SdLA on the Properties.
Mineral Resource Estimate
Inferred Resource:
The Properties under investigation cover an area of 10,594 ha for the inferred
resource estimate on Potash Dragon's concessions in the central Llamara area. A
porosity of 12.5% has been calculated using pumping test data to determine the
specific brine yield from the strata. Based on the analysis of actual brine
sampling results, the minerals of economic interest that have been declared as
inferred resources are solely associated with the brines of the UCU.
----------------------------------------------------------------------------
Brine volume estimate parameters Units Central Llamara Properties
----------------------------------------------------------------------------
Conductor unit Upper
----------------------------------------------------------------------------
Classification Inferred
----------------------------------------------------------------------------
Property area ha 10,954
----------------------------------------------------------------------------
Average width m 32.5
----------------------------------------------------------------------------
Rock mass volume Mm(3) 3,559
----------------------------------------------------------------------------
Porosity (specific yield) % 12.5%
----------------------------------------------------------------------------
Total brine volume Mm(3) 445
----------------------------------------------------------------------------
Potash Dragon's resource evaluation modelling involved the analysis of mineral
occurrences using various factors which included unit cell dimensions, maximum
search ranges (including blanking distances), as well as maximum and minimum
data point selections per unit cell. The resource model was computed with the
assistance of ArcGis(TM), ArcMap(TM) V10.1 and Geosoft Target(TM) software using
modelling parameters that included 250 x 250 m cell sizes, blanking distances of
5 x 250 m = 1250 m, and maximum search radii of 10 x 250 m = 2,500 m. The
minimum number of data points used per cell was 5 and the maximum number of data
points used was 20. The search radius directions were set with strike, dip and
plunge directions set at zero degrees, and a spherical kriging model was set
within the horizontal semi-variogram range of 5,000 m. Analysis was also carried
out using exponential kriging models and a semi-variogram range of 10,000 m was
determined, which is consistent with the data.
The modelling was conducted on each individual element (or ions). Tests were
also run to determine the variances between a 6-Ion model versus a sum of
individual elements (or ions) model and the discrepancies were found to be
negligible.
The concentration versus volume relationship, determined by this modelling
method, for the minerals of economic interest contained in the brine of the UCU
only, is shown below. The potassium concentration was used as the benchmark to
determine the cut-off value and resultant brine volume, since potassium is
expected to be one of the primary revenue generators for the project.
----------------------------------------------------------------------------
Expected product Na2SO4 MgCl2 K2SO4
----------------------------------------------------------------------------
Expected revenue $/t sold 150 400 696
----------------------------------------------------------------------------
Determinate ion SO4 Mg K
----------------------------------------------------------------------------
Expected recovery 74% 72% 81%
----------------------------------------------------------------------------
Break-even concentration mg/L 3,008 170 362
----------------------------------------------------------------------------
Break-even revenue $/m(3) Treated 0.49 0.19 0.91
----------------------------------------------------------------------------
Operating cost $/m(3) Treated 1.59
----------------------------------------------------------------------------
A multi-product analysis, which included various individual or combined saleable
salt compounds that contain potassium, magnesium, and sulphates, in addition to
chlorides and sodium, was used to determine an operating cost break-even
concentration of 362 mg/L on a "potassium only" basis. The impact of mineral
concentration cut-offs on estimated brine volumes contained in the UCU for the
central Llamara properties are shown below.
----------------------------------------------------------------------------
K Cut Off 6-Ion K Mg SO4 Ca Cl Na
----------------------------------------------------------------------------
mg/L % of Brine mg/L mg/L mg/L mg/L mg/L mg/L mg/L
----------------------------------------------------------------------------
1 100% 71,834 1,645 994 15,867 470 29,993 25,350
----------------------------------------------------------------------------
150 87% 81,408 1,879 1,135 17,770 478 34,066 28,589
----------------------------------------------------------------------------
362 69% 97,933 2,294 1,383 20,997 476 41,190 34,229
----------------------------------------------------------------------------
680 49% 127,195 3,055 1,828 26,634 463 53,910 44,316
----------------------------------------------------------------------------
1,000 35% 158,789 3,949 2,336 32,557 434 67,705 55,127
----------------------------------------------------------------------------
2,000 22% 204,267 5,445 3,213 41,174 407 86,205 70,246
----------------------------------------------------------------------------
The volume, sampling and brine yield data are deemed sufficient to confidently
estimate and declare an inferred mineral resource to be contained within the
freely available brines of the UCU on Potash Dragon's central Llamara
properties.
The brine mineral content has been determined using analysis of actual brine
sampling and resource modelling, the results of which have been integrated with
the brine volume estimates of the UCU contained on the central Llamara
properties.
The brine mineral content contained in the free brines of the UCU on the central
Llamara properties has been determined as an inferred mineral resource. The
inferred mineral brine estimate is 1.57Mt of K2SO4 (i.e. 308 Mm(3) at 5,112 mg/L
K2SO4) and summarised as follows:
----------------------------------------------------------------------------
K K20 KCl K2SO4 Mg MgO SO4
----------------------------------------------------------------------------
mg/L mg/L mg/L mg/L mg/L mg/L mg/L
----------------------------------------------------------------------------
Inferred Resource 2,294 2,763 4,374 5,112 1,383 2,294 20,997
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Brine K K20 KCl K2SO4 Mg MgO SO4
----------------------------------------------------------------------------
Mm3 Mt Mt Mt Mt Mt Mt Mt
----------------------------------------------------------------------------
Inferred Resource 308 0.71 0.85 1.35 1.57 0.43 0.71 6.47
----------------------------------------------------------------------------
Exploration Potential (UCU and LCU)
There is an additional 13,538 ha of properties with exploration potential on
Potash Dragon's concessions which are distal and located to the north east and
south east of the central Llamara and Solida claims. No inferred resources have
been declared for the LCU or distal UCU brines. As such the minerals associated
with brines estimated to be contained in the LCU and distal UCU do not
constitute a mineral resource and are classified to have exploration potential
only, as shown below.
----------------------------------------------------------------------------
Central
Brine volume Llamara Distal
estimate parameters Units Properties Properties
----------------------------------------------------------------------------
Conductor unit Lower Upper Lower
----------------------------------------------------------------------------
Classification Exploration Potential
----------------------------------------------------------------------------
Property Area ha 10,954 13,538
----------------------------------------------------------------------------
Average Width (thickness) m 96.0 32.5 96.0
----------------------------------------------------------------------------
Rock Mass Volume Mm(3) 10,511 4,398 12,991
----------------------------------------------------------------------------
Porosity (specific yield) % 12.5% 12.5% 12.5%
----------------------------------------------------------------------------
Total Brine Volume Mm(3) 1,314 550 1,624
----------------------------------------------------------------------------
The UCU contained on Potash Dragon's other properties, excluding the central
Llamara properties, is deemed to have the same exploration potential as the UCU
included in the inferred mineral resource estimate.
----------------------------------------------------------------------------
K Cut Off 6-Ion K Mg SO4 Ca Cl Na
----------------------------------------------------------------------------
mg/L % of Brine mg/L mg/L mg/L mg/L mg/L mg/L mg/L
----------------------------------------------------------------------------
362 69% 97,933 2,294 1,383 20,997 476 41,190 34,229
----------------------------------------------------------------------------
----------------------------------------------------------------------------
K Cut Off Brine 6-Ion K Mg SO4 Ca Cl Na
----------------------------------------------------------------------------
mg/L Mm(3) Mt Mt Mt Mt Mt Mt Mt
----------------------------------------------------------------------------
362 381 37.3 0.9 0.5 8.0 0.2 15.7 13.0
----------------------------------------------------------------------------
The LCU is expected to have higher concentrations of elements and a higher
density causing the brine to differentiate and stratify below the UCU. An
analysis of the closely spaced TEM survey results for the UCU and LCU has shown
that the LCU has a conductivity that is between 15% and 30% greater than that of
the UCU. The increase in conductivity for brines held within similar strata is
considered to be the result of an increased concentration of ions contained
within the brine.
----------------------------------------------------------------------------
K Cut
Off Increase in % of 6-Ion K Mg SO4 Ca Cl Na
mg/L Conductivity Brine mg/L mg/L mg/L mg/L mg/L mg/L mg/L
----------------------------------------------------------------------------
362 69% 97,933 2,294 1,383 20,997 476 41,190 34,229
----------------------------------------------------------------------------
362 15% 69% 112,623 2,638 1,591 24,146 548 47,369 39,364
----------------------------------------------------------------------------
362 30% 69% 127,312 2,982 1,798 27,295 619 53,547 44,498
----------------------------------------------------------------------------
The possible ranges of brine mineral exploration potential in the LCU, shown
below, has been determined using the brine volume estimates of the UCU in the
central Llamara properties.
----------------------------------------------------------------------------
K Cut
Off Increase in Brine 6-Ion K Mg Ca Cl Na
mg/L Conductivity Mm(3) Mt Mt Mt SO4 Mt Mt Mt Mt
----------------------------------------------------------------------------
362 0% 2034 199.2 4.7 2.8 42.7 1.0 83.8 69.6
----------------------------------------------------------------------------
362 15% 2034 229.1 5.4 3.2 49.1 1.1 96.3 80.1
----------------------------------------------------------------------------
362 30% 2034 258.9 6.1 3.7 55.5 1.3 108.9 90.5
----------------------------------------------------------------------------
The range of mineral content shown in the following table is indicative of what
could be expected as additional exploration potential to be defined by further
exploration work. There has been insufficient exploration to define a mineral
resource and it is uncertain if further exploration will result in the target
being delineated as a mineral resource.
----------------------------------------------------------------------------
K K20 KCl K2SO4 Mg MgO SO4
----------------------------------------------------------------------------
mg/L mg/L mg/L mg/L mg/L mg/L mg/L
----------------------------------------------------------------------------
Exploration potential Low 2,294 2,763 4,374 5,112 1,383 2,294 20,997
----------------------------------------------------------------------------
Exploration potential Medium 2,584 3,112 4,927 5,758 1,558 2,585 23,650
----------------------------------------------------------------------------
Exploration potential High 2,874 3,462 5,479 6,404 1,733 2,874 26,302
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Brine K K2 0 KCl K2SO4 Mg MgO SO4
----------------------------------------------------------------------------
Mm(3) Mt Mt Mt Mt Mt Mt Mt
----------------------------------------------------------------------------
Exploration potential Low 2415 5.5 6.7 10.6 12.3 3.3 5.5 50.7
----------------------------------------------------------------------------
Exploration potential
Medium 2415 6.2 7.5 11.9 13.9 3.8 6.2 57.1
----------------------------------------------------------------------------
Exploration potential High 2415 6.9 8.4 13.2 15.5 4.2 6.9 63.5
----------------------------------------------------------------------------
Conclusions and Recommendations
The results obtained have resulted in the declaration of an inferred brine
mineral resource contained in the Upper Conductor Unit of 1.57Mt of K2SO4 (i.e.
308 Mm(3) at 5,112 mg/L K2SO4). There are no known significant risks or
uncertainties that could reasonably be expected to affect the reliability or
confidence in the exploration information. The main uncertainties in future
exploration programs are geological risk.
The results also identified exploration targets for further definition.
Recommendations:
The Report offers the following recommendations for the Properties:
-- Further drilling and sampling is recommended to increase the quantity of
data and improve on the level of confidence of the resource
determination for the UCU inferred resource. Exploration drilling work
is recommended for the prospective LCU targets.
-- Specific test work needs to be carried out to determine the
metallurgical/processing outcomes for all evaporation compounds
produced.
-- Simulations of the evaporation pond chemistry and the various products
produced under local evaporation conditions are recommended.
-- A detailed process flow design and estimation of the capital for the
plant and various loading and storage facilities.
-- Provisional and then detailed design and costing of the recharge and
recovery well field be completed.
-- Complete and detailed engineering and costing of the coastal recharge
pumping system, power supply line and pipeline be undertaken.
The objective of the next phase of the project is to increase the level of
confidence of the resource determination for the UCU inferred resource and to
conduct exploration drilling on the prospective LCU targets. This is expected to
take six months and cost $3 million as shown in the following table.
----------------------------------------------------------
CAD $
----------------------------------------------------------
Technical Support and Consulting 750,000
----------------------------------------------------------
Advisory Costs 250,000
----------------------------------------------------------
Additional Properties 300,000
----------------------------------------------------------
Mineral rights 250,000
----------------------------------------------------------
Llamara exploration 1,450,000
----------------------------------------------------------
Total 3,000,000
----------------------------------------------------------
Qualified Person
Dr. C Mortimer OBE, B.Sc., Ph.D, FIMMM, C.Eng., FRGS, who is a Qualified Person
as defined by NI 43-101, has reviewed and approved the scientific and technical
content of this press 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Inspiration Mining Corporation
Randy Miller
Chief Executive Officer
416-842-9000
www.inspirationmining.com
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