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Jul. 11, 2011 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 07/11/11 -- Inspiration Mining Corporation (the "Corporation") (TSX:ISM)(FRANKFURT:OI8) announced today that it has received regulatory approval from the Toronto Stock Exchange ("TSX") to launch a normal course issuer bid (the "Bid"), pursuant to the terms set out in the notice of intention to make a normal course issuer bid (the "Notice") filed with the TSX. The market price of the Corporation's common shares may be undervalued and not reflective of the underlying value of the Corporation's assets, and that, accordingly, the purchase of its common shares under the Bid is appropriate and in the best interests of the Corporation and its stakeholders.
The Corporation has 70,403,770 common shares issued and outstanding as of July 5, 2010. The Notice provides that under the Bid, the Corporation may purchase up to 6,567,081 common shares, being 10% of the public float. The Notice further provides that, subject to the Corporation's ability to make "block" purchases through the facilities of the TSX in accordance with the TSX rules, the aggregate number of common shares that the Corporation may purchase during any trading day will not exceed 23,946 shares, being 25% of the average daily trading volume of the shares based on their trading volume on the TSX for the most recently completed six calendar months preceding the date of the Notice.
The Bid will begin on July 12, 2011 and will terminate on the earlier of July 11, 2012 or such date as the Corporation may complete its permitted purchases under the normal course issuer bid. The common shares will be acquired on the open market through the facilities of the TSX, at the discretion of management of the Corporation, and the purchase and payment for the common shares will be made in accordance with the requirements of the TSX and all other applicable laws. PI Financial Corp. will conduct the normal course issuer bid on behalf of the Corporation. The price that the Corporation will pay for any common shares acquired will be the market price of the common shares at the time of acquisition. All common shares acquired by the Corporation under this Bid will be cancelled.
Pursuant to its previous normal course issuer bid, which expired on March 14, 2011, the Corporation purchased an aggregate of 3,019,500 common shares at an average weighted price of $0.29 per common share.
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.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Inspiration Mining Corporation
Randy Miller
President of the Corporation
905.853.7400
www.inspirationmining.com
For Investor Relations call:
Gale Capital Corporation
604.221.7604
604.221.7606 (FAX)
galecapital@shaw.ca
Mar. 16, 2011 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 03/16/11 -- As a result of a review by the Ontario Securities Commission, Inspiration Mining Corporation ("Inspiration" or the "Corporation") (TSX:ISM)(FRANKFURT:OI8) is issuing the following press release to clarify its disclosure in its press release of February 3, 2011.
The Langmuir property comprises 69 mining claims covering 1121 hectares in the Langmuir Township, 25 km southeast of Timmins, Ontario. It hosts the majority of the past nickel producing mines of Langmuir No. 1 and 2. Two main deposits were drilled and identified by Inspiration Mining on which inferred nickel resources were estimated at 1.7 Mt @ 0.51% for Langmuir 1 and 8.3 Mt @ 0.4% Ni for Langmuir North deposits (43-101 Micon Report, Jan 2010).
In addition to successfully increasing the resource at Langmuir 1 and Langmuir North, extensive exploration drilling in 2008 and 2010 in the northeast extension of Langmuir 1 deposit has provided the definition of three (3) mineralized zones, corresponding to adjacent stratigraphic ultramafic and mafic NE-trending horizons dipping to the southeast.
- L1Extension is the main mineralized zones located 300 m northeast of the Langmuir 1 deposit. It is mostly hosted in ultramafic and mafic komatiitic flows in contact with underlying intermediate volcanic and intrusive felsic sequences to the NW and contains high grade nickel sulfide intersections. A total of 25 holes were drilled on the zone with the following selected intersections:
L1 Extension historical results reported in 43-101 Micon Report,
January 2010:
----------------------------------------------------------------------
Hole Id From To Length Ni Weight Av %
----------------------------------------------------------------------
IMCEX-23 273 281 7 0.43
----------------------------------------------------------------------
284 298 13 0.37
----------------------------------------------------------------------
312 322 9.6 1.74
----------------------------------------------------------------------
----------------------------------------------------------------------
IMCEX-24 146.3 153 6.7 0.32
----------------------------------------------------------------------
308.2 335 26.8 0.34
----------------------------------------------------------------------
----------------------------------------------------------------------
IMCEX-28 200 225 25 0.35
----------------------------------------------------------------------
316 343.4 118.4 0.22
----------------------------------------------------------------------
----------------------------------------------------------------------
IMCEX-35 118 171 53 0.22
----------------------------------------------------------------------
IMCEX-36 138 212 74 0.22
----------------------------------------------------------------------
----------------------------------------------------------------------
IMCEX-37 6 61 55 0.25
----------------------------------------------------------------------
95 99 4 0.23
----------------------------------------------------------------------
129 133 4 0.22
----------------------------------------------------------------------
----------------------------------------------------------------------
IMCEX-50 321 366.1 45 0.25
----------------------------------------------------------------------
----------------------------------------------------------------------
IMCEX-51 330.7 341.6 10 1.24
----------------------------------------------------------------------
----------------------------------------------------------------------
IMCEX-52 346 371.4 25.4 1.45
----------------------------------------------------------------------
+ all intersection length should be considered as apparent width
In the recent press releases of Nov 2, 2010 and Feb 3, 2011, selected intersection from hole L1-10-01, 02, 05, 06 and 07 were quoted to outline either the potential for high grade nickel zones in the extension of Langmuir 1 deposit or low grade / high tonnage stratigraphically located below or above the Langmuir 1 deposit zone. For further clarity, the following table lists all intersections using a 0.2% Ni cut off grade. It should be noted that all lengths are apparent thickness and that most of angles are relatively steep with respect to core axis.
----------------------------------------------------------------------
Hole Id From To Length Ni Weight Av %
----------------------------------------------------------------------
L1-10-01(i) 5 48.4 43.4 0.22
----------------------------------------------------------------------
314 419 105 0.24
----------------------------------------------------------------------
427 434.3 7.3 0.23
----------------------------------------------------------------------
----------------------------------------------------------------------
L1-10-02(i) 92 144 52 0.23
----------------------------------------------------------------------
255 296 41 0.27
----------------------------------------------------------------------
388 463 75 0.25
----------------------------------------------------------------------
----------------------------------------------------------------------
L1-10-04 399 440 41 0.23
----------------------------------------------------------------------
444.6 476 31 0.26
----------------------------------------------------------------------
(i) Selected intercepts reported in Press Release dated November 2, 2010
+ all intersection length should be considered as apparent width
Results from L1-10-12 are pending. Chromium values were revealed in L1-10-01, 12 m @ 0.29% and in L1-10-04, 16 m @ 0.24% Cr with maximum concentration of 0.39 and 0.35% Cr, likely related to chromite. Its potential will be further investigated in metallurgical studies.
- L1Ramp is a mineralized zone located stratigraphically below the intermediate and felsic sequences immediately underlying the Langmuir1 deposit zone, mostly hosted in intrusive mafic and ultramafic rocks and contains low-grade nickel intersections. A total of 13 holes were drilled on the zone with the following selected intersections:
L1 Ramp historical results reported in 43-101 Micon Report, January
2010:
----------------------------------------------------------------------
Hole Id From To Length Ni Weight Av %
----------------------------------------------------------------------
L1EX-7 64 156 92 0.21
----------------------------------------------------------------------
----------------------------------------------------------------------
L1EX-8 9.7 162.1 151 0.24
----------------------------------------------------------------------
209.3 279.1 63 0.26
----------------------------------------------------------------------
L1EX-13 10 65 53 0.22
----------------------------------------------------------------------
L1EX-19 196 257 0.19
----------------------------------------------------------------------
----------------------------------------------------------------------
L1EX-20 118.6 170.8 52 0.21
----------------------------------------------------------------------
195.3 236.5 41 0.22
----------------------------------------------------------------------
243.5 323.3 80 0.25
----------------------------------------------------------------------
L1EX-21 118.7 190 71 0.24
----------------------------------------------------------------------
215 300 85 0.24
----------------------------------------------------------------------
L1EX-22 212 338 126 0.27
----------------------------------------------------------------------
L1EX-35 118 171 53 0.22
----------------------------------------------------------------------
L1EX-36 138 212 74 0.22
----------------------------------------------------------------------
+ all intersection length should be considered as apparent width
----------------------------------------------------------------------
Hole ID From To Length Ni Weight Av %
----------------------------------------------------------------------
L1-10-08 121 324 202 0.24
----------------------------------------------------------------------
L1-10-09 124 297 173 0.24
----------------------------------------------------------------------
L1-10-10 88 222 129 0.24
----------------------------------------------------------------------
+ all intersection length should be considered as apparent width
Results from holes L1-10-11 and L1-10-16 are pending. In the Ramp zone, the continuity of Ni mineralization will be looked at and further tested for low-grade and high tonnage nickel deposit.
- L1-32-31 is a mineralized zone located stratigraphically above the Langmuir1 deposit zone and hosted in ultramafic and mafic komatiitic flows. It is in contact with overlying intermediate volcanic and felsic intrusive sequences dipping to the SE and contains low-grade Ni intersections. A total of 3 new holes were drilled on the zone with the following selected intersections:
----------------------------------------------------------------------
Hole Id From To Length Ni Weight Av %
----------------------------------------------------------------------
L1-10-05(i) 78 133 55 0.25
----------------------------------------------------------------------
268 312 44 0.24
----------------------------------------------------------------------
----------------------------------------------------------------------
L1-10-06(i) 63 270 207 0.23
----------------------------------------------------------------------
356.25 385 28.75 0.22
----------------------------------------------------------------------
----------------------------------------------------------------------
L10-10-07 75 197 120 0.23
----------------------------------------------------------------------
202 222 19 0.2
----------------------------------------------------------------------
----------------------------------------------------------------------
(i) Selected intercepts reported in Press Release dated November 2, 2010
+ all intersection length should be considered as apparent width
Chromium values have been revealed in L10-07 showing 65 m @ 0.25% Cr with values up to 0.40%. The matter will be further investigated in metallurgical study as well as the potential of the zone.
In the press release dated February 3, 2011, the comparison of Langmuir to the Mt. Keith or the Talvivaara deposit in Finland was based on the premise of a high tonnage lower grade nickel deposit. The Corporation continues to undertake the exploration work necessary in order to provide the supporting evidence for such comparison.
The Qualified person in charge of the Langmuir Property and the person who prepared the technical data in this release is Andre Ciesielski, P.Geo.
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.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Inspiration Mining Corporation
Ian Stewart
President of the Company
416-842-9000
www.inspirationmining.com
For Investor Relations call:
Gale Capital Corporation
604-221-7604
604-221-7606 (FAX)
galecapital@shaw.ca
TORONTO, ONTARIO, Feb. 2, 2011 (Marketwire) --
Inspiration Mining Corporation ("Inspiration" or the "Corporation") (TSX:ISM)(FRANKFURT:OI8) would like to provide an update with respect to its efforts to prevent the unnecessary dilution of the shareholdings of the Ursa Major Minerals Incorporated ("Ursa") shareholders.
As reported in Ursa's press release dated January 31, 2011, the TSX allowed Ursa to proceed with its private placement without first obtaining approval of the Ursa shareholders. In response, the Corporation filed a Notice of Application with the Ontario Superior Court of Justice requesting that the Court issue the following orders:
(i) an order prohibiting Ursa from proceeding with the private placement until such time that Ursa obtains disinterested shareholder approval for the private placement;
(ii) an order prohibiting the placees under the private placement from voting at the upcoming shareholders' meeting; and
(iii) an order that the private placement be reversed and canceled.
A hearing date of March 1, 2011 has been set to hear arguments on the Corporation's application.
Randy Miller, the Chief Executive Officer of Inspiration, stated: "We are disappointed that the private placement was allowed to proceed without Ursa first obtaining shareholder approval. We are asking the Court to recognize and uphold the existing shareholders rights to voice their displeasure or agreement with the current management of Ursa at the upcoming shareholders' meeting without the inclusion of new shareholders brought in by management of Ursa. This is an issue of governance and protecting shareholder rights. We encourage all Ursa shareholders to express their opinion on the private placement by contacting Inspiration at randy@inspirationmining.com so that their voice can be heard by the Court on March 1, 2011."
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.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Inspiration Mining Corporation
President
416.842.9000
www.inspirationmining.com
For Investor Relations call:
604.221.7604
604.221.7606 (FAX)
galecapital@shaw.ca
53 mins ago by ■ Andrew Moran
http://www.digitaljournal.com/article/289085
Price
Size
Time
Buy
Sell
0.055
1000
12:20:30
0.055
7000
12:07:49
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
0.055
5000
12:07:27
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
0.05
25000
11:42:19
0.04
12000
11:30:26
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
0.04
50000
11:30:26
0.04
4000
11:28:15
Scotia Capital Inc.
P.O. Box 4085, Station A
Scotia Plaza
40 King Street West
Toronto, ON
M5W 2X6
(416) 863-7411
Scotia Capital Inc.
P.O. Box 4085, Station A
Scotia Plaza
40 King Street West
Toronto, ON
M5W 2X6
(416) 863-7411
0.05
16000
11:28:15
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
Scotia Capital Inc.
P.O. Box 4085, Station A
Scotia Plaza
40 King Street West
Toronto, ON
M5W 2X6
(416) 863-7411
0.06
1000
10:54:34
0.06
1000
10:53:32
BMO Nesbitt Burns Inc.
49th Floor
1 First Canadian Place
Toronto, ON
M5X 1H3
(416) 359-4000
0.06
4000
10:52:07
0.06
26000
10:52:07
0.055
13000
10:52:07
Scotia Capital Inc.
P.O. Box 4085, Station A
Scotia Plaza
40 King Street West
Toronto, ON
M5W 2X6
(416) 863-7411
0.05
9000
10:29:48
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
0.045
50000
10:26:56
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
0.04
50000
10:25:07
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
0.045
24000
10:22:48
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
0.045
20000
10:18:06
Scotia Capital Inc.
P.O. Box 4085, Station A
Scotia Plaza
40 King Street West
Toronto, ON
M5W 2X6
(416) 863-7411
0.045
40000
09:55:30
0.045
16000
09:55:30
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
0.045
34000
09:46:14
TD Securities Inc.
P.O. Box 1, TD Tower
12th Floor,
66 Wellington Street West
Toronto, ON
M5K 1A2
(416) 982-8222
0.045
1000
09:46:14
PI Financial Corp.
Suite 1900
666 Burrard Street
Vancouver, BC
V6C 3N1
(604) 664-2900
0.045
5000
09:46:14
http://www.thehindubusinessline.com/2010/02/22/stories/2010022250180700.htm
Mumbai, Feb. 21
You may or may not believe that the Chinese New Year of the Tiger is usually associated with volatility; but commodity markets seem to have decided to bear the assertion out. Look at how the year has begun. Commodity prices — crude, base metals, precious metals — have all rebounded.
Oil prices have been propelled higher because of the flow of positive macroeconomic data that has raised the prospect of economic recovery. Most base metals prices have rebounded by about a fifth.
Demand for stainless steel is recovering rapidly and there are reports of associated surge in nickel and ferrochrome demand. Asian coal demand is surging.
As for agricultural commodities, the Food and Agriculture Organisation has calculated that the global food price index has risen from 151 points in June 2009 to 172 points in January 2010, driven by higher prices of oils and fats, dairy products and particularly sugar.
Is the commodity price rise sustainable? While data expectations remain positive, the surprise move by the Fed to raise its emergency lending rate on Friday is of course being viewed negatively and is pressuring prices, for instance that of crude. However, for base metals, the market fundamentals are evolving in a constructive manner.
Gold: Two important factors came into reckoning last week. First was the news that the IMF intended to sell the balance of its gold earmarked for disposal in the open market weighed upon gold prices; and second, the Fed's decision to raise the discount rate to 75 bp. These two pressured gold prices.
In London on Friday, the PM Fix was at $1,112.75 an ounce, down from previous day's $1,118/oz. Silver bucked the trend with Friday AM Fix at $15.95 versus the previous day's $ 15.83/oz. As for ETP holdings, gold holdings have risen marginally to 1,746.1 tonnes, reducing the outflows for the month to 2.4 tonnes. However, silver holdings have grown by 193 tonnes over the month to set a record of 12,511 tonnes.
In the short-term, the gold market is likely to be impacted and price direction set by investor interest and appetite, in addition of course to the external or broader market conditions.
Without doubt, physical demand has suffered because of high and volatile prices during the whole of last year, except that central bank purchases prevented a collapse.
Whether physical demand will recover is the multi-million dollar question.
However, monetary tightening and cost of funds will have a bearing on gold prices. The movements of the dollar need to be watched.
If the wide anticipation that the dollar will appreciate against the euro materialises, the yellow metal could come under heavy pressure as speculators would exit the market.
Base metals: Base metals continue their recent rally. Aluminium rose by 4 per cent week-on-week. Copper, zinc, nickel and lead finished the week 8-12 per cent higher. Inventories are being drawn down.
There is general expectation that global demand conditions are supportive. While the health of the Chinese demand is not under question, the OECD restocking demand may begin to emerge soon. Further price gains in the coming weeks seem a distinct possibility.
Without doubt, the market sentiment was affected by the US Fed's surprise move to hike the discount rate.
It was of course stressed that the move “did not signal any change in the outlook for the economy or for monetary policy.” But belief is gaining ground that the days of easy money may be coming to an end.
Crude: Positive macroeconomic data from the US propelled prices higher; but the gains were stalled when the US Fed raised its emergency lending rates.
Clearly, market fundamentals are turning increasingly constructive for the crude market.
While demand growth is positive and is expected to sustain, supply growth, especially from non-OPEC side is seen rather difficult. This is sure to tighten the market balance.
Over the coming weeks, prices have the potential to trade in the $ 80-85 a barrel range, subject of course to positive data flows and absence of interference by market regulators.