Here's a company that just did what ISM proposing to do in spinning out Langmuir.
EXETER PLANS TO UNDERTAKE SPIN-OUT TRANSACTION TO CREATE TWO INDEPENDENT COMPANIES
RESTRUCTURING TO UNLOCK THE VALUE OF THE HIGH GRADE CERRO MORO GOLD-SILVER PROJECT IN ARGENTINA
This was started/announced Jan 19 2010
http://www.exeterresource.com/pdf/2010_news/Exeter_news_100119.pdf
if you want to see how it progressed check their NR's
http://www.exeterresource.com/news_2010.php
About Exeter
"Exeter Resource Corporation is a Canadian mineral exploration company focused on the exploration and development of the Caspiche gold-copper project in Chile. The Company has C$43 million in its treasury. The Caspiche gold-copper discovery is situated in the Maricunga gold district of Chile, between the Refugio mine (Kinross Gold Corp.) and the Cerro Casale gold deposit (Barrick Gold Corp. and Kinross Gold Corp.). Drilling to expand and upgrade the existing resource is expected to continue until the onset of winter in May.
On March 24, 2010 Exeter completed the spin-out of its Argentine assets into Extorre Gold Mines Limited (“Extorre”), an independent public company listed on the TSX (TSX:XG), by plan of arrangement in order to unlock the value of the high grade Cerro Moro gold-silver project in Argentina. This will allow the focused Extorre group led by Dr. Eric Roth to advance the Cerro Moro project through economic studies and permitting without the distraction of the major Caspiche gold-copper project which remains with Exeter. Concurrently Extorre will also have greater ability to explore the other promising Argentine gold projects in its portfolio."
