Langmuir Nickel Property - Timmins, Ontario

The Nickel Property
Inspiration Mining, through the recent acquisition of one of its wholly owned subsidiaries, now has the rights to 100% interest, less a 3% Net Smelter Return (with an option to buy back 2 of the 3 %), in 21 unpatented contiguous claims covering approximately 864 hectares. (See attached map.)

Location of claims
The claims are located in Langmuir Township, Porcupine Mining Division, Ontario, Canada. The claims lie within a productive nickel belt immediately south east (approximately 20 km) of Timmins, Ontario. Timmins is a town of approximately 46,000 population, lying approximately 550 km north of Toronto, Ontario (and approximately 500 km northwest of Ottawa, Canada). Its major industries are mining services and lumbering.

The General Area
Surrounding the Hudson Bay, running from the province of Quebec on the east continuing through Manitoba on the west, is the oldest exposed rock formation, known as the Precambrian Shield. It is in generally rich in minerals. South of Timmins, in that Precambrian Shield, is an area known as the Shaw Dome, which is a domal structure well known for mineral occurrence including deposits of ores containing nickel, copper and platinum group elements, among other minerals. The Langmuir claims, which are the subject of this Executive Summary, lie within the eastern end of the Shaw Dome in Langmuir Township (and thus the name of the property).

History of Property
The potential of the minerals was first tested in 1959. From 1970 through 1978, a small independent mining concern sank a shaft on the site known as Langmuir #2 to an approximate depth of 445 meters. That mining operation produced approximately 1,250,000 tons of ore averaging 1.45% nickel. In 1976, Noranda-INCO Joint Venture completed a ramp to approximately 230 feet to the deposit and calculated resources of approximately 164,000 tons grading 2.1% nickel. In 1990 to 1991, Timmins Nickel Incorporated, a small independent mining concern, completed a ramp to a 400-foot depth with 3 levels of development from which they mined approximately 111,500 tons of ore grading 1.74% nickel. They also calculated remaining inferred resources at approximately 125,000 tons with an average grade of 2.21% nickel.

Two other locations, designated Langmuir North and Langmuir South, were also tested. Langmuir North is calculated as having approximately 450,000 tons of inferred resources averaging 1.20% nickel and Langmuir South is estimated as having approximately 180,000 tons of inferred resources averaging 1.5% nickel. In 1991, Timmins Nickel Incorporated became bankrupt because of depressed nickel market and abandoned the claims. In 1998 the present chain of ownership then reclaimed those claims.

Past Operations
In summary, total production from the claims has been approximately 1,361,111 tons of ore with an average grade of 1.47% nickel. Inferred reserves are estimated at slightly over 1,000,000 tons with an average grade of 1.55% nickel. Extraction of this reserve was largely completed before reliable and affordable assaying procedures were available for platinum group elements. Consequently, the distribution in detail of these metals was not determined.

Available Refining facilities
Two large mining operations with huge operating refining infrastructures also exist in close proximity of the Langmuir Properties. Falconbridge, one of the world’s larger mining companies, operates a metallurgical site at Kidd Creek, within approximately 40 km of the Langmuir properties. It has existing access to the necessary power-grid, as well as a well developed skilled work force in place along with its smelting facilities. The road facilities between Langmuir and Kidd Creek facilities are adequate to transport ore for refining.

One of these two large mining entities has a definite interest in the nickel reserves of the Langmuir properties and would be available as contract mining/smelters for the Langmuir properties.

Explored Potential
Even though production has occurred and a number of test holes have been drilled, significant portions of the 864 hectares of the claims have yet to be tested. Historically, even those tests did not include assays for the platinum group elements, which are now known to be present. Even more interesting, what testing and extraction that did occur was relatively near the surface (generally no deeper than 75 meters, with only one going to the depth of 450 meters. As noted, deposits of this area are classified as Kambalda-type (See Footnote 1 above). That experience, combined with nearby recoveries in the Timmins district, indicates recoveries could go as deep as over 3,000 meters.

Apart from the locations previously mined or physically tested, several geophysical anomalies have been located from geophysical work carried out recently on the properties. The expected nickel target size for this type of disseminated nickel sulphide body is in the order of 1-1.5 million tons grading 1.5 -2.5% nickel and 3-6 grams per ton platinum group elements. Massive sulphides grade 12% nickel; disseminated sulphides grading possibly as high as 4.5% nickel, present a very attractive exploration target. There is sufficient exploration potential on the property to cover several million-ton targets.

Today's date: August 16, 2008