TORONTO, ONTARIO -- (Marketwired) -- 04/08/13 -- 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.
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