According to a March 8, 2013 article on the Mining.com website, approximately 37% of all junior mining companies have less than $200,000 in working capital. With an aggregate of approximately $4.43 million in working capital, the Corporation has sufficient funds to carry its operations and to meet its obligations as they become due. In addition, the current financial position of the Corporation provides the Corporation with the ability to be patient in the current down cycle of base metal prices and evaluate all options and opportunities presented to the Corporation with a view of enhancing shareholder value.
In light of the current nickel market, the Corporation has decided that the best option available to it and its shareholders is to conserve its working capital and only invest its resources in projects that will enhance shareholder value. This decision is reinforced by the experience of other junior mining companies in the immediate vicinity of the Corporation's property. These companies took on significant debt in order to construct processing facilities commence mining operations. The end result has been the shuttering of the facilities and depressed stock value.
The Corporation would like to congratulate Messieurs Miller, Brugh, Davis, Cantore and Maddigan on their appointment as directors of the Corporation at the recent annual shareholders' meeting. The Corporation would also like to thank all of the shareholders that participated at the meeting .
Clarification of Information
The Corporation would like to clarify certain misinformation pertaining to the compensation of Mr. Randy Miller, the President and Director of the Corporation. As disclosed in the Corporation's disclosure documents, Mr. Miller's annual compensation package consists of a monthly consulting fee of $30,000 and a monthly car allowance of $1,500 for an aggregate annual compensation package of $378,000. In addition, the Corporation pays a monthly rent payment of $10,000 to a private company controlled by Mr. Miller pursuant to a sublease agreement. The monthly rent payment is for the Corporation's current office and there are no additional fees or payments being made to Mr. Miller.
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
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