INSPIRATION MINING CORP. - Symbol (VSE) IMQ
- NEWS RELEASE -
September 22nd, 1998
Significant Milling and Processing Equipment Acquisition
The Company is pleased to announce that it has acquired significant milling and
processing equipment from various dealers and has also completed the tender for all the
existing plant, equipment, inventory and buildings of a major producer of industrial
minerals from their recently exhausted site. A disassembly schedule and transportation
logistics have been agreed to by the parties.
The Company's consulting engineers have reviewed the detailed maintenance records on
the equipment/plant and are satisfied that the system would require little modification or
maintenance prior to introducing the additional equipment previously acquired by the
Company and commencing production. This additional plant and equipment would give
Inspiration sufficient versatility to produce a complete range of product specifications.
The replacement cost valuation of the plant and equipment is represented to be in excess
of $30 million U.S.
Currently the plant is contained in three buildings, the largest of which occupies 30,000
sq. ft. and is six stories in height. The plant and buildings would be disassembled and then
transported to Sechelt where they would be re-assembled on a 60 acre site adjacent to
the Sunshine property. The completed plant's projected capacity is up to 1,000,000 tons
of material annually. This level of production will be sufficient to completely fulfill the
Company's requirements for the foreseeable future. The Company's drill indicated
materials are in excess of 100,000,000 tons.
The Company will be developing a revised schedule of products incorporating the reserves
of Garnet, Dolomite, Wollastonite, and Limestone based upon a revised projected
production capability. Flexibility in product mix and range will be major assets in
introducing the Inspiration products to the world marketplace and will allow the Company
to capitalize upon the unique range of minerals available on or adjacent to the Sunshine
property. It is estimated that that the mixture of products produced and marketed by the
Company will have an average sales price of $100 US per ton and an average cost to
produce of $45 US per ton.
Carol Slater, Secretary, Director
Inspiration Mining Corp.
The Vancouver Stock Exchange has neither approved or disapproved of the contents of this news release. |
