Inspiration Mining Clarifies Statements Made by Ursa Major
TORONTO, ONTARIO -- (Marketwire) -- 06/22/11 -- Inspiration Mining Corporation (the 'Corporation' or 'Inspiration')(TSX: ISM)(FRANKFURT: OI8) wishes to clarify the misleading statements made by Ursa Major Minerals Incorporated ('Ursa') in its press release of June 20, 2011. In its release Ursa stated that Mr. Miller, the Chief Executive Officer of Inspiration, had an annual salary of $884,500 for the year ended September 30, 2010.
Mr. Miller's annual salary for fiscal 2010 was $382,500. During the fiscal year, Mr. Miller was granted certain stock options with a value of $502,000 thus bringing his total compensation to $884,500. Aside from his annual salary of $382,500, Mr. Miller did not receive any additional cash compensation.
The $502,000 value of the options granted to Mr. Miller represents an estimate of the grant date fair value of the options calculated in accordance with the Black-Scholes pricing model (please refer to the audited annual financial statements of the Corporation for the year ended September 30, 2010 for details regarding the assumptions underlying the Black-Scholes estimates). The Black-Scholes model is a pricing model which may or may not reflect the actual value of the options. The options have not been and may never be exercised and actual gain, if any, on exercise will depend on the value of the common shares on the date of exercise.
Forward Looking Statements
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.
Contacts:
Inspiration Mining
Randy Miller
(416) 842-9000
www.inspirationmining.com