Some folks may not realize that Dundee was involved in our last PP that put a lot of money in the bank for ISM

Inspiration Closes $30 Million Private Placement

Inspiration Mining Corporation (the "Corporation") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce that it has completed a previously announced private placement led by Dundee Securities Corporation raising a total of $30,075,000. The Corporation has sold 3,000,000 flow-through common shares at $6.00 per flow-through share, 1,865,000 brokered units and 435,000 non-brokered units (collectively the "Units") at $5.25 per unit. Each Unit consists of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share (a "Warrant Share") of Corporation at an exercise price of $6.50 for a period of 18 months from the date of issuance.

Dundee Securities Corporation ("Dundee") acted as agent on the offering and received a cash fee equal to 5% of the gross proceeds raised in the offering of the flow-through shares and brokered units. In addition, the Corporation paid Dundee an administration fee of 2.5% of the gross proceeds realized by the Corporation in respect of the sale of the 435,000 non-brokered units. In addition, the Corporation paid to an arm's length consultant a fee equal to 1% of the gross proceeds raised in the offering, and to two arm's length parties a finders fee equal to 2.5% of the gross proceeds raised from the sale of the 435,000 non brokered units.

Proceeds from the sale of the flow-through shares will be used by the Corporation for the further exploration and development of the Corporation's Canadian resource properties. Net proceeds from the sale will be used for general working capital purposes and development of the Corporation's other properties.

The flow-through common shares, the Units and the Warrant Shares will be subject to a four-month hold period expiring November 6, 2007.

The securities distributed have not been and will not be registered under the United States Securities Act of 1933, as amended, and may no be offered or sold in the United States or to U.S. persons in the absence of registration or an applicable exemption from the registration requirements.

SOURCE: Inspiration Mining Corporation

Inspiration Mining Corporation Randy Miller President (905) 853-7400 Website: www.inspirationmining.com Gale Capital Corporation Investor Relations (604) 221-7604 (604) 221-7606 (FAX) Email: galecapital@shaw.ca

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