Inspiration sells U.S. subsidiary

Inspiration Resources Corp. (TSE) has completed the sale of substantially all the assets of its U.S. subsidiary, Inspiration Copper Co., to Cyprus Minerals Co. for approximately $125 million in cash. IRC applied about $100 million from the net sale proceeds to retire all of its outstanding bank debt.

IRC mines copper and other metals through its Hudson Bay Mining and Smelting Co. (TSE) subsidiary in Canada, where HBMS expects to open a new 60%- owned nickel mine in the 1988 fourth quarter.

IRC’s other mining operations include Inspiration Coal Inc. and a 50% interest in Western Gold Exploration and Mining Co., a limited partnership that expects to produce about 80,000 oz of gold in 1988. In addition, IRC’s Inspiration Leasing Inc. subsidiary leases industrial equipment, aircraft, computers and real estate.