Ike Spirit Exploration, Inc. Comments on Recent Political Developments in Ecuador
April 25, 2008
April 25, 2008, Bakersfield, CA: Spirit Exploration, Inc. (SPXP: Pink Sheets) provides the following comment on recent developments following the publication of a new mining mandate adopted by Ecuador’s Constituent Assembly on April 18, 2008. The new mining mandate invokes an immediate 180-day suspension of activities on virtually all mining concessions in Ecuador while a new mining law is drafted and adopted. Spirit is awaiting formal notification from the Ministry of Mines and Petroleum of the effects of the mining mandate on the company’s operations, as defined in the final provisions of the mandate. Spirit’s management is committed to working to create value for shareholders as it continues to monitor the situation in Ecuador. Spirit is seeking further clarification from government officials on how the new mining mandate will be implemented and will provide additional commentary as more detail becomes available.
Due to the negative volatility of the world derivative market and the upheaval in the mining sector in Ecuador, Spirit Exploration, Inc. has suspended its funding negotiations with Quote Platform Syndicate. We are pursuing other avenues of funding and will be updating our shareholders in the very near future.
About Spirit Exploration Inc.
Spirit Exploration, Inc., a Nevada Corporation, is an exploration stage mining company. Through its 99% owned subsidiary ECUADORGOLDCORP, S.A., Spirit Exploration is in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We also have an option to purchase the Emerson Tungsten Mine near Rachel, Nevada.
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contact: Dan Gravelle Goal Capital LLC
Phone: 877 887 2118
Email: danny@spirit-exloration.com
Spirit Exploration, Inc. Reports the Union Carbide Findings of 6,300,000 Tons of Measured and Indicated Ore Reserves at the Emerson Tungsten Mine in Nevada
March 6, 2008
March 6, 2008, Bakersfield, CA: On February 20, 2008 Spirit Exploration, Inc. (SPXP: Pink Sheets) announced that it has signed an agreement to purchase the Emerson Tungsten Mine near Rachel, Nevada from Nevada Minerals, Inc. As part of the due diligence process, Spirit has reviewed all the old reports and findings from Union Carbide, the owner of the property when the mine was in production. The most important of these reports was the original Scope Engineering Design Memorandum that detailed the ore reserves, mine design and the process engineering that ultimately led Union Carbide to construct the Emerson Mine and Concentrator at an estimated cost of $25 million. The mill started processing ore at a rate of 1000 tons per day in September 1977. At that time tungsten prices were rising steadily reaching levels of around $155 to $165 per STU by 1981 with occasional short peak to $195 per STU. In August 1981 the world tungsten market suffered a shock. China, with the world’s largest tungsten reserves, entered the world market as a major low cost producer. There was also a recession in 1980-1981 and a general reduction in mining and oil drilling, both of which use tungsten carbide tipped drill bits. Furthermore, the US government decided to sell tungsten concentrates and compounds from the Strategic Stockpile. Within weeks the price fell to $100 per STU and within a few months to $32 per STU. After a review of mining costs and market conditions in 1982 the project was placed on “care and maintenance” and the work force was reduced to cover only site security, environmental monitoring, maintenance and related activities. Nevada Minerals acquired the property in August 2004.
Up to 2005 it was not economically feasible to consider opening the Emerson Mine with tungsten below $65 per unit. In 2005 Tungsten reached $270 USD and has remained at least $250 per unit since.
Union Carbide summarized the geology of the Emerson tungsten deposit: “There are two main tactite horizons found at Emerson Mine which is referred to as the Moody Zone and the Grabstake Zone. They are separated by a belt of hornfels having a variable width of 25 to 110 feet. The Moody Zone has been the most significant scheelite-bearing tactite. It has a strike length of 6,000 feet, varies in thickness from 15 to 110 feet and has a known vertical range of at least 1500 feet. The Grubstake Zone is not as persistent as the Moody, but thickness up to 100 feet is noted. This cone is most prominent around the 200 N. Callahan level and extends to the 900 level. Other tactite zones include the Middle Tactite Zone, the Contact Tactite Zones, and the Schofield Mine Tactite Zone.” Union Carbide Corporation drilled and did extensive sampling and reported ore reserves of 6,303,300 tons that averaged 0.44% tungsten and 0.60% zinc. This equates to over 3,000,000 units (STU) of tungsten, which is priced at $250 per unit. The ore reserves also contain significant amounts of zinc.
Tons % WO3 (Pounds) %Zn (Pounds)
Measured
Indicated
Total 6,303,300
Terry Fields, CEO of Spirit commented “ Spirit will be verifying these findings with an independent geologist as soon as possible but these are extraordinary reserve numbers, giving this project a minimum 25 year mine life based on a 1000 ton a day operation.”
About Spirit Exploration Inc.
Spirit Exploration, Inc., a Nevada Corporation, is an exploration stage mining company. Through its 99% owned subsidiary ECUADORGOLDCORP, S.A., Spirit Exploration is in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have additional options to acquire, a diverse range of mineral production and exploration properties in Ecuador.
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contacts:
Toronto:
Martti Kangas
The Equicom Group
Phone: 416 815-0700 x 243
mkangas@equicomgroup.com
Dan Gravelle
Goal Capital LLC
Phone: 877 887 2118
danny@spirit-exloration.com
Spirit Exploration, Inc. Diversifies its Mining Operations by Signing Acquisition Agreement to Purchase the Emerson Tungsten Mine in Nevada
February 25, 2008
February 20, 2008, Bakersfield, CA: Spirit Exploration, Inc. (SPXP: Pink Sheets) is pleased to announce it has signed an agreement to purchase the Emerson Tungsten Mine near Rachel, Nevada from Nevada Minerals, Inc. This acquisition supports Spirit’s strategic direction to broaden their product base and derive production from multiple countries. Thomas Cunningham, President of Spirit, stated “We are extremely excited about this acquisition as it strengthens the company by adding tungsten production to our mix of products and also gives us a producing mine in the United States.” Tom added “we believe, at the present tungsten prices, the Emerson Project is not only feasible but could generate significant profits for Spirit Exploration, Inc This agreement is subject to final due diligence to be completed by May 5, 2008.
The mine and plant were built and developed by Union Carbide Corporation in 1984 and operated for 9 years. After a substantial investment, Union Carbide decided to stop operations in 1993 due to the collapse of tungsten prices. Up to 2005 it was not economically feasible to consider opening the Emerson Mine with tungsten below $65 per unit in market value. In 2005 Tungsten reached $270 USD and has remained at least $250 per unit since. The Emerson Project will be a complete mining operation, which would include an underground mine, major rail and conveyor systems, laboratory and testing facility and a completely enclosed in-house floatation plant. The plant and operation is placed on 400 patent acres near Rachel Nevada. Spirit has sent a geologist to the site who is reviewing previous work conducted by Union Carbide and conducting a site inspection. Spirit will be reporting on the details of this work.
About Tungsten
Tungsten has the highest melting point of any metal and hence its usage in lighting filaments. As tungsten carbide, it is an exceptionally hard material, used in machinery, cutting, drilling and wear applications. It is one of the heaviest metals – a property that finds use in counterweights and armaments (armor-piercing ammunition and armor-plate). It is a key element in tool-steels- most notably in high speed cutting steels. It is primarily used as carbide to harden metal-cutting tools and as an alloying agent in steel-making.
The combination of these properties, particularly in ordinance and specialist machining operations, gave it status as a component of the US strategic metals stockpiles.
About Spirit Exploration Inc.
Spirit Exploration, Inc., a Nevada Corporation, is an exploration stage mining company. Through its 99% owned subsidiary ECUADORGOLDCORP, S.A., Spirit Exploration is in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have additional options to acquire, a diverse range of mineral production and exploration properties in Ecuador.
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contacts:
Toronto:
Martti Kangas
The Equicom Group
Phone: 416 815-0700 x 243
mkangas@equicomgroup.com
Dan Gravelle
Goal Capital LLC
Phone: 877 887 2118
danny@spirit-exloration.com
Spirit Exploration, Inc. Updates Shareholders on Recent Events and Positive Company Direction Going Forward
February 11, 2008
BAKERSFIELD, CALIFORNIA—February 11, 2008 — Spirit Exploration, Inc. (Other OTC: SPXP) today announced an update for shareholders. The update includes certain recent Company developments as well factors in the Company’s future direction. Many positive developments have occurred since Spirit last updated shareholders in early December of last year. The update covers the Company’s goal of a listing on a senior exchange, funding, mining operations as well as management changes. The individual topics are discussed below.
Becoming Fully Reporting Company and Listing on a Senior Exchange
Over the last 2 months, Spirit Exploration has filed its audited consolidated financial statements on Pinksheets for 2006 and 2007. Additionally the Company has filed its Form 10 with the Security and Exchange Commission which included those audited financial statements. The SEC has responded with comments and our response to those comments is close to completion pending only final engineering confirmations. At the completion of the SEC review process, Spirit will be a fully reporting Company. We expect this process to be completed within the next few weeks. The Company intends to apply for a listing on a senior stock exchange immediately upon completion of the Form 10 review process.
Funding of Spirit Exploration
As previously announced, Spirit Exploration is in the process of obtaining multiple financings that will enable the Company to aggressively pursue its business plan throughout 2008 and into 2009. The Company has presented what we believe to be all documentation required to be presented to the underwriting group to complete a subscription of $20 Million in Asset Backed Notes. The Company is also pursuing additional short-term funding opportunities that will enable the Company to properly pursue its business plan.
Mining Operations
Last year’s election of President Correa is seen as very encouraging for mining companies working in Ecuador. President Correa has commented that Ecuador’s path out of poverty and growth as a nation is through mining and Spirit believes he will continue to strongly support laws and regulations that enable foreign companies such as Spirit Exploration to conduct full-scale operations.
Currently, Spirit through its wholly owned subsidiary, ECUADORGOLDCORP, S.A has a number of projects under way. Spirit, with its new funding, will aggressively move forward and increase the number of gold and other precious metal projects dramatically over the next two years. For more information on current projects see: http://www.spirit-exploration.com/projects/
Management
Thomas J. Cunningham has joined the company as President effective January 15, 2008. Mr. Cunningham has over thirty years experience in natural resource exploration and development. His experience with publicly traded companies, the Securities Exchange Commission and the American Stock Exchange will be very valuable as the company moves forward with application for listing on the AMEX and/or other stock exchanges.
About Spirit Exploration, Inc.
Spirit Exploration, Inc. (an exploration stage company), through its 99% owned subsidiary ECUADORGOLDCORP, S.A., is a natural resource exploration company with an objective of acquiring, exploring and if warranted and feasible, developing natural resource properties. Activities during the exploration stage include developing the business plan, raising capital, and acquiring properties in Ecuador which have mining concessions granted by the Ecuadorian government.
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.
CONTACT:
Goal Capital LLC
Dan Gravelle
1-877-887-2118
Email: danny@spirit-exploration.com
Website: www.spirit-exploration.com
Spirit Exploration, Inc. Hires New President
January 17, 2008
January 17, 2008, Bakersfield, California: Spirit Exploration, Inc. (SPXP: Pink Sheets) Mr. Terry R. Fields, Chief Executive Officer of Sprit Exploration, announced today that Thomas J. Cunningham has joined the company as President effective January 15, 2008. Mr. Cunningham has over thirty years experience in natural resource exploration and development. His experience with publicly traded companies, the Securities Exchange Commission and the American Stock Exchange will be very valuable as the company moves forward with possible listings on the AMEX and/or other stock exchanges.
Mr. Cunningham was previously with Tri Valley Corporation as Vice President and Chief Administrative Officer responsible for accounting, finance and human resources. Tri-Valley is an AMEX listed company with several subsidiaries including Tri-Valley Oil & Gas which is an oil and gas exploration company with activities in
Mr. Cunningham will be replacing Mr. Peter Laipnieks who has agreed to remain a Director. Mr. Laipnieks will remain President of ECUADORGOLDCORP, S.A, Spirit’s Ecuadorian subsidiary. Terry Fields, CEO, commented: “ Thomas will add tremendous experience to the team and help guide Spirit to a senior exchange while allowing Peter to help manage our rapid expansion of operations in
About Spirit Exploration, Inc.: Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contact: Dan Gravelle, Goal Capital LLC
Phone: 877 887 2118
Email: danny@spirit-exloration.com
Spirit Exploration, Inc. Finalizes Documentation on $20 Million Notes and Has Been Advised that the Notes are Oversold
December 13, 2007
Victoria, British Columbia, Dec 12, 2007– Spirit Exploration, Inc. (PINK SHEETS:SPXP) Spirit is pleased to announce that with the filing of its audits and the 10-SB registration statement with the Securities Exchange Commission that it has completed the extensive documentation required by Quote Platform Syndicate Inc. on its $20 Million in Asset Backed Notes. Quote Platform Syndicate Inc. has further advised us that the notes have been oversubscribed. We will be advised of the oversold amount within the next week. This additional funding will allow Spirit to implement its aggressive business strategy for 2008.
“These oversold notes confirm that the investment community is convinced of the future of the world gold market and validates Spirit Exploration’s position in the industry” stated Terry Fields, CEO.
Quote Platform Syndicate Inc. is a syndicate of brokerages, investors, and institutional financiers domiciled in Europe and Asia. Their niche market is high yield instruments in the world’s emerging markets.
About Spirit Exploration, Inc.: Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary ECUADORGOLDCORP, S.A., of which we own 99%, we are in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have options to acquire, a diverse range of mineral production and exploration properties in Ecuador. Included in these properties are several land packages that can be joint-ventured, allowing us to advance these properties with little of our own capital while still participating in the upside.
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.
CONTACT: Goal Capital LLC
Dan Gravelle
1-877-887-2118
Email: danny@spirit-exploration.com
Website: www.spirit-exploration.com
Spirit Exploration, Inc. Files Form 10-SB Registration Statement with Security and Exchange Commission
December 12, 2007
December 12, 2007, Victoria, BC: Spirit Exploration, Inc. (SPXP: Pink Sheets) is pleased to announce that it has filed its Form 10-SB with the Security and Exchange Commission. “Completing our audited consolidated financials has now allowed us to report to the SEC by way of filing our Form 10-SB registration statement. This is another link in the chain of our becoming a fully reporting company and will greatly increase our credibility and shareholder value” stated Terry Fields, CEO of Spirit. The Form 10-SB filing is subject to review and comment by the SEC.
About Spirit Exploration, Inc.:
Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary ECUADORGOLDCORP, S.A., of which we own 99%, we are in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have options to acquire, a diverse range of mineral production and exploration properties in Ecuador. Included in these properties are several land packages that can be joint- ventured, allowing us to advance these properties with little of our own capital while still participating in the upside.
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contact: Dan Gravelle Goal Capital LLC
Phone: 877 887 2118
Email: danny@spirit-exloration.com
Spirit Exploration, Inc. Files Audited Consolidated Financial Statements
December 12, 2007
December 12, 2007, Victoria, BC: Spirit Exploration, Inc. (SPXP: Pink Sheets) is pleased to announce that it has filed its audited consolidated financial statements on Pinksheets.
“We have completed our audit for the year ended 2006 and for the first three quarters of 2007. We have reached this major milestone in the growth of Spirit in a very short time. I am confident that Management and the Board of Directors will continue to execute Spirit’s business plan for the benefit of the shareholders,” stated Terry Fields, CEO of Spirit. “This is a proud day for Spirit shareholders and management: completing our audits is another step to becoming a fully reporting company that will facilitate our transition to a more senior exchange. We will maximize shareholder value by going fully reporting and giving both retail and institutional investors the confidence they need to invest in Spirit for long term profits. This was a necessary step in continuing the growth of the Company and its assets and creating a culture of corporate transparency and respectability in the marketplace,” stated Peter Laipnieks, President.
About Spirit Exploration, Inc.: Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary ECUADORGOLDCORP, S.A., of which we own 99%, we are in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have options to acquire, a diverse range of mineral production and exploration properties in Ecuador. Included in these properties are several land packages that can be joint- ventured, allowing us to advance these properties with little of our own capital while still participating in the upside.
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contact: Dan Gravelle Goal Capital LLC
Phone: 877 887 2118
Email: danny@spirit-exloration.com
Spirit Exploration, Inc. Completes Underwriting Syndicate for $20m in Asset Backed Notes
December 11, 2007
December 10, 2007, Victoria, BC: Spirit Exploration, Inc. (SPXP: Pink Sheets) Spirit announced the completion of the underwriting syndicate securing $20m in asset backed notes. Quote Platform Syndicate is working with Spirit in this transaction. The notes will be for a 5 year term and are comprised of 20,000 units with an issue price of US$1,000 per unit. The Notes are secured by the Company’s Muluncay concession in Ecuador. This financing will be closed upon completion of final documents in December 2007.
Upon closing, the Company will commence acquisition of processing equipment to expand its production facility at its Muluncay Project in
Quote Platform Syndicate Inc. is a syndicate of brokerages, investors, and institutional financiers domiciled in Europe and
About Spirit Exploration, Inc.: Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contact: Dan Gravelle Goal Capital LLC
Phone: 877 887 2118
Email: danny@spirit-exloration.com
Spirit Exploration Inc. Comments On Ecuador’s More Favorable Mining Policy And Updates Investment Community
December 6, 2007
December 6, 2007, Victoria, BC: Spirit Exploration, Inc. (SPXP: Pink Sheets) Spirit Exploration views the recent actions and comments made by President Correa as very encouraging for mining companies working in Ecuador. As reported in the Ecuadorian Mining News on 11/26/07, The President of Ecuador, Rafael Correa has signaled his administration’s support for large-scale mining by inviting Corriente Resources to participate in its trade mission to
Spirit Exploration has upgraded its status on the OTC Pinksheets to the highest pinksheets level which reflects the “Current Information” category. Spirit Exploration is now fully compliant with pinksheets recently implemented disclosure guidelines. Spirit is also finalizing its financial audits in order become fully reporting with the US Securities and Exchange Commission and facilitate its transition to a more senior exchange. “We are pleased with the progress that we have made to date and we are attempting to meet all the necessary requirements so we may move to a higher exchange which can only help the Company and our shareholders” said Peter Laipnieks, President of Spirit Exploration.
Spirit Exploration has also entered into an investor relations agreement with Goal Capital LLC . Goal Capital is based out of Laguna Niguel
About Spirit Exploration, Inc.: Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contact: Dan Gravelle Goal Capital LLC
Phone: 877 887 2118
Email: danny@spirit-exloration.com
