Spirit Exploration, Inc. Begins Phase One Exploration Program on Kylee Concession, Ecuador
October 31, 2007
October 30, 2007, Machala, Ecuador: Spirit Exploration, Inc. (SPXP: Pink Sheets) has begun its Phase One exploration program on its recently acquired Kylee concession. Spirit has retained Duncan J. Bain P.Geol. of London, Ontario Canada to conduct this independent exploration field work. Duncan Bain has conducted over 100 geological studies around the world and is 43-101 compliant. The program will include detailed mapping, prospecting, stream sediment sampling, chip and channel sampling, trenching and litho geochemical sampling. All current and past underground workings will be mapped, surveyed and sampled. The result of this preliminary program should give us many potential drill targets.
Mr. Bain has also been commissioned to independently review several mining projects Spirit presently has under option. These properties encompass over 30,000 hectares in Zaruma, Portovelo, Loja and Machala areas of Ecuador. These projects range from grass root exploration projects to concessions with operating mines. Peter Laipnieks, President of Spirit stated “there is a land rush going on in Ecuador and we are securing a range of projects that will add to our resource base. Our initial focus was to secure and develop known veins systems such as our Muluncay and Maria Olivia Projects. We are now looking to add other projects to our portfolio that offer “discovery” potential as well as added production.”
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
Contact: Peter Laipnieks, President 1 250 384-2077
Spirit Exploration, Inc. Acquires 28,000 acres in Fierro Urco Concessions in the Enormously Productive Loja Province, Ecuador
October 29, 2007
October 26, 2007, Machala, Ecuador: Spirit Exploration, Inc. (SPXP: Pink Sheets)
through its wholly owned subsidiary, ECUADORGOLDCORP S.A., is pleased to announce it has acquired a strategic land package, Fierro Urco II, which is comprised of 11 concessions totaling 13,503 hectares (approximately 28,000 acres) inside the Regional Mining District of Loja. This land package is north of Loja, Ecuador and just west of the Aurelian Resources, Inc.(TSX) Fruta Del Norte Gold-Silver Deposit, which recently reported an inferred resource of 13.7 million oz. of gold equivalent.
There have been numerous exploration programs carried out on this property under the auspices of the British Geological Commission, the United Nations and Geología del Ecuador. Our geological team in Ecuador has conducted an extensive document search and review of previous work in this very strategic area in Southern Ecuador. The 11 mining concessions we obtained in this package presented 134 areas interest to our experts. This project will be fully evaluated with a preliminary exploration program already initiated with soil sampling. The program will include detailed mapping, prospecting, stream sediment sampling, and chip and channel sampling to confirm the previous exploration data. Spirit will be very aggressively defining each phase of our exploration results based on these lab tests and will move quickly into a drill program.
Peter Laipnieks, President of Spirit, stated “We are extremely excited about this land package as it is in the heart of the Loja epithermal zone. This area has produced incredible early results. These early findings continue to show that management has taken the right steps for the shareholders and the proper positioning of Spirit right in the heart of this gold rich environment during this rapidly accelerating gold market.”
We are also pleased to announce that we are in final negotiations with several joint venture partners that are offering to invest in several of Spirit’s properties in order to bring them into production. We hope to announce the finalization of one or more of these Joint ventures within the near future.
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
Contact: Peter Laipnieks, President 1 250 384-2077
Spirit Exploration, Inc. Acquires Kylee Concession in Azuay Province, Ecuador
October 19, 2007
October 19, 2007, Machala, Ecuador: Spirit Exploration, Inc. (SPXP: Pink Sheets)
Spirit Exploration, Inc. through its wholly owned subsidiary, ECUADORGOLDCORP
This project will be fully evaluated with a preliminary exploration program which will take approximately two months. The program will include detailed mapping, prospecting, stream sediment sampling, chip and channel sampling, trenching and litho geochemical sampling. All current and past underground workings will be mapped, surveyed and sampled. The result of the preliminary program should give us drill targets. The next phase diamond drilling will allow detailed examination of vein and host rock, alteration patterns and structural elements. Sampling of core would be for gold, silver, copper and base metals. This work will establish a preliminary estimate of grade and tonnage for the project.
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
Spirit Exploration, Inc Increases Inferred Resource in Portovelo-Zaruma-Ayapamba Gold District of Ecuador to Over 1,000,000+ ounces with New Acquisition
October 11, 2007
October 8, 2007 Machala, Ecuador: Spirit Exploration, Inc. (SPXP: Pink Sheets)
Spirit Exploration, Inc. through its wholly owned subsidiary, ECUADORGOLDCORP S.A., is pleased to announce it has acquired the Maria Olivia Concession, a highly mineralized property near Zaruma, Ecuador from Minera Pacifico. The Maria Olivia Project lies approximately 100 km to the west of Aurelian Resources (TSX:ARU) and 120 km south of IAMGold’s (TSX:IMG) multi-million ounce Quimsacocha deposit. Dynasty Metals and Minerals Inc. (TSX:DMM) hold a series of concessions in the same epithermal gold system as the Maria Olivia Concession. These three major Ecuadorian gold districts are part of a regional epithermal mineralizing system which covers the southern half of Ecuador.
A preliminary estimate of the inferred resource on the Maria Olivia Concession, from the three known veins (Tres Diablos, Bolivar, San Antonio) is 562,500 oz of gold equivalent. Peter Laipnieks, President of Spirit stated “We are extremely excited about acquiring this concession; it pushes our inferred resource in the Portovelo-Zaruma Region to over a million ounces of gold equivalent. It gives Spirit another source of high grade ore that we will rapidly develop to supply the milling operations at Muluncay.”
The veins of Maria Olivia have an estimated strike length of 1 km and an average width of 1.3 meters and an average depth of 600 meters. A sampling of the veins produced average grades ranging from 12 to 16.96 g/t. The company believes additional veins will be found during further exploration with secondary veins, stringers, breccia and disseminated mineralization adding to the volume of mineralized material and raising the inferred resources.
Spirit’s Phase 1 exploration program includes detailed mapping and prospecting. Stream sediment sampling and litho geochemical sampling will be carried out. All current and past underground workings shall be mapped, surveyed and sampled. Wall rock to at least a meter on either side of each vein will also be sampled. Upon completion and review of this data, sites will be selected, either underground or on surface, to test for new mineralized zones and for continuity of veins. Diamond drilling will allow detailed examination of vein and host rock, alteration patterns and structural elements. Sampling of core would be for gold, silver, copper and base metals. This work will create a more accurate estimate of grade and tonnage for the entire area. Spirit’s Phase 2 includes having Spirit’s underground engineering team begin designing a mining plan based on Phase 1 results.
The old SADCO operations formerly the largest mining company inSouth America until 1950 had scattered operations throughout the district. Generally, with the exception of the Grand Mine, the veins only extended to a depth of approximately 200m below surface. The Grand Mine contains a gold-mineralized zone which extended to a depth of at least 660 m below surface. It was collared at an elevation 700 m below mine workings in the Maria Olivia concession area. This indicates that there is significant additional potential at depth of up to 1500 m for most of the concession in the district, including those veins contained within the Maria Olivia concession. No estimate of the value derived from silver or sulphide concentrate has been made, but it would add a significant amount to the value of this resource. The history of the Zaruma mining operations indicates that there is a significant opportunity to apply modern mining methods to a major resource which has had only limited exploitation in the past.
Further information is available on the company website: 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
Contact: Peter Laipnieks, President 1-877-611-7111
