Canadian Spirit Resources Inc.
TSX VENTURE : SPI
PINK SHEETS : CSPUF

Canadian Spirit Resources Inc.

January 18, 2010 06:00 ET

Canadian Spirit Resources Inc. Announces Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - Jan. 18, 2010) - Canadian Spirit Resources Inc. ("CSRI" or the "Company") (TSX VENTURE:SPI) (PINK SHEETS:CSPUF) announces that, subject to TSX Venture Exchange ("TSX-V") acceptance, the Company's Board of Directors has approved a grant of 715,000 options to acquire shares of the Company in accordance with the terms and conditions of the Company's Stock Option Plan.

Independent directors of the Company were granted a total of 125,000 options as compensation for their services. Officers and employees were granted a total of 590,000 options as incentive compensation. All the options have a term of five years and may be exercised at a price of C$1.80 per share.

Currently, the Company has 3,268,500 common shares reserved for issuance of which options to acquire 2,082,000 will be outstanding on January 19, 2010. Subject to acceptance by the TSX-V, this grant of options will result in a total of 2,797,000 options outstanding at a weighted average exercise price of C$1.20 per share, representing 5.7 percent of the total common shares currently outstanding.

Holders of share purchase warrants issued February 19, 2008 are reminded that these warrants, exercisable at a price of C$0.80 per share, will expire on February 19, 2010.

CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry. The mission of the Company is to develop 1 trillion cubic feet of natural gas from unconventional resource plays in western Canada. The Company is currently evaluating the productive capability of both its shallow Gething play and its deeper Montney play through joint ventures with two well-capitalized partners. Both of these plays are located on the Company's principal resource property at Farrell Creek, British Columbia.

Information regarding CSRI is available on SEDAR at www.sedar.com or the Company's website at www.csri.ca.

On behalf of the Board of Directors,

CANADIAN SPIRIT RESOURCES INC.

Don Gardner, Chief Executive Officer

The corporate information contained in this news release may contain forward-looking forecast information. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonably accurate by CSRI at the time of preparation, may prove to be incorrect. The actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. Consequently there is no representation by CSRI that actual results achieved during the forecast period will be the same in whole or in part as those forecast.

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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