SOURCE: Spirit Exploration, Inc.

October 26, 2007 14:54 ET

Spirit Exploration, Inc. Acquires 28,000 Acres in Fierro Urco Concessions in the Enormously Productive Loja Province, Ecuador

MACHALA, ECUADOR--(Marketwire - October 26, 2007) - Spirit Exploration, Inc. (PINKSHEETS: SPXP) 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. 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:

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 Information

  • Contact:
    Peter Laipnieks
    1 250 384-2077