OTC Bulletin Board : SPVEF


April 27, 2010 09:00 ET

Spur Ventures Announces Extension of Business License for Yichang Maple Leaf Chemicals

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 27, 2010) -

All amounts are expressed in U.S. dollars, unless otherwise stated

Spur Ventures Inc. ("Spur" or the " Company") (TSX:SVU)(OTCBB:SPVEF) announced today that a key approval has been received which is critical for the transfer of the mining licenses from its partner, Yichang Phosphorous Chemical Co. ("YPCC") to its Chinese joint venture, Yichang Maple Leaf Chemicals ("YMC"). 

YMC Business License

Hubei Administration for Industry and Commerce ("Hubei AIC") has extended YMC's Business License from its formal expiry date of November 24, 2009 to October 31, 2010.

This extension serves two purposes. Firstly, it allows sufficient time for all of the required government approvals necessary for the pending transfer of the two mining licenses from YPCC to YMC as explained in our March 31, 2010 press release. Secondly, it allows time for both JV partners to complete their Registered Capital contributions to YMC.

"This unusual administrative extension reflects the commitment of our partner, YPCC and of all levels of the Yichang City, Hubei Province and Central China governments to the orderly transfer of the two mining licenses and ultimately to the viability of both YMC and our Integrated Phosphate Project," Dr. Rob Rennie, Spur's President & CEO stated.

The term of YMC's business license remains valid until November 24, 2033 but, as with all companies in China, AIC will undertake an annual review to ensure that YMC is operating consistently with its approved JV contract and Articles of Association.

More information can be found in the audited financial statements and the related notes and the management discussions and analysis of the period filed with Canadian regulators on SEDAR at www.sedar.com and on the company's website: www.spur-ventures.com.

This news release includes certain statements that may be deemed to be "forward-looking statements" regarding the timing and content of upcoming programs. Although Spur believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include phosphate and potash prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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