SG Spirit Gold Inc.
TSX VENTURE : SG

December 13, 2010 14:45 ET

SG Spirit Gold Inc. Announces Shares for Debt Application Accepted by the TSX Venture Exchange

CALGARY, ALBERTA--(Marketwire - Dec. 13, 2010) - SG Spirit Gold Inc. ("Spirit Gold" or the "Company") (TSX VENTURE:SG) announces that the TSX Venture Exchange has accepted the Company's shares for debt application, the submission of which was reported in a November 18, 2010 News Release. Spirit Gold has issued 1,592,282 common shares, at a deemed price of $0.30 per share, resulting in $477,685.26 in debt being extinguished. The debt reflects cash advances made, and services provided, to the Company. All four creditors are Non-Arms Length to Spirit Gold.

About the Company

The Company is relatively small but possesses a large mineral property inventory: slightly over 50,000 hectares (123,500 acres) in southeastern British Columbia, Canada. The Company's mission is: to define quality mineral exploration opportunities that can be developed in a sustainable and environmentally responsible manner and that can contribute to the economic and social well-being of local communities.

In recent years the Company has concentrated its efforts on the Kimberley Gold Trend ("KAT"), which blankets a large portion of the Company's properties. The KAT is a metal-rich boomerang-shaped region roughly 30 km wide and 100 km long, extending from the Purcell Mountains in the west, across the Rocky Mountain Trench where it bends north to occupy a swath of the western Rocky Mountains.

Certain statements contained in this press release constitute forward-looking statements (the "forward-looking statements"). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Specifically, forward-looking statements include the statements made with respect to the expected timing and completion of the proposed issuance of shares for debt. Although we believe that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results and consequently, there is no representation that the actual results will be the same, in whole or in part, as those set out in the forward-looking statements.

The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking statements to conform such statements to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. The reader is cautioned not to place undue reliance on forward-looking statements.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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