SG Spirit Gold Inc.
TSX VENTURE : SG

February 18, 2011 12:09 ET

SG Spirit Gold Inc. Cancels 108,500 Stock Options

CALGARY, ALBERTA--(Marketwire - Feb. 18, 2011) - SG Spirit Gold Inc. ("Spirit Gold" or the "Company") (TSX VENTURE:SG) announces that five (5) Directors and one (1) Officer of the Company have agreed to the cancellation of 108,500 stock options. Of these options 53,500 were exercisable at $2.50 per share and due to expire on February 13, 2012; 10,000 exercisable at $2.50 were due to expire on December 6, 2012; and 45,000 exercisable at $1.00 were due to expire on April 28, 2015. Following this cancellation the Company has a total of 45,500 options outstanding, held by one officer and three consultants to the Company.

Spirit Gold and the parties to the option cancellation believe this action is in the best interest of the Company and its shareholders: The capital structure of the Company is significantly simplified and in the future Spirit Gold can use these options to help it attract the best available parties to assist in the growth and development of the Company.

About Spirit Gold

The Company 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. Further information is available at www.sgspiritgold.com.

Shares outstanding: 4,895,929

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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