Spirit Exploration, Inc.
PINK SHEETS : SPXP

Spirit Exploration, Inc.

June 25, 2008 19:45 ET

Spirit Exploration, Inc. Comments on Recent Developments in Ecuador

BAKERSFIELD, CALIFORNIA--(Marketwire - June 25, 2008) - Spirit Exploration, Inc. (PINK SHEETS:SPXP) has been informed by their legal counsel in Ecuador that its exploratory concessions held by Ecuadorgold S.A., Spirit's Ecuadorian subsidiary and by Minera Del Pacifico Noreste, S.A., Spirit's operator in Ecuador, have been appropriated by the Ecuadorian Government under its new mining mandate adopted by Ecuador's Constituent Assembly on April 18, 2008. The new mining mandate invoked an immediate 180-day suspension of activities on virtually all mining concessions in Ecuador.

Spirit's gold producing property, the Muluncay, has not been affected by the new mining policy. We are continuing to produce gold from this operation which allows us to continue employment of key personnel and necessary miners. Spirit's management is committed to working to create value for shareholders as it continues to monitor the ever evolving situation in Ecuador. Spirit is seeking further clarification from government officials on how the new mining mandate will be further implemented and will provide additional commentary as more detail becomes available.

About Spirit Exploration, Inc.

Spirit Exploration, Inc., a Nevada Corporation, is an exploration stage mining company. Through its 99% owned subsidiary ECUADORGOLDCORP, S.A., Spirit Exploration is in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador.

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

  • Spirit Exploration, Inc.
    Terry Fields
    (604) 692-0872