Spirit Exploration, Inc.

Spirit Exploration, Inc.

February 22, 2008 09:01 ET

Spirit Exploration, Inc. Diversifies Its Mining Operations by Signing Acquisition Agreement to Purchase the Emerson Tungsten Mine in Nevada

BAKERSFIELD, CALIFORNIA--(Marketwire - Feb. 22, 2008) - Spirit Exploration, Inc. (PINK SHEETS:SPXP) is pleased to announce it has signed an agreement to purchase the Emerson Tungsten Mine near Rachel, Nevada from Nevada Minerals, Inc. This acquisition supports Spirit's strategic direction to broaden their product base and derive production from multiple countries. Thomas Cunningham, President of Spirit, stated, "We are extremely excited about this acquisition as it strengthens the company by adding tungsten production to our mix of products and also gives us a producing mine in the United States." Tom added, "We believe, at the present tungsten prices, the Emerson Project is not only feasible but could generate significant profits for Spirit Exploration, Inc." This agreement is subject to final due diligence to be completed by May 5, 2008.

The mine and plant were built and developed by Union Carbide Corporation in 1984 and operated for 9 years. After a substantial investment, Union Carbide decided to stop operations in 1993 due to the collapse of tungsten prices. Up to 2005 it was not economically feasible to consider opening the Emerson Mine with tungsten below $65 per unit in market value. In 2005 Tungsten reached $270 USD and has remained at least $250 per unit since. The Emerson Project will be a complete mining operation, which would include an underground mine, major rail and conveyor systems, laboratory and testing facility and a completely enclosed in-house floatation plant. The plant and operation is placed on 400 patent acres near Rachel Nevada. Spirit has sent a geologist to the site who is reviewing previous work conducted by Union Carbide and conducting a site inspection. Spirit will be reporting on the details of this work.

About Tungsten

Tungsten has the highest melting point of any metal and hence its usage in lighting filaments. As tungsten carbide, it is an exceptionally hard material, used in machinery, cutting, drilling and wear applications. It is one of the heaviest metals - a property that finds use in counterweights and armaments (armor-piercing ammunition and armor-plate). It is a key element in tool-steels - most notably in high speed cutting steels. It is primarily used as carbide to harden metal-cutting tools and as an alloying agent in steel-making. The combination of these properties, particularly in ordinance and specialist machining operations, gave it status as a component of the US strategic metals stockpiles.

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. Spirit is in the process of bringing several mines into production. We have acquired, and we have additional options to acquire, a diverse range of mineral production and exploration properties in Ecuador.

Further information is available on the company website: www.spirit-exploration.com

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