OTC Bulletin Board : SPVEF


August 14, 2009 09:00 ET

Spur Ventures Announces Second Quarter 2009 Results and Business Updates

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2009) - All amounts are expressed in US dollars, unless otherwise stated

Spur Ventures Inc. ("Spur" or the "Company") (TSX:SVU)(OTCBB:SPVEF) announced today its results for the second quarter ending June 30, 2009.

Net loss was ($567,000) or ($0.009) per share versus ($736,000) or ($0.012) in the Q1-2009 and ($999,000) or ($0.017) per share in Q2-2008. The $169,000 decrease in loss compared to Q1-2009 and $432,000 compared to Q2-2008 were largely due to loan repayments and decreases in operating expenses as Spur continues to control its costs. Q2-09 cash outflow for operating activities was $257,000 or $0.004 per share compared to $629,000 or $0.01 per share in Q2-08.


Loan Repayment from Chinese Joint Venture Partner Completed

Earlier this month the Company's joint venture partner, Hubei Yichang Phosphate Chemical Co. Ltd ("YPCC"), made the last monthly payment due on the amount YPCC owed to Yichang Spur Chemicals Ltd. ("YSC"), the Chinese joint venture company 82.19% owned by the Company. YPCC has now repaid in full to YSC a total of Yen 1,924,563.

Mining License Transfer

As highlighted in its July 20, 2009 press release, Spur continues to be encouraged by the spirit of co-operation exhibited by both its Chinese Joint Venture Partner, YPCC and the Chinese authorities and is working hard with these stakeholders to advance the mining license transfers.

Further updates will be provided in due course.

Spur Remains in a Strong Working Capital Position

As at June 30, 2009, the Company maintained a balance of cash and cash equivalents and short-term investments of $21.03 million, including $20.67 million deposited with major Canadian financial institutions ($CDN 24.03 million at the Q2-2009 quarter end exchange rate of $US:$CDN of 1.1625), $49,000 in Chinese Renminbi deposits and $7,000 in U.S. Dollar deposits. Spur had $19.60 million ($US:$CDN of 1.2602) at the end of Q1-2009.

As of August 10, 2009 Spur had approximately $22.53 million ($US:$CDN of 1.0837) in cash, term deposits and loans due versus $20.80 million at YE08 ($US:$CDN of 1.2246 or $CDN 0.40 per share.

Spur has not had to send funds to China since February of 2009 due to the repayment of the loan to YSC by Spur's Joint Venture partner YPCC and the reduction in operating costs in China.

Spur Ventures Inc. aims to be the premier integrated fertilizer manufacturer in China, with plans to produce up to one million tonnes per year of high-quality compound phosphate fertilizer for domestic consumption.

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 Ventures 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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