OTC Bulletin Board : SPVEF


November 14, 2008 10:37 ET

Spur Ventures Announces Third Quarter 2008 Results and Business Updates

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2008) -

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 third quarter ending September 30, 2008.

Q3-2008 Revenues resulting from continued sales of the few remaining inventory items were $52,578 resulting in a Gross Profit of $507 versus $176,000 and $107,000 respectively in Q2-2008 (year over year comparisons are not relevant as operations at the Company's NPK plant were suspended in August 2007 until commencement of construction of the Company's new MAP plant). Net Income was ($468,688) or ($0.008) per share versus ($999,000) or ($0.017) per share in Q2-2008, reflecting the Company's continued focus on controlling costs.


Zhong Chuan International Mining Holding Company Limited ("Zhong Chuan") Investment in Spur

Spur announced the termination of its arrangement with Zhong Chuan on October 30, 2008 after Zhong Chuan failed to fulfill its obligations under the agreement.

Shareholder Rights Plan

In its October 30, 2008 press release, the Company announced a Shareholder Rights Plan (the 'Rights Plan') to ensure the fair treatment of all shareholders in the event of any take-over offer for the Company's common shares. There is currently no specific takeover bid or proposal to acquire control of the company but with the current share value much less than the cash value of the Company, the Board decided this would be prudent action to protect the interest of all shareholders.

The Company has received the approval of the Rights Plan from the Toronto Stock Exchange. The final version of the Rights Plan has been implemented effective November 14, 2008, and will be posted on SEDAR in the near future.

Future Strategy

The Company also announced in its October 30 press release its intention to use its financial resources to make strategic investments in stressed natural resource opportunities, with an initial focus on Canadian companies with assets in low risk jurisdictions. "While the fundamentals of food production and fertilizers remain strong, especially in the BRIC countries, the lack of progress on the mining license transfers combined with the current highly unpredictable fertilizer supply-demand situation in the Chinese fertilizer market caused the Company to temporarily suspend work on the MAP project in mid October," Dr. Rob Rennie, Spur's President & CEO explained.

The Company will continue to seek a joint venture partner for its Chinese operations. "Several organizations have expressed interest in investing in the MAP project because, despite recent declines in the price of all fertilizers in China including MAP, prices for raw materials inputs such as sulphuric acid have also declined dramatically and the project remains economically attractive," Dr. Rennie continued.

Spur Remains in a Strong Working Capital Position

As of September 30, 2008 Current Assets were $23.06 million and Current Liabilities were $4.53 million, with no bank loans outstanding, versus $25.17 million and $687 thousand respectively at the end of Q2-2008. The higher value for liabilities in Q3-2008 relates to construction completed on the MAP project.

Pursuant to the strategy announced by the Company in its October 30, 2008 press release, Spur has converted $20.37 million into $CDN 24.73 million, and as of November 13, 2008 held CDN$25.5 million in Canada and $650,000 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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