OTC Bulletin Board : SPVEF


November 12, 2010 09:01 ET

Spur Ventures Announces Third Quarter 2010 Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2010) - All amounts are expressed in U.S. 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, 2010.

The Company posted a net loss of $382,000 ($0.006 per share) in Q3 2010 compared to a net loss in Q3 2009 of $356,000 ($0.006 per share).

Net cash used in operating activities (before working capital changes) for the third quarter of 2010 was $283,438, a 19.7% ($70,000) reduction from the same period in 2009 as the Company continued its focus on controlling costs.

Spur's cash position remains strong with approximately $22.78 million ($CDN 0.39 per share) in cash and short-term investments as of September 30, 2010 compared to $23.31 million at YE 2009 and $20.87 million at YE 2008.

Project Update

As highlighted in our October 19, 2010 press release, Yichang Xingfa Group Company ("Xingfa") has been authorized by Yichang City to acquire 95.9% ownership of Hubei Yichang Phosphate Chemicals Industry's ("YPCC"), Spur's joint venture partner in China.

Xingfa is an experienced and financially strong group that is well connected in Hubei Province. Spur believes that the Xingfa takeover of YPCC will strengthen the YMC project with Xingfa's experience in mining of phosphates, production of phosphoric acid and production of high value added chemical phosphates nicely complementing Spur's expertise in fertilizer production and marketing.

Spur is actively working with YPCC and Xingfa to ensure that the appropriate Chinese government administrative procedures are in place to finalize the transfer of the mining licenses and complete all remaining Registered Capital contributions.

More information can be found in the audited financial statements and the related notes and the management discussions and analysis of the period filed with Canadian regulators on SEDAR at www.sedar.com and on the company's website: www.spur-ventures.com

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 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.

Contact Information